Legal Question in Real Estate Law in California

Re: default under a deed of trust

You become a tenant, and can be evicted. You can fight it a little, and stay a while, but not long.

Why are you allowing it to go to sale? What do you owe? What is the value? It is not too late to save the foreclosure. Call me on Monday. 925-924-0100

Re: default under a deed of trust

Howdy:

I'm writing mainly to reinforce points already made.

While you might be able to stay in the condo after the sale (possibly up to 45 days, depending on the time the sheriff takes to get out there and throw you out), that is completely avoidable.

I will assume that you didn't get an 125% loan, and that you have some interest (equity) in the property. You have three alternatives, although, as the clock ticks, your options shrink.

First, you might try to refinance the condo. This option depends on your credit and income, of course. (Why are you in foreclosure to begin with?)

Second, there are real estate companies that scpecialize in quick sales. Most offices have buyers who look for this kind of situation. You might not get the full value, but at least you can get some of your equity back.

Third, you can file bankruptcy, which will postpone the collection action. All this does is buy you time to do one of the first two.

Do you want to keep the place? And, do you have any equity in it? If you answer yes to either, than refi, or try to sell. If you're upside down...which is rare in this market...then letting it go might be best.

The most important question, though, is why are you in foreclosure?

Re: default under a deed of trust

Once the sale is complete, you lose all rights and are subject to an unlawful detainer action, starting with a three-day Notice to Quit, which will be followed very shortly with a Summons and Complaint which must be answered within five days. If you then file an Answer, the new owner will move to set trial, which will follow in around 20 days. Assuming you have no real defense and lose at trial, the new owner will obtain a Writ of Possession. At this point you are roughly 5-7 days from being forcibly removed.

So, with moderate resistance you can probably prolong physical removal from the condo for about 30 days.

It is still theoretically possible to stall even longer by getting a TRO against the sheriff or marshal. Also, you can delay things at any stage by filing bankruptcy.

For particulars, see a local attorney or get a self-help law book on fighting foreclosure.

Unless you have no equity in the condo, you are probably better off taking some step toward refinancing than allowing a foreclosure to occur. You still have enough time to prevent the foreclosure ...... obtain and read a self-help book on foreclosure and consider your refi alternatives.