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Q.Is there a Right of Redemption in California?

A.In California, there are technically two right of redemption periods.

The first right of redemption occurs just after the lender records a notice of default. At that time, the borrower has ninety (90) days to bring the payments current. If the borrower fails to do so, the lender will foreclose either through the judicial or non-judicial foreclosure process.

The second right of redemption arises only if the lender forecloses using the judicial foreclosure process. In that instance, the property owner will have a statutory right of redemption. The statutory right of redemption allows the former property owner to reclaim the foreclosed on property by paying the entire balance of the original loan plus all of the costs incurred during the foreclosure process. The right of redemption period lasts one (1) full year from the date of the foreclosure sale unless the original lender made a full price bid. In that instance, the redemption period is shortened to three (3) months.




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