What happens after a foreclosure sale?

After a foreclosure sale in California, the borrower typically will no longer have any ownership rights over the home or property. The buyer of the home at the foreclosure sale is now legally the new owner and has full rights to possess and use the property. At this point, the borrower has a few options. The borrower may visit the office of the county recorder to request a deed of reconveyance. This is a document that officially transfers title from the borrower to the new owner. The borrower may also consider filing a claim of exemption with the court in order to have any remaining liens and/or judgments against them wiped out. The borrower may also consider filing for bankruptcy if they have other debts to pay off. Doing so may prevent the lender from collecting on any of the remaining debt. This can be a helpful tool for those facing financial hardship due to foreclosure and may allow the borrower to keep their home if certain conditions are met. Finally, the borrower should consider working with a foreclosure defense lawyer, who can provide advice and guidance on the legal options available to them. This can help to ensure that the rights of the borrower are protected and they receive a fair and just resolution.

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What happens after a foreclosure sale?

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