Legal Question in Real Estate Law in California

Foreclosure Law

The borrower is in default of the first trust deed holder who has processed the foreclosure up to the trustee sale. Question: At the auction, is the successful bidder obligated to pay the balance of the first trust deed as well as any delinquient property taxes?


Asked on 7/03/08, 10:39 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Foreclosure Law

Normally what happens is the holder of the 1st TD bids the amount of the 1st TD, so yes, the minimum successful bid is $1st TD +100 and the successful buyer must pay any delinquent taxes.

If you are the borrower, call a lawyer and have the sale stopped!

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Answered on 7/03/08, 11:05 pm
Mitchell Roth MW Roth, Professional Law Corporation

Re: Foreclosure Law

The bank will bid in the balance of the first, and in order to buy the property the bidder will have to bid more than that. The bidder can take the property subject to the unpaid real estate taxes and pay them with penalties later.

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Answered on 7/05/08, 2:26 pm


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