The Redemption Process
The Redemption Process:
A redemption amount is the amount necessary to pay off the Deed of Trust in default. The Public Trustee's foreclosure files do not contain these figures unless an Intent to Redeem Form (PDF) has been filed. The figures are requested and received from the foreclosing attorney for the lender or the overbidder at the time of the sale.
There is no redemption period for the homeowner after the sale, for 2008 and later recorded Notice of Election and Demands. (see cure a foreclosure).
Junior Lien Holder Redemption
In order to exercise their right of redemption, junior lien holders must properly file an Intent to Redeem with the Public Trustee within eight (8) business days after the sale.
When filing the intent, the lienor must include, the original or a certified copy of the lien and any recorded assignments of the lien. The fee to file a lienor intent is $50.00.
Junior lien holders who have filed an Intent to Redeem will be advised of their redemption period by the Public Trustee's office. Intents to Redeem are prioritized in order of recordation. The most senior lien holder may redeem 15 to 19 business days after the sale but no later than noon of the final day. Subsequent lien holders each have five business days after the senior lienor's period but must redeem by noon of the final day. If the last day of a redemption period is a business day which is a legal holiday or a day the county courthouse is closed, the period is extended to the next business day.
If a property is redeemed, the CP holder will not become the owner of the property by virtue of a Public Trustee's Confirmation Deed. Upon written request and payment of the required fees, the Public Trustee's office will issue a Confirmation Deed to convey title to the last redeeming party.
The above information is provided only as an informational tool and is not intended to serve as legal advice.