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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Judicial vs non-judicial foreclosure sales... Posted by Ward-CA- on April 11, 2003 at 11:45 PM In Reply to: Redemption Period After Sale? posted by Cary on April 11, 2003 at 9:05 PM : Ward, : My topic of discussion is regarding the following section from the California Code of Civil Procedure: : : 729.030. The redemption period during which property may : be redeemed from a foreclosure sale under this chapter ends: : (a) Three months after the date of sale if the proceeds of the : sale are sufficient to satisfy the secured indebtedness with interest and costs of action and of sale. : (b) One year after the date of sale if the proceeds of the sale are not sufficient to satisfy the secured indebtedness with interest and costs of action and of sale. : : From the books I have read about the foreclosure process in CA, I have never seen this concept of a redemption period following the sale. : Does this mean that we can get a quitclaim deed from the trustor, or become a successor of interest to the judgment debtor and redeem the property ourselves? In other words, does this mean there is a way we can still buy the house from the trustor after the sale? : Or am I understanding this code in the wrong context? : Seeking clarity, : Cary =•=•=•=•=•=•=•=•=•=•=•= Cary, You can foreclose both judicially and non-judicially in CA. The most prevalent means of foreclosure is the trustee’s sale, a non-judicial procedure that makes no allowance for the right of redemption. However, the right of redemption is part of the judicial foreclosure process. Judicial foreclosures are fairly rare, lengthy, expensive and when used, they mostly involve foreclosing on a court judgment. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : My topic of discussion is regarding the following section from the California Code of Civil Procedure: : : : : 729.030. The redemption period during which property may : : be redeemed from a foreclosure sale under this chapter ends: : : (a) Three months after the date of sale if the proceeds of the : : sale are sufficient to satisfy the secured indebtedness with interest and costs of action and of sale. : : (b) One year after the date of sale if the proceeds of the sale are not sufficient to satisfy the secured indebtedness with interest and costs of action and of sale. : : : : From the books I have read about the foreclosure process in CA, I have never seen this concept of a redemption period following the sale. : : Does this mean that we can get a quitclaim deed from the trustor, or become a successor of interest to the judgment debtor and redeem the property ourselves? In other words, does this mean there is a way we can still buy the house from the trustor after the sale? : : Or am I understanding this code in the wrong context? : : Seeking clarity, : : Cary : =•=•=•=•=•=•=•=•=•=•=•= : Cary, : You can foreclose both judicially and non-judicially in CA. The most prevalent means of foreclosure is the trustee’s sale, a non-judicial procedure that makes no allowance for the right of redemption. : However, the right of redemption is part of the judicial foreclosure process. Judicial foreclosures are fairly rare, lengthy, expensive and when used, they mostly involve foreclosing on a court judgment. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ 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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