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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I learned! Thanks Ward! Posted by Wonder Lan on September 13, 2008 at 4:07 PM In Reply to: Some clarity... posted by Ward-CA- on September 12, 2008 at 5:53 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: 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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