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ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17065
Experience:  Licensed General Practice Attorney, Texas
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My house was on forecloser and the bank has acuttioned out

Customer Question

My house was on forecloser and the bank has acuttioned out house and sold it is it possible if we pay the bank missed payments can we get back out house ??
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  ScottyMacESQ replied 1 year ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. Unfortunately, no. This is called a "right to reinstate" the loan. There is a right to reinstate, but that's up to 5 days before the sale date. Civil Code Section 2924c(a)(1), creates a statutory right to reinstate defaulted real property, but again, the deadline is 5 days before the date of the sale. Within 5 days of the sale and after the sale, you can only get the property back through the right of redemption.

California has a complicated statutory right of redemption after the foreclosure sale has occurred, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months. A borrower does have ninety (90) days after the recordation of a notice of default to cure any default and this is commonly referenced as the redemption period although it is not a true statutory redemption. Junior lien holders cannot redeem. There is no statutory right of redemption if a deficiency judgment is waived or prohibited at the time of which effectively negates any possibility of a redemption occurring in the scenario noted above.

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  ScottyMacESQ replied 1 year ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacESQ replied 1 year ago.

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions)

Expert:  ScottyMacESQ replied 1 year ago.

Should I continue to await your response, or may I assist the other customers that are waiting?

Expert:  ScottyMacESQ replied 1 year ago.

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it 3 or more stars (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

Expert:  ScottyMacESQ replied 1 year ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

Customer: replied 1 year ago.
Bank not tell Me Before action sold am first time buyer house I don't know what is action seals home.
Expert:  ScottyMacESQ replied 1 year ago.

What do you mean that the bank didn't tell you before the action? Do you mean that they didn't contact you prior to selling the house? They never sent any mailings, or any type of service of process (someone physically giving you the document)?

Customer: replied 1 year ago.
Before sold my house we did written request to the bank we ask the bank give me one month I do all missing payments but bank don't answer me then bank sold my house I think we Sao the bank if possible
Expert:  ScottyMacESQ replied 1 year ago.

They have no obligation to give you one more month or even respond to that. As such, you wouldn't have any case against them for failure to respond, I'm sorry to say.

Again, I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Customer: replied 1 year ago.
Hi sir we do written request to the bank before sold my house just we asking give me one month I do it all the missing payments to the bank because bank don't answer then sold my house if possible Sao on the bank
Expert:  ScottyMacESQ replied 1 year ago.

"Sao" the bank? Do you mean "sue"? Again, like I said before, they have no obligation to give you one month if you don't actually make the payments. If you actually make the payments (actually pay the amount owed) up to 5 days before the public auction of the property, then that would be a reinstated loan. But if you merely "request" to have another month, they don't have to agree to that, and have no obligation to respond. In other words, you wouldn't have a case against them unless you actually paid the entire amount due at least 5 days prior to the sale.

Again, I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  ScottyMacESQ replied 1 year ago.

If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service as OK Service or higher. It's only then I am credited.