Legal Question in Real Estate Law in California

Re: fORECLOSURE

It would be easy to write an answer saying, "too late is too late." That's like saying, "What part of NO don't you understand?"

A more helpful answer would be to say that a foreclosure of a property that's been judicially foreclosed (by a court action) can be redeemed by the borrower for as much as one year after the sale by paying the (now former) lender everything it was owed.

If the foreclosure were by trustee's sale rather than a court trial-and-judgment process, there is no post-sale redemption right, but even a trustee sale can be set aside for fraud or major procedural irregularities.

So, I guess the question I have is whether you are asking about how to STOP a threatened foreclosure sale, or how to UN-DO a foreclosure that has already happened.

If the sale hasn't happened yet, reinstatement by paying the past-due payments plus certain costs is possible as a legal right, up to five business days before the noticed trustee's foreclosure sale.

Also, if there are legal grounds such as fraud, you may be able to get a temporary restraining order or preliminary injunction by bringing a suit alleging fraud or whatever against the lender.

The government's role here is to enforce contracts and to make laws and enforce them. A basic principle of law is that if you borrow money, you have to pay it back, and if you don't, you'll lose your collateral. Fortunately, with most residential mortgages, the law also limits you to losing ONLY your collateral - with other types of loans, failure to keep you promise to repay the lender can result in a judgment which can be enforced against most of your other property, and/or by garnishment of wages.

A government officer (the sheriff) will also carry out an eviction if the collateral is sold and the debtor doesn't surrender possession.

Since you mention "our last loan," it sounds as though you either refinanced or did a cash-out second or third. If so, you are in the same boat with a lot of people who used their homes as a repeat source of cash while "values" were soaring. Now values have cratered and everyone is in hot water. Loans of this kind may give the lender recourse to your other assets and income (but only if they go through a court foreclosure, not a foreclosure by trustee sale.

Finally, no one can "take your name off the house" but you. Sounds as though a lender insisted that the property be quitclaimed to your husband, perhaps because your credit was bad. Send me the details direct to my email if you would like a further analysis.

Re: fORECLOSURE

You can file suit to stop the foreclosure ad protect your rights. If you can't afford a lawyer to do so, you might want to check out the U1stForeclosureRelief.com website.