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California's Foreclosure Codes

It's to be expected that a non-judicial process that divests a defaulting property owner of their title to real property would be closely regulated to insure fair dealing and uniform application throughout the state.

The following civil codes are the main statutes controlling foreclosure involvement in California. They have been parsed out of the main civil code compilation to facilitate your familiarity and ready reference.

If you intend to buy foreclosure properties from defaulting owners, before the trustee's sales occur, you should thoroughly familiarize yourself with the three codes dealing with rent skimming, home equity purchasing and acting in the capacity of a foreclosure consultant.

On the other hand, if you just intend to specialize in buying at the trustee's sales then you should thoroughly read all of the codes. That's because, despite your original intentions, you will occasionally find yourself in a situation where you are wheeling and dealing with an owner before the sale. So be smart and safe rather than ignorant of the law and subsequently sorry.

Civil Code Section 890 et seq. - Rent Skimming

Civil Code Section 1695 et seq. - Home Equity Purchasing

Civil Code Section 2924 - Trustee's Sale Procedure (scroll down on result page to find 2924)

Civil Code Section 2945 et seq. - Foreclosure Consultant

Civil Code Section 5600 et seq. - Foreclosure on HOA Assessments, Minimums, Redemption, Etc.

Code of Civil Procedure Section 1161 et seq. - Possession, After Foreclosure, Time Periods, Etc.

Since these laws are being continually modified and fine tuned by our busy legislators, you'd be smart to download them annually to insure you're referencing the current law, with all its changes, rather than continuing to rely on older, out-of-date versions. Here's a simple routine to keep up-to-date. Pick a recurring date that you'll remember, such as your birthday, and on that day each year log onto the California Law web site <http://leginfo.legislature.ca.gov/faces/codes.xhtml> for the current version of each code.

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

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