I apologize in advance for those who’ve already read this in the beginner section, but I felt this question was more appropriate in this area…
I’m looking at pre-foreclosure properties in the so cal area but as I understand it, Calif is a judicial and non-judicial review sate.
In the case of judicial review (which according to 1 foreclosure listing site is quite rare), has a redemption period of 12 months (i.e., the Home Owner can claim the house back within a 12 month period even if you have sould it).
Does anyone know what (if any) is the redemption period for a non-judicial review?
Also, has anyone had any situation where the owner decided to buy the house again after he/she sold?
California is a deed of trust, non judicial foreclosure state. That being said, state law does allow for judicial foreclosures but it would only be used in the most extreme of circumstances for a deed of trust. There is no right of redemption for a non judicial foreclosure in California. Also deficiency judgments are not allowed on purchase money loans - another reason for not doing a judicial foreclosure.
OK…so if I read this right, if I purchase an “average” foreclosure property in California, I would NOT have to worry about the owner coming back at a future time to hassle and hold the law over my head. Does that logic work with pre-foreclosure homes as well?
Wow! That’s some GREAT news! Thanks very much for the info guys!
Now you’ve struck on one of my pet peeves: the term preforeclosure. My home is preforeclosure - meaning not yet in foreclosure. So no, there are no issues with preforeclosures. There are, however, issues with properties in foreclosure. You should read section 1695 of the California Civil Code regarding home equity purchasing, section 2945 regarding foreclosure consultants and of course 2924 to cover trustee’s sale procedures.