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Subject: Thousands of rescissions

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punstress
Posts:140
11/27/2008 6:01 PM Alert 
I looked for records from the beginning of the year to now in the grantor grantee search that were rescissions, and got more than 20,000 results. Figuring each rescission creates about 3 records, that's about 7,000 this year alone.

I don't know much about rescission but I thought it was mostly due to fraud on the part of the bank. I had no idea they were so common!
Eugene
Posts:304
11/27/2008 6:15 PM Alert 
Rescissions also occur when the bank fails to notify the trustee to postpone the foreclosure auction in time, and the auction has to be rescinded retroactively.

Looks like 1 in 3 trustee sales end up rescinded.
punstress
Posts:140
11/27/2008 6:22 PM Alert 
Very interesting. Thanks, Eugene!
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