Posted by JoeKaiser on June 19, 1999 at 18:01:14:
Dwayne, no biggie here. My point is only that trustee’s sales, as a rule, do not in fact need to be “published for a 3-4 week period prior to the actual sale.” Maybe that’s the way it works in your state, but it’s not exactly the way it works in my (or others, for that matter).
Joe
trustee sales - Posted by tom hattori
Posted by tom hattori on June 16, 1999 at 23:10:12:
how do one find out about trustee sales? appreciate any help
thanks
tom
Re: trustee sales - Posted by Dwayne Frazier
Posted by Dwayne Frazier on June 17, 1999 at 16:46:45:
Trustee sales (foreclosure sales) by law must be advertised in a “paper of local circulation” for a period of three (3) consecutive weeks prior to the actual sale. Some small counties also post the sale in an area around the front of the courthouse itself.
Hope this helps.
Dwayne Frazier
Varies by State - Posted by MarkHOUTX
Posted by MarkHOUTX on June 17, 1999 at 23:13:03:
Dwayne, the legal procedures for foreclosures vary widely from one state to another. Are you aware of this? In Texas, a complete foreclosure occurs in 21 days, but in other states it can take 9 to 12 months to complete a foreclosure. The information you provided to Tom may not be correct for his state. I certainly am not an expert, I just wanted to let you know that you may have inadvertantly misinformed Tom - unless of course you know the state of Tom’s residence.
Re: Varies by State - Posted by Dwayne Frazier
Posted by Dwayne Frazier on June 18, 1999 at 07:58:57:
Mark:
I am certainly aware that the foreclosure process does vary depending upon whether the state operates under a “trust deed” (a non-judicial foreclosure process) or a “mortgage” (a judicial foreclosure process). The state of Georgia is also unique as it operates under a “security deed”. In states where a mortgage instrument is used the process for foreclosure is judicial and is thus more expensive and time consuming (up to a year in some cases). In states where trust deeds are used the process is much simpler and quicker.
Each state has its’ own specific laws relating to redemption and ratification. Tom must investigate the rules of his state and county through his local county recorder’s office or sherfiff’s office. Extensive study is required if Tom does choose to pursue investment in this area as, while the rewards can be great, it can be quite risky.
Tom’s question related specifically to “trustee’s sales”. A trustee is only used in a trust deed process and thus only in states where trust deed instruments are used. I related my answer to his specific request concerning a trustee sale as opposed to a more complicated judicial sale where mortgage instruments are used (i.e. no trustee).
I hope this is more clear for you Mark and I hope will be of benefit to Tom as well.
Dwayne Frazier
Re: Varies by State - Posted by Joe Kaiser
Posted by Joe Kaiser on June 19, 1999 at 15:00:09:
Dwayne . . . that’s the longest wrong answer I’ve seen in awhile, and you’ve left the impression you made in your original post, that trustee’s sales nationwide operate on some standard timeframe.
They don’t.
Every state that uses trustee’s sales has its own and often unique sale process, which includes timeframes and reinstatement requirements, etc. They’re all different so you’ll have to learn your particular state’s method of foreclosure before you decide to jump in with both feet.
Texas does trustee’s sales in 21 days and doesn’t record a thing. Doesn’t sound much like your earlier assessment of the trustee’s sale process.
Joe
Re: Varies by State - Posted by Dwayne Frazier
Posted by Dwayne Frazier on June 19, 1999 at 16:07:47:
Joe:
I certainly did not intend to mislead Tom with my “long wrong answer”. I certainly respect your expertise in this area, Joe, and although I have not followed the foreclosure process for each individual state, I felt my comments to Tom did not specifically relate to any “blanket” procedure naionwide. I stressed in my last post the importance of consulting his local jurisdiction for their particular procedure.
The only specific mention I made related to Tom’s initial request of where to find out about trustee’s sales. I responded with what I felt to be accurate information, that being that trustees sales must be advertised publicly for a 3-4 week period prior to the actual sale. Maybe this is not a national policy for each deed of trust state. What is the answer?
I do not believe I made any specific reference toward the timeframe of trustee sales only to say that trustee sales are normally quicker and simpler than sales in mortgage states.
Again Joe I did not intend to provide such a “long wrong answer”. I do not intend to prolong this issue but I also don’t want to have the wrong information.
Please excuse the length of this response.
Dwayne Frazier