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 Optional Link URL : Link Title : Optional Image URL: