Just when you think it's safe to open the mail...

TWO DAYS AGO we received a piece of mail that made our hearts sink into our stomachs. Why? It was from ReconTrust. Remember them? They're the ones that sent us a million foreclosure notices. Here.

First of all, what kind of name is that? ReconTrust? Really? It's suspicious to begin with. It sort of sounds like "We can trust" which makes me think, "No. No, no. We cannot trust ReconTrust." Or reconnaissance. Which is "a military term denoting the exploration used to gain information." So that makes me think we're being spied on by a company that feels the need to put the word 'trust' in their name.

But seriously, what is the origin of this name?

Perhaps it comes from the FDIC's "Regional Economic Conditions" (RECON). But that doesn't quite fit.

Well, regardless the name alone still incites shivers, stomach flip flops and light-headedness. So what was it this time?

It was an official notarized document called SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE.

Huh?

Here. This:

Ah, yes... the Substitution of Trustee and Full Reconveyance. Of course. Not really. We had no idea what this was. But we assumed it meant bad news. Because anything from ReconTrust has been bad news. Does this mean that National City is coming after us?

Well, hang on. Let's break this down. According to Websters online dictionary, the word 'reconvey' is a transitive verb that means:

1. To transfer back to a former owner; as, to reconvey an estate.

Oh. Well, that sounds... like good news. Right? Perhaps? I mean, we wouldn't have been able to have sold the house had their still been a lien. So this is really just a formality, it seems.

I visit ReconTrust's FAQ page to learn this:

What is a Lien Release?

When a home loan is paid off, a Lien Release is recorded with the county. A lien release document transfers title from a trustee or beneficiary (e.g., the lender) to the equitable owner (e.g., the borrower) of the real estate when the debt is satisfied (or paid off) under the terms of a deed of trust or mortgage. Every state uses a different name for the Lien Release Document, e.g., Satisfaction, Release, Discharge, or Substitution of Trustee and Full Reconveyance. No matter what it’s called, the lien release document has the same purpose: to release the lien of public record.

So, it is good news I suppose. It is a lien release document. But seriously, every state has a different name for it? Why? To keep us on our toes?

Does this mean that National City isn't going to try to collect on the difference? That the debt is satisfied? I don't know. We were told that they are waiting up to three years after a short sale to go after the difference. But that's another story.

For now, we'd just be happy to never receive another piece of mail from ReconTrust ever again. Let's hope this is the last.

I like happy mail. What about you? What is the best piece of mail you've received lately?

"IMPORTANT INFORMATION ENCLOSED"

A life-changing post... this is all happening in real time.

That's what the envelope said in all caps:

IMPORTANT
INFORMATION
ENCLOSED

I'm sitting here just writing a blog post about how we're so tired of showing the house after 9 months of jumping at every potential buyer's request to see our home and how we've decided to not show the house anymore since we already have 3 offers and how nice it will be for us to have a little privacy back for now... when something happens.

There's a knock at the door. A Realtor and his client. We were expecting them. Then the dog freaks out. Barking like crazy. At what? The mail carrier who arrives practically on the heels of the agent and potential buyer.

Bob picks up the dog as he's growling at the mail carrier.

"Steph, can you sign for something?" he asks, dog in arms. I quickly say hello and welcome the Realtor/Buyer and sign for the 5 (5!) certified letters from ReconTrust.

This is not good. ReconTrust (or RCT) is the company contracted by Countrywide to handle the foreclosure of our house. The last time we had received anything from them was on February 16th when they sent us- via certified mail- our notice of Foreclosure without a Sale Date. Again, 5 copies of the same letter.

I sign for the 5 letters, a sinking feeling growing in the pit of my stomach, and walk back into the house with a plastered-on smile.

"You have such a beautiful home," says the Realtor.

"I love the views," says his client.

"Thank you," I reply. "Would you like me to show you the downstairs room? Can I answer any questions..." I feel like a broken record. We've done this hundreds of times now. It feels like.

They breeze through the house and ask us about the offers.

"Yes," I say, "We have three. We just got a third today."

"And have any been accepted yet," asks the Realtor.

"Not yet," I say. But almost, I think.

They leave. Seemingly interested.... but, honestly, I don't even care right now. I care about the offer that is almost accepted. I care about these 5 certified letters from ReconTrust sitting unopened on my desk. I care about them because I know. I know what they're going to say.

And I'm right.

NOTICE OF TRUSTEE'S SALE

They have set a date. A date has been set. We are now in foreclosure with a date.

Notice is hereby given that RECONTRUST COMPANY, N.A. blah blah blah will sell on 06/09/2009 at 10:30 AM, at the West side of the Los Angeles County Courthouse blah blah blah at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title and interest conveyed to and now held by it under.... blah blah blah blah

Here's what Bob just figured out. February 16th, 2009 our house went into foreclosure without a sale date. June 6, 2009 is exactly 3 months and 3 weeks from February 16th. By law, they have to wait at least 3 months and 3 weeks. They are foreclosing at the earliest possible date. This, I have to say, is a surprise.

Why is it a surprise? Because in our attempt to modify our loan with Countrywide we were told by the Office of the President not to worry because they are so far behind that the likelihood of them actually setting a date in 3 months and 3 weeks was so slim. It could even be six months away. We wanted to believe that. So we did.

But that's not the only reason we're surprised. The short sale has been approved by both Countrywide and National City. Why would Countrywide approve a short sale and foreclose instead? At this very moment, Countrywide is considering two offers on our house. We just got a third offer today that we'll be submitting to them for consideration. Three different parties are trying to buy our house at this very moment. Why would they set a foreclosure date in the face of all of this? Well, perhaps it's a case of the right hand not knowing what the left is doing.

That's one explanation. Another is this. We were supposed to close on the first short sale offer (the one that fell through) on May 19th (3 days ago) but didn't. Because, as we've written here, that fell apart. The letter from ReconTrust is dated May 20th. Perhaps they decided to move on this rather than wait for another deal to come together. I don't know.

This is what I know: we have 3 offers. 2 are already at the bank under consideration. The people who submitted these offers really want our house. Our Realtor is telling us not to worry. That the short sale will come together and this date of foreclosure will all be moot. None of it will matter. I want to believe this.

Another thing I know: it will all work out. I don't know how. I just know. In the meantime, we will do everything we have to do to make sure this short sale comes together. Foreclosures don't benefit anyone.

June 9th (the auction date), by the way, is 10 days after our 6 year wedding anniversary.