And another good site is: http://www.leginfo.ca.gov/calaw.html
The leginfo site is California Law. Check mark the box "Code of Civil Procedure" then input foreclosure in the keyword search box.
Are you talking about Redemption period for Short Sale (aka Pre-foreclosures) properties? To my knowledge, only Investors who are buying a once owner-occupied Short Sale property need to worry on this. For that, they're required to use a special contract form to make the purchase, and buyer agent must disclose such possible Redemption period (usually 2 years after transaction closed, so from first notice-of-default, this could easily be a 3-year time frame). But if you're buying as owner-occupy, this Redemption shouldn't apply to you.
Since this isn't a frequently touched topic, I hope other agents may add to what I just said. For now, I'm just throwing my 2 cents; hope it help :)
Do you mean Foreclosure or Pre Foreclosure.
A Pre Foreclosure is a Short Sale.
A Foreclosure is a different issue, and one looks at about 1 year if a Judicial Foreclosure
for a previous owner to buy back with very specific circumstances.
But it is quite tough in a rare case that they can, unless they can bring cash to the Table,
as getting a loan after Foreclosure for 5-7 years is quite tough.
Here is another link for you to review regarding the laws in California. It depends it the Deed of Trust contains a 'power of sale' clause.
I am not a lawyer but to my knowledge there is no redemption period in California if the property was sold during the non-judicial foreclosure process. Most "mortgages" in our state are non-judicial unlike a large part of the country which use the judicial foreclosure process in which the courts get involved. Then the typical redemption period is up to 1 year.
Hope this helps.
DRE # 01839597
The previous foreclosed owner have less than three years.
Sorry , we are not lawyers but check the website foreclosure.com.
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