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Friday
Apr302010

California Mortgage Foreclosure Laws – Trustees Sale (Auction)

Once the Notice of Trustees Sale has been filed (under Civil Code 2924f), the next step in the mortgage foreclosure process is the Trustees Sale (or auction).

The California mortgage foreclosure laws allows an auction to occur in as little as 21 days after the recording of the Notice of Trustee Sale. 

Under the California mortgage foreclosure laws, the property is sold at an auction in a public location to the highest bidder. 

Under the California mortgage foreclosure laws, the trustee establishes the opening bid amount, as directed by the investor on the loan. This opening bid amount is usually based on the amount of debt and any associated legal fees. However, with the rapidly falling real estate prices, the trustee may choose to establish a lower opening bid in order to sell the property to a third party buyer, avoiding the need for the foreclosing lender to take the property in foreclosure.

Due to the current financial climate, approximately 75% of all Trustees Sales Auctions result in the property being taken back by the foreclosing lender.

 

Reader Comments (1)

75% sale wow really nice sale.
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November 15, 2011 | Unregistered Commentertony

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