[quote=threadkiller]Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?[/quote]
That would be true in a mortgage repo or a judicial foreclosure.
However, California went to trust deeds and non-judicial about 30 years ago.
There is no right of redemption for most California repos.
