Ca civil code amended section 2924f states that 10 days prior to an auction sale offers can be made and accepted = SALE REVOKED

Real Estate 3 views 2 answers
the acceptance of an offer prior to the auction sale will convey the property to the offerer and this shall terminate any further proceedings under the notice of sale and it shall be deemed revoked. Is this a new law under the amended section 2924f of the ca civil code? If so how does this affect the borrowers rights to redeem right up to the sale date and what kind of sale can take place without notice to borrower before the auction can even occur? I found this verbiage in SENATE BILL#4 Chapter 229 and could not imagine how this could be a law, as it appears to be. Thank you

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Michael Raymond DaymudeLitigation LawyerSherman Oaks, CA ·
You need to read the entire paragraph 2924f(c)(4) carefully. Particularly this language: "if any offer is accepted in writing by both the trustor or mortgagor and the beneficiary or mortgagee prior to the time set for sale, the sale shall be postponed to a date certain and prior to which the property may be conveyed by the trustor to the person making the offer according to its terms. The offer is revocable until accepted." Borrowers do not have redemption rights in a non-judicial foreclosure in CA. Borrowers can tender the amount demanded to cure the default 5 days before the sale and reinstate the loan. In practice, most lenders will accept a tender and reinstatement up until the day before the sale. The quoted language allows the lender and borrower to agree in writing to a sale or conveyance of the property to a third party and if they have agreed, requires the trustee to postpone the sale or conveyance so it can be consummated according to its terms. It is not a sale or conveyance without notice to the borrower because the borrower must agree to it in writing. The sale is only revoked, by additional language in the statute, once there has been an offer, acceptance, and conveyance.
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Douglas Charles MichieWills and Living Wills LawyerVentura, CA ·
Transferring title to your property to a third party in an effort to stop the trustee sale will not work. If the lender has properly noticed the sale, it can legally go forward regardless of who you cloud title with. Some lenders, however, will postpone the sale to try to determine what is going on. Good luck.
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