Hi and welcome

Paying off the loan and getting your house back is called THE RIGHT OF REDEMPTION. California has such a right and you have ONE YEAR after the foreclosure to exercise it.

For your information:

"How Redemption Works



A statutory right of redemption gives homeowners who have already lost their home to foreclosure the legal right to reclaim their property after they pay off all past due amounts, as well as costs and fees associated with the foreclosure, according to Foreclosure.com. The length of time and conditions under which a homeowner has the ability to redeem their property vary from state to state. Not all states have a statutory right of redemption.


Process Leading Up to Redemption



Foreclosures in California can be processed through the judicial system, but most are done based on the power of sale clause in the mortgage that enables the bank to foreclosure without going through the judicial system. In the nonjudicial method of foreclosure, a trustee is required to issue a notice of default. If the homeowner does not respond, the trustee starts the legal process to sell the home through a public auction. The bank that foreclosed on the home usually takes back the property at the auction. The nonjudicial foreclosure process typically takes four months in California. The redemption process begins after the auction.







Circumstances for Redemption



California homeowners usually have one year, or 365 days, to redeem their property after it is foreclosed on. In cases in which the lender takes back the property at the full price of the loan, homeowners only have three months to redeem the property, however. A deficiency judgment is the amount of money the bank calculates it lost as a result of a homeowner not paying their mortgage. A court system validates the lost amount. A homeowner cannot redeem their property if there is no deficiency judgment.

But remember this is not legal advice. You have to consult with an attorney in your state and discuss this matter with him or her.

To find an attorney, go online to Martindale.com. This is a nationwide directory we lawyers use ourselves to find highly qualified legal specialists in various fields of law. These lawyers are NOT in Martindale because they paid to be included. They are there because they are rated as QUALIFIED by other lawyers in their field of expertise and geographic area as it applies to your kind of case. The process is this: other lawyers are asked to fill out questionnaires giving their opinion of the quality of the work of the law firm that ultimately appears in Martindale.

The site is organized geographically and by legal specialty. Consult with two or three and select the one you are most comfortable with. The Martindale listing will have the names of current or past clients. Contact those clients as references for the firm.




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Thank you for reading this and for your consideration. I'm always ready to help further.

rich