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

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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

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