Question

Porter owns a house that sits on 30 acres of land. He uses the property for vacationing, hunting, and other recreational purposes. He's paid off about a quarter of the mortgage, but is now in foreclosure. If the property is sold at a foreclosure sale,

How long is the statutory redemption period in California?
(A) 3 months
(B) 6 months
(C) 9 months
(D) 12 months

Answer 1

The statutory redemption period in California is typically 1 year after a foreclosure sale.

Step-by-step explanation:

In California, the statutory redemption period in a foreclosure sale is typically 1 year.

This means that after the foreclosure sale, the homeowner has 1 year to redeem the property by repaying the full amount owed, including the purchase price, interest, and any costs or fees incurred during the foreclosure process.

During the redemption period, the homeowner may still occupy the property, but if they fail to redeem the property within the specified period, they will lose their ownership rights and the property will be permanently transferred to the new owner.