Note Holder Filed Appointment of Substitute Trustee and Acceleration of Maturity

[Daren H.]

I am talking to a homeowner concerning a vacant property they own (owner walked away ~1 year ago). In researching county records I noticed that the note holder (BoA) appointed a substitute trustee and demanded the total amounts payable due immediately. This was filed in December 2014. The new trustee is approximately 10 individual names; however, the document was filed and returned to a law firm. I have a couple of questions.

Out of curiosity, why are there so many trustees named as individuals versus an entity?

Because the filed documents were returned to the law firm, is this a good indication the law firm is likely the party handling the foreclosure proceedings?

What are typically the next steps (and timelines) in the foreclosure process after the AoST and AoM documents are filed? I realize this will vary by state and other unique factors.

If I were to pursue this as an opportunity to buy with the owners assistance, would the note holder (BoA) or the Trustee (Law Firm) be the POC to find out where the foreclosure process currently stands and to discuss options? Is it generally too late for a short sale at this point?

The owner just wants the property out of his name and to put this whole event behind him. The owner is suppose to be getting more information for me (loan balance, amount behind on payments, taxes, etc.).

Advice would be greatly appreciated. I have not dealt with this type of seller situation.

[Wayne Brooks]

Assuming there is no notice of sale (I don't know Texas procedures) you should have time for a short sale, assuming the property is under water.  You'll need an experienced agent with short sales, and they'll know what to do.  They'll start with an authorization for them to talk to BOA, and they'll go from there.

[Daren H.]

@ Wayne Brooks, thanks for the response.