What Happens After a California Foreclosure Auction Date Occurs?

After the foreclosure auction date in California, the property transfers ownership.

California allows lenders the option of judicial or non-judicial foreclosures. The entire foreclosure process in California takes approximately 117 days. Once the foreclosure auction has been completed, the owner must vacate the property.

Ownership

At the conclusion of the foreclosure auction, the property will transfer ownership. It will either be sold to a high bidder via public outcry by the sheriff at auction or it will be retained by the bank and listed as a real estate owned property (REO) for resale.

Eviction

After the foreclosure auction is complete, the new owner can have the home owner or tenant evicted. Once an eviction notice is posted on the property, the previous owner or tenant has three days to vacate.

Judgment

Once the property has sold, either at auction or as an REO, the lender will calculate the difference between the agreed upon sale price and the amount of the sale. If the balance is deficient the lender can file a deficiency judgment in court that the borrower will be under court order to pay and clear.

References

• Foreclosed Dreams: Eviction after the Foreclosure Auction
• Foreclosure University: California Foreclosure Laws
• Foreclosure Laws: California Foreclosure Laws
• Realty Trac: California Foreclosure Laws