What Happens After a California Foreclosure Auction Date Occurs?

by admin on September 13, 2010

Question:

What Happens After a California Foreclosure Auction Date Occurs?

Answer:

Usually, the borrower is still allowed to stay in the property until the new owner or the lender begins the process of eviction. You may already know that during the auction or foreclosure sale, the person or the party who gives the highest bids takes the property. However, if the minimum bid required by the lender is not met during this time, the property will again go back to the lender and will be re-auctioned on the next schedule or date of sale. There still may be time for foreclosure help in California.

Once a bid is accepted the transfer of ownership to the new owner will take place. The person who won the bid will receive a Trustee’s Deed Upon Sale and will have the right to repossess the property. If the previous homeowner is still staying in the property after the auction, the new owner may request for a notice to quit or notice of eviction from the court. After receiving this notice, the previous homeowner is given a time period in order to vacate the area.

If the previous homeowner still insists in staying, the court may order law enforcements to remove the occupant as well as his belongings from the property. Some states offer redemption rights to homeowners in order to give them a chance to reacquire their home. However, California do not grant redemption rights.

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