Legal Alerts/Details

California Legislature Creates “Redemption Right” for Trustee Sales of Residential Properties

October 07, 2020
  1. A Prospective Owner-Occupant means a natural person who certifies in an affidavit to the trustee that:

    1) they will occupy the property as their primary residence within 60 days of the trustee’s deed being recorded;

    2) they will maintain occupancy for at least one year;

    3) they are not the mortgagor or trustor, or the child/spouse/parent of the mortgagor or trustor; and

    4) they are not acting as the agent of any person purchasing the property. Civ. Code § 2924m(a)(1).

  2. An Eligible Tenant Buyer means a natural person who:

    1) occupies the property as their primary residence;

    2) was a party to an arm’s length lease agreement with the borrower who was foreclosed upon; and

    3) is not the borrower or a family member.

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