Foreclosure in 55123>Question Details

Manpat777, Home Buyer in San Diego County, CA

If I buy a house that is still in its redemption period and the original owner redeems it later, will I get my money back from the current seller?

Asked by Manpat777, San Diego County, CA Thu Feb 16, 2012

State of California - Judicial Foreclosure with a 1 year redemption period.

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2
Simon Campbell’s answer
A California borrower only has a right of redemption if the property is foreclosed through the court system in a judicial foreclosure. The redemption period is set by the court and is no longer than one year. However, most California foreclosures are non judicial foreclosures and borrowers have no right of redemption in non judicial California foreclosures.

California homeowners usually have one year, or 365 days, to redeem their property after it is foreclosed on. At that time, the original owner will need to make payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months.

Simon Campbell - http://www.bankforeclosuressale.com
0 votes Thank Flag Link Mon Dec 10, 2012
The quick and easy answer Manpat777 is "yes", you will.

If the owner is in redemption then they must pay the mortgage in full before redemption expires to regain possession of the property. I don't think that is likely to happen.

Thomas Drayton,
http://www.tdrayton.com
Eagan, MN
0 votes Thank Flag Link Sat Dec 8, 2012
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