During the foreclosure process can the Redemption Period last more than 90 days after a Notice of Default is filed?

Asked by Linda, Mariposa, CA Mon Nov 22, 2010

We carry the note on the above mentioned property and did not publish the sale because the debtor paid a small part of back payments due and started making regular payments after that. She is still behind in her taxes so we decided to go ahead and foreclose. Do we need to file a new Notice of Default and start the process over again?

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Centermac Re…, Agent, Fremont, CA
Tue Nov 23, 2010
Once the notice of default is recorded, she had 90 days to reinstate the loan which means she has to bring her loan current within the 90-day period. Partial payments don't satisfy the statute's requirements under CC 2924 et seq.

No, there's no need to re-record a new notice of default. If reinstatement is not done within the 90-day period, you can still go ahead with the publication and service of the Notice of trustee's sale and later have the property sold at an auction.
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Terri Vellios, Agent, Campbell, CA
Tue Nov 23, 2010

This link may answer your question. Foreclosure law and right of redemption in California is different than other states. So I caution you to read up on California Law instead of relying on out of state responders if they are not familiar with our laws here in California.

The law here is very specific. A Notice of Default is recorded, It must be Posted and notice given in the paper. Your have time lines to follow.

You may want to try to work something out with the owner, perhaps pay the taxes and add it to the loan and work out a re-payment schedule. Check that they have maintained home owners insurance as well naming you as additionally insured.

Good luck.
Web Reference:  http://terrivellios.com
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Keith Manson-…, , Milwaukee, WI
Mon Nov 22, 2010
If you took money you jepordized the foreclosure! Back in my foreclosure days there was a document an attorney would write, which was callled a stipulation agreement, which allowed the mortgagee to foreclosue if the borrower missed a payment. But this is really a area you need an expert to assist you to make sure it is done correctly. Talk to a good foreclosure attorney in california!

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

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