Posted on: 19th Feb, 2011 05:59 pm
What if any is the redemption period in CA on a foreclosed and sold at auction property?
There is no redemption period in CA once sold it is done - the buyer owns it
Does that mean I could be forced to mkove in 3 days after notice?
I believe you could play hard ball and make them evict you. I am not 100% sure and would advise speaking to a RE atty and see what rights you have.
If your home is sold at the Trustee sale in California, it is somewhat a rare situation. It could happen. However, if a private investor purchase your home at the sale…be prepared to move sooner than later, because most investors are on a countdown schedule to sell that house as soon as possible. But if the lender takes the property back into their REO holdings, you may be able to work out a reasonable lease or even free rent depending on where the property is located to maintain the up keep of the property. You do need to prepare to move eventually. What you should do if your property has not sold at auction is…if you know that you are not going to be able to keep the property, give the lender back the property under a deed-in-lieu of foreclosure. There may be more benefits down the road if you can afford to purchase another property in the future.
Will
Will