My brother's home is up for Trustee sale Oct. 9, 2012.
Lender agreed to STOP sale if arrears paid, ASAP. Home has HIGH equity so want to SAVE home. Asked lender for written confirmation of agreement; they said they could not provide.
This was a verbal agreement. What do we do? If he does not pay-the home will be up for sale.
My brother is going to bank to make payment tomorrow AM.
Can lender accept money and NOT stop sale? I am looking up CA Law on this but need legal help, please.
2 Answers from Attorneys
A trustor has the right to reinstate the loan secured by a deed of trust, without regard to acceleration, by paying all past due amounts, including reasonable costs and expenses of the trustee's sale. (Civ. Code, sect. 2924c.) The deadline to do this is five (5) business days prior to the trustee's sale. (Civ. Code, sect. 2924c, subd. (e).)
“Business days” are defined as all days other than Saturday, Sunday, and holidays. So I don't think your payment would be timely.
I don't understand why you waited until the last minute to get legal advice on something so critical.
The lender is under no obligation to give you a written agreement when reinstatement is your brother's legal right. As Mr. Roach points out, you are now out of time.