I have a property in San Diego,XXXXX SD CA 92114, where my youngest brother and his family are living in since 2004.Unfortunately because of bad economy my brother and his wife were laid-off from work, I am jobless since 2010 and exhausted my 401 paying bills and mortgages. My Ist mortage is under GMAC, I am current in payments because my brother paid rents I but I was unable to pay my HELOC under Chase Bank.Since I am now receiving SS since May 2012, I tried to settle my debts with Chase but my brother sent me a letter that Chase will auction the house July 3 and when I called July 6 to settle, nobody answered the phone or called me back.Again I called this week but Chase told me I was too late, they already sold the house. I called GMAC and the said they are not aware of any dealing by Chase. Can I still recover the house? Please help. I don't want my brother and his family to be homeless. I live in Kauai since 2010. Thank you, Lilia
Hi, my name is XXXX XXX Im researching your answer now.
A California borrower only has a right of redemption if the property is foreclosed through the court system in a judicial foreclosure. The redemption period is set by the court and is no longer than one year.
Do you know whether the proeprty was sold at a judicial or nonjudicial sale?
In California, post-sale redemption is only available for judicial foreclosures (except where there is a nonjudicial foreclosure by a homeowners association). The period for redemption is either 3 months or 12 months depending on whether the foreclosure sale proceeds are enough to pay off the secured debt. If the sale raises enough money, the redemption period is 3 months. If it doesn't, the period is 12 months. In some states, such as California, the statutory period for redemption can be extended if you can show that the foreclosure was the result of mistake or fraud.
I have not received any papers from Chase, or else they sent it to SD address, I am unaware of what is happening.
I see. You should probably request any documents you can from Chase. Without knowing whether the foreclosure was judicial or nonjudicial, there is no way to tell whether you can redeam the property.
You should also contact the clerk of court in your area. You should be named as a defendant in the foreclosure proceedings.
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