- This topic has 85 replies, 9 voices, and was last updated 14 years, 5 months ago by Aecetia.
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September 22, 2009 at 9:30 PM #460905September 22, 2009 at 9:46 PM #461204urbanrealtorParticipant
[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.September 22, 2009 at 9:46 PM #461002urbanrealtorParticipant[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.September 22, 2009 at 9:46 PM #460930urbanrealtorParticipant[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.September 22, 2009 at 9:46 PM #460397urbanrealtorParticipant[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.September 22, 2009 at 9:46 PM #460588urbanrealtorParticipant[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.September 22, 2009 at 9:46 PM #460392urbanrealtorParticipantdupe
September 22, 2009 at 9:46 PM #460925urbanrealtorParticipantdupe
September 22, 2009 at 9:46 PM #460583urbanrealtorParticipantdupe
September 22, 2009 at 9:46 PM #460997urbanrealtorParticipantdupe
September 22, 2009 at 9:46 PM #461199urbanrealtorParticipantdupe
September 23, 2009 at 12:07 AM #461264patbParticipanttanta says this would be a real big problem in that
it will make future sales almost impossible.between clouded titles, and a real hassle in trying to
get papers to closing, this will not be a good thing either.September 23, 2009 at 12:07 AM #461062patbParticipanttanta says this would be a real big problem in that
it will make future sales almost impossible.between clouded titles, and a real hassle in trying to
get papers to closing, this will not be a good thing either.September 23, 2009 at 12:07 AM #460989patbParticipanttanta says this would be a real big problem in that
it will make future sales almost impossible.between clouded titles, and a real hassle in trying to
get papers to closing, this will not be a good thing either.September 23, 2009 at 12:07 AM #460648patbParticipanttanta says this would be a real big problem in that
it will make future sales almost impossible.between clouded titles, and a real hassle in trying to
get papers to closing, this will not be a good thing either. -
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