Legal Question in Real Estate Law in California

Re: Right of Redemption on Foreclosured Property

You may be mixing up your terms. The true legal right of redemption is a one year. But only if you have a judicial foreclosure. That would be a foreclosure by way of a lawsuit in the superior court which the properties located. It is a very critical, technical. This would be far too much detail to go into in answer to this question. You might be thinking of the right to cure a default in a nonjudicial foreclosure. That would mean 90 days in the date of the recording of the notice of default. I didn't say three months I specifically said 90 days where all you have to do is brained current the payments, late charges and other costs incurred because of the recording of notice of default. After that there is a 20 date period after recording a notice of sale before the sale date can take place. Within that period of time the trustee on behalf of the beneficiary can require the payment in full of the total debt owed on the promissory note secured by the deed of trust. This do is not a period of redemption in any way. I hope this helps you, but my concern is that because of the nature of your question you have not disclosed all of the facts. What you need is to see a real estate specialist attorney immediately, with full days and dates to make sure that your rights are protected in any. More importantly, Internal Revenue Service leans, except for a do not effect timing but the fact the disbursal of fines if a foreclosure takes place.

Re: Right of Redemption on Foreclosured Property

In California, the right of post-sale redemption depends upon the type of foreclosure.

In the case of a judicial foreclosure (by court order), the mortgagor has a statutory right of redemption for either three months or one year. If the proceeds of sale are enough to satisfy the secured indebtedness with interest, costs of the foreclosure action and of the sale, the redemption period is three months; if the proceeds were insufficient, then the redemption period is one year after the date of sale.

If the foreclosure were by trustee's power of sale, which is more usual in California, there is no redemption right after the sale. However, the trustor can redeem prior to the trustee's sale.

If the United States (through the IRS) has placed liens on a judicially-foreclosed property which are junior to the lien being foreclosed, the United States should be made a defendant and a judgment against it obtained. When this has happened, the United States has a one-year right of redemption. 28 U.S.C. 2410.

There are many additional complexities, so this answer should not be considered to cover all the possibilities.