This is one of the questions we find ourselves answering every week.
If an NTS Record in our system has a status update that shows "Cancelled" as the status, that means the lender who is foreclosing has cancelled the scheduled sale.
But this could be a temporary condition.
The lender may cancel a sale in the event that they need to "Republish" the Notice of Sale.
This happens if the Foreclosure has gone on for over a year from the original sale date, and the process is ongoing. In this case the lender is required to create a new notice with a new sale date, but they must cancel the earlier notice first.
This also happens if the lender is going to move the Trustee's Sale to a different location or fix an error on the earlier document.
A third reason for cancelling has come up in the last year, and that is a bankruptcy filing which is taking a long time to sort out. Lenders have recently started cancelling sales notices and republishing then once the bankruptcy has finally been thrown out. As the court system gets overwhelmed, you can expect to see this happen as many borrowers attempt to use the bankruptcy process as a shield.
In any of the above situations, you will see multiple notices of sale, often within months of eachother. Always look for the newest notice of sale, and don't hesitate to use our status update option by text or email just in case a new NTS pops up. You can be prepared while others may think the opportunity has been lost.
The final reason that they cancel is that the loan has been brought current or paid off. Note that this can happen because the borrower has resolved the matter, or because a junior lender has brought the first current only to start their own foreclosure. Finally, if the house is sold to a third party buyer and they pay off the previous loans, then the sale notice will be cancelled for obvious reasons.