trustee sale date

[mindscreations]

I have a friend that is really worried because he recently got a trustee sale date. He does not know what to do he already did what I suggested him to do. He sent a "qwr" and his financial statement to HomEq services but it turns out that they sold his loan to Selene Finance. He is really worried, can he still do anything about it? I believe that there was a new law that stated that the lenders cannot foreclose on anyone without first giving them options am I right, if so dies anyone know what that law is called?

Thanks

[The Professor]

More information is needed before we can respond.

Things like:

1. What state is the property located in?
2. Is it an owner occupied residence?
3. What is your estimate of the property's current value?
4. What are the loans on the property and were they created at the time the property was purchased.

Daniel

[mindscreations]

Thanks for replying to my message,

*The property is located in California,
*it is owner occupied,
*I just checked the value on a site and it's valued at 275,000 he owes 360,000
*He only has one loans that's an arm and it reseted on September,2008

[The Professor]

From the viewpoint of an outsider, this looks to me like the classic situation where your friend is concerned about the foreclosure of his/her home when in point of fact it is the lender's home. I say that because negative equity effectively means that while the technical owner of the home, your friend doesn't really own it. Good news is that with the completion of the foreclosure sale, your friend is relieved of the debt (the lender gets the home and as a result your friend's debt is retired.

Yes there are delay tactics, but given your estimate of negative equity at $85,000, it is hard to understand why anything other than acceptance and moving on isn't the appropriate solution. However, I would suggest that your friend, after the foreclosure has been completed, sees if the lender is willing to provide "keys for cash." That is the exchange of move out money for the keys. Lenders are willing to do this because it avoids the need to go to court to evict your friend.

Daniel