Prop. In Trust Going To Sheriff's Sale
Legal Forum,
The "Pre-Foreclosure" property was placed into a Simple Land Trust, with the Homeowner as Settlor/Trustee and another "Financial Representative" from out of state as Beneficiary.
I was to purchase the Land Trust, but the Bank recended the purchase, at the last minunte, today.
( up until 1:30 pm, the Bank says, All Go ! and by 3:30 pm, the Banks attorney says, "we're not doing that." = he wouldn't Post Pone the Sale, TOMORROW. )
So, everything was completly in place, but NOW the Property is going to sale, TOMORROW. While it is still in the Land Trust.
I'm just wondering if you know if they'll put it up and find a buyer and/or let the Bank take it back ?
? Even though the Property's in a Land Trust ? The parties in it will need to unwrap it, ( in order for the Homeowner to not have done a Fraudulent Conveyance- which he did, it looks like, now, but that wasn't his intent.)
I am not a principle in the Trust, but would have liked to have bought the property, from the Trust.
Will they have affectivly stalled the sale, until they unjudicate the Trust or they find the Beneficiary, to direct the Trustee to Convey, ( the property out of the Trust ) and Terminate the Trust ?
They weren't trying to, but if now the homeowner has time to file bankruptcy, if he wants, or if the Bank will still allow me to buy it, by having to post pone the sale, until next month, then, that's sort of what I'm asking.
Would you go to the Sale and give the Commissioner or the Bank Rep. any heads up to not "sale" something, they shouldn't be able to ?
Thanks,
Alan
:-o
How was everything completely in place if the sale was tomorrow and you had not closed yet? The Bank usually wants certified funds which you would not have had time to Fed Ex to the bank prior to the sale. And I do not think that many banks want to post pone the sale the day before. They usually want at least several days.
But to answer your question. You are making too much of the land trust. The fact that a property is held in land trust or by an individual does not matter in the foreclosure or sherriff's sale. The house will go to sale tomorrow. If someone buys it they will be given a deed. Usually a limited warranty deed or a sherriffs deed which does not guaranty the title prior to the sale. Otherwise it will go back to the back and they will probably also get a limited warranty deed.
Brenda
Legal Forum,
The Interest Holding Beneficiary, of the Land Trust, is not a Defendant in a Foreclosure Action.
Thanks,
Alan
Did the transfer to the land trust happen after the filing of the foreclosure?
I'm not at all sure I understand exactly what you are asking/saying here.
Was your purchase price sufficent to pay off the mortgage holder?
What reason did the bank give for backing out of the deal?
Were it me I'd be at the courthouse at 8:30 tomorrow to file an emergency motion claiming that by reneging on the sale to you the mortgage holder had damaged the interests of the title holder (trust or no) and requsting a stay on the sale for 30 days. Short of that you could try a Lucius move and manage to see that the file for the sale gets "misplaced" somehow.