Here is a novel Idea Buy at the Trustee’s Sale and then Cancel Check… Yes this is a real case

TRUSTEE’S SALES:
1. A bidder at a trustee’s sale may not challenge the sale on the basis that the lender previously obtained a decree of judicial foreclosure because the doctrine of election of remedies benefits only the trustor or debtor.
2. A lender’s remedies against a bidder who causes a bank to stop payment on cashier’s checks based on a false affidavit asserting that the checks were lost is not limited to the remedies set forth in CC Section 2924h, and may pursue a cause of action for fraud against the bidder.
(The case contains a good discussion (at pp. 25 – 26) of the procedure for stopping payment on a cashier’s check by submitting an affidavit to the issuing bank.) californiagolf_v_cooper

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Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

One thought on “Here is a novel Idea Buy at the Trustee’s Sale and then Cancel Check… Yes this is a real case”

  1. Question:
    from California
    We’re buying foreclosed homes and our subsequent buyers are buying with FHA loans. The 90 FHA rule comes in. The 90 starts with the recording date.
    ? When we purchase at the Trustee sale and get our Trustee Deed in a few days and record it in the county. (within 15 days of sale) The deed is said to be perfected as of 8 am of the day we purchased at the sale.
    Does this mean the Sale date is the one the 90 days start as far as FHA is concerned. Reference CC 2924h

    Thanks

    Reply

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