Summary
In California, if a foreclosure auction is postponed, it can be rescheduled within the original sale notice period (usually 21 days) or within 10 business days if postponed on the auction day. The mortgage company must notify you of any new auction dates. You can sell your property before the auction to pay off the mortgage. After a judicial foreclosure, you have a one-year redemption period to buy back your property if it sold for less than what you owed. Consult a legal professional for personalized advice.Full Conversation
my house is up for foreclosure auction on Wednesday, January *, * in California. I’m currently working with someone who is going to try to pay off the balance. They’re going to request the auction be postponed. If it falls through but the auction was postponed. How long does it take the mortgage company to get another auction set?
In California, if a foreclosure auction is postponed, it can be rescheduled by the lender:
- Anytime within the original sale notice period (usually 21 days)
- Within * business days if a sale is postponed on the day of the auction
Please note this is general information and may not apply to your specific situation.
do they have to notify me of the new auction date
Yes, in California, the mortgage company is legally obliged to inform you of any changes to the foreclosure auction date. This is part of your right to due process. Please consult a legal professional for advice tailored to your situation.
OK thank you
You're welcome, ****. If you have any other questions or need further clarification, feel free to ask. Remember, it's always best to consult with a legal professional for advice specific to your situation.
Can I still sell the property to pay off the new buyer and mortgage company if I don’t vacate the premises
In California, you can sell your property even if it's in foreclosure, as long as the sale is completed before the foreclosure auction. However, you must pay off the mortgage balance and any liens on the property. The new buyer would typically expect the property to be vacated upon purchase.
Can I do it after the auction. It is a judicial foreclosure, and it would be I think, covered under redemption.
In California, after a judicial foreclosure:
- A one-year redemption period is allowed in which you can buy back your property.
- This only applies if the property sold for less than what you owed.
- You must pay the purchase price at the auction plus interest and costs.
Please consult a legal professional for advice tailored to your situation.
TRY ME!
Start a new chat