Judicial foreclosure only

Posted by kawika_CA on February 14, 2006 at 11:53:11:

In Reply to: What is California after foreclosure redemption time period? posted by Deb on February 13, 2006 at 21:48:41:

There is a right of redemption in the case of a judicial foreclosure. These usually only happen when the deed of trust does not have a power of sale clause in it, which they virtually all do now, and the lender desires a deficiency judgement. It's more expensive and time consuming. The specific code is Code of Civil Procedure 725a - 730.5. They're very uncommon as trustee's sales are faster, cheaper, and right now with the market the way it is the lenders get all their money.

http://www.leginfo.ca.gov/cgi-bin/waisgate?WAISdocID=9394458591+0+0+0&WAISaction=retrieve

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Comments:
: There is a right of redemption in the case of a judicial foreclosure. These usually only happen when the deed of trust does not have a power of sale clause in it, which they virtually all do now, and the lender desires a deficiency judgement. It's more expensive and time consuming. The specific code is Code of Civil Procedure 725a - 730.5. They're very uncommon as trustee's sales are faster, cheaper, and right now with the market the way it is the lenders get all their money.

: http://www.leginfo.ca.gov/cgi-bin/waisgate?WAISdocID=9394458591+0+0+0&WAISaction=retrieve


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