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California Foreclosure Law Streamlined By Amendment

By Cathy Moran

foreclosure sale in CaliforniaCalifornia foreclosure law now permits a sale date to be set before the reinstatement period has run, under a new provision to the Civil Code.

An amendment effective January 1, 2011 allows the trustee under the deed of trust to record the notice of sale up to five days before the 90 day cure period has run. The total elapsed time between the recorded notice of default and the actual foreclosure sale on the courthouse steps has not changed.

Here is the change in Civil Code 2924(a)(4).

Notwithstanding paragraph (3), the mortgagee, trustee, or
other person authorized to take sale may file a notice of sale
pursuant to Section 2924f up to five days before the lapse of the
three-month period described in paragraph (2), provided that the date
of sale is no earlier than three months and 20 days after the filing
of the notice of default.

In the real world, I doubt that foreclosures will happen any quicker than they did before this change. I do have to wonder where the legislative support came from to make the lives of foreclosing creditors easier.

Image courtesy of TJOwens.

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Filed Under: Real property & mortgages, Strictly California

About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

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