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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Some clarity... Posted by Ward-CA- on September 12, 2008 at 5:53 PM In Reply to: still confused on this sale posted by Wonder Land on September 12, 2008 at 4:08 PM Wonder, There are special, unique rules involved when conducting a non-judicial foreclosure on unpaid HOA fees. [CA Civil Code § 1367] In particular, § 1367.4 (c) (4) provides the foreclosed-owner a 90 day, post-sale right of redemption, to wit: "(4) A nonjudicial foreclosure by an association to collect upon a debt for delinquent assessments shall be subject to a right of redemption. The redemption period within which the separate interest may be redeemed from a foreclosure sale under this paragraph ends 90 days after the sale. In addition to the requirements of Section 2924f, a notice of sale in connection with an association's foreclosure of a separate interest in a common interest development shall include a statement that the property is being sold subject to the right of redemption created in this paragraph." So, if the foreclosed owner doesn’t exercise their right of redemption within the 90 days, the winning bidder can then exchange their Certificate of Sale for a marketable Trustee’s Deed. Hope this helps, ----------Ward ============= I am still confused on this sale of why it is "subject to redemption". Here is what happened. This is a REO, bank hasn't paid HOA due for about 8 months. So HOA let trustee foreclosure the condo. I checked the NOD and NTS, it is non-judicial sale, just like all other non-judicial trustee sales, no different. But why no trustee's deed was issued, instead of a "Certificate of foreclosure sale -- subject to redemption" was delivered. I couldn't figure out why. May be as Tom said there is something special laws for bank owned houses? Thanks, Wonder Follow Ups: I learned! Thanks Ward! Wonder Lan 4:07 PM, 09/13/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Wonder, : There are special, unique rules involved when conducting a non-judicial foreclosure on unpaid HOA fees. [CA Civil Code § 1367] : In particular, § 1367.4 (c) (4) provides the foreclosed-owner a 90 day, post-sale right of redemption, to wit: : "(4) A nonjudicial foreclosure by an association to collect upon a debt for delinquent assessments shall be subject to a right of redemption. The redemption period within which the separate interest may be redeemed from a foreclosure sale under this paragraph ends 90 days after the sale. In addition to the requirements of Section 2924f, a notice of sale in connection with an association's foreclosure of a separate interest in a common interest development shall include a statement that the property is being sold subject to the right of redemption created in this paragraph." : So, if the foreclosed owner doesn’t exercise their right of redemption within the 90 days, the winning bidder can then exchange their Certificate of Sale for a marketable Trustee’s Deed. : Hope this helps, : ----------Ward : ============= : I am still confused on this sale of why it is "subject to redemption". Here is what happened. This is a REO, bank hasn't paid HOA due for about 8 months. So HOA let trustee foreclosure the condo. I checked the NOD and NTS, it is non-judicial sale, just like all other non-judicial trustee sales, no different. But why no trustee's deed was issued, instead of a "Certificate of foreclosure sale -- subject to redemption" was delivered. : I couldn't figure out why. May be as Tom said there is something special laws for bank owned houses? : Thanks, Wonder [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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