Preforeclosure, Trustees, and Auction Times

[Milla McCammon]

I am learning all I can about the preforeclosure process and still have so many questions that I hope this group might be able to shed some light on.

1)  First is timing.   Sometimes I see that the notice date and the auction date might be a week apart, a month apart, and everything in between.  Are these dates set by the trustees of the property?  Is it at their discretion?  Is the process so long that they just want to be done with it?  

2)  Trustee in charge of preforeclosure:  should we contact them?  I know to go directly to the seller to negotiate a contract first but let's say for example there's 2 weeks before the auction.  You might be able to make the offer, do title work, etc. to close the property but do you send them a copy of the contract?  Does that stop the auction if they see that they are getting the loan paid off in the purchase?  

3)  If a auction/sale date was set, is there a way to find out if it actually happened?  I've seen minimum bids set for some of the properties and then others have nothing.  Again, wouldn't they rather get paid then 'risk' it going to auction and losing money?

4) Then the most baffling question of all...several of the properties have a fair amount of equity and some are even owned free and clear.  There are no liens against the property so I'm confused as to why it's going to be foreclosed on?  I can understand if people lose their job, are moving, etc. but help me understand the reasons for the foreclosure.

Looking forward to your responses.