Why aren’t foreclosure sale regulated?
By Leo Nordine
In the early 1990s I tracked every foreclosure in south L.A. County, soliciting every REO listing I could get. I quickly found that some of the smaller “companies” conducting the trustee sales were crooks. Unfortunately, nothing’s changed. They’ll hold the auction for a Long Beach property in Lancaster, for instance, as far away as possible, but only after postponing the sale several times. But after the initial sale date, no one knows when the sale is scheduled because the trustee never answers the phone. The eventual buyer is always the foreclosing note holder, usually one who has bought the note at discount.