Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.
This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.
I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.
