Foreclosure - owner can get the house back? - Posted by JC(CA)

Posted by Ray on May 01, 2006 at 12:58:03:

I believe your friend is refering to a judicial type of foreclosure, which is used when the property is secured by a mortgage. But most CA properties are secured by deed of trust. When it comes to foreclosure on a deed ot trust, it does not go thru judicial process, hence no redemption period. ONce the property is forclosed, the right of the original owner is gone, period. Others please correct me if I’m wrong.

Foreclosure - owner can get the house back? - Posted by JC(CA)

Posted by JC(CA) on May 01, 2006 at 12:37:15:

My RE agent friend told me that in CA, if you buy a foreclosed property, a previous owner have 1-2 years redemption period to get his/her property back from you.

Even though the chance is slim, is that a correct?