Legal Question in Real Estate Law in California

There is a loan-reinstatement procedure described in Civil Code section 2924c which allows you to cure a default and reinstate your loan by paying all the arrearages, costs and penalties, and you may thus redeem up to five business days before the sale. 2924c is too lengthy to quote, but if there is any chance of raising enough cash to reinstate this way, you should get a copy on line or at a law library and read up. Otherwisethere are few options and none sure-fire.

The short version of Mr. Whipple's answer is "pay enough to be current on the debt, or talk to a knowledgeable commercial bankruptcy attorney." I have to agree.

I agree with Mr. Whipple and Mr. McCormick. I write separately to advise you to be wary of loan modification companies who tell you that the lender has agreed to postpone the trustee's sale. Many lenders are foreclosing anyway, and the Courts of Appeal are holding that a promise to continue a trustee's sale will only give rise to a promissory estoppel claim for money damages, and not grounds to set aside a trustee's sale unless tender of the amount due is made. The appellate courts have pointed out that the only viable way to get the lender to negotiate is in bankruptcy.