If they fail to provide any evidence of an error that would result in the sale being overturned eventually anyway, then I’m less inclined to accept the news. Instead hire an attorney, put a lis pendens on the house and see everyone in court. Sometimes just letting the trustee know your considering that is enough that they either offer a better settlement, or they decide not to rescind. Be careful not to threaten – good trustees have seen everything and they’re better at this then you are. But again, if your reasonable, and make a good argument you stand a good chance of avoiding court.

Either way the bank or trustee potentially has liability so it is not my experience that they rescind these very lightly. Either the bank made a legitimate error on her sale, or they decided it was worth the risk.

Note that Jose Canseco’s foreclosure appears to have been rescinded repeatedly. Easier in that case as no one bid.

I have no doubt her ex-husband and her primary congressional opponent are loving every minute of this scrutiny of her finances. Her backers who insisted that the seat had to remain with a black candidate (even as the district trended Latin) are probably sneaking towards the exits with their Sunday church hats pulled down over their faces in shame – as they should.

That can be true in some states, but not in California. She is actually cleared twice. First the loan on the Sacremento house that she allegedly walked away from was actually a purchase money loan, not a refinance. Deficiency judgements may not be sought for purchase money loans in California. Second the lender used the non-judicial foreclosure process, as is almost always done in California. This expedites the foreclosure for the lender, but precludes them for coming after her for a deficiency judgement.

None of the above would preclude them for going after her for fraud, however. There is already some speculation on another blog  that perhaps she did not have sufficient income to qualify for that loan given her other obligations without comitting fraud on the loan application.

You can’t just walk away from a refi like you can from a First Mortgage.  Thats secured debt, and if follows you after you leave, unless you declare bankruptcy.  At least thats the way I understand it.  Any experts?

I’ll vote for Pee Wee Herman before I’ll vote for another lying Republican….