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Your Legal Corner - Client Alert Blog

California's New Trustee Sale Notice Requirements

Written By: Melissa C. Marsh, Esq., California Attorney, November 2011 Add to Favorites
Effective April 1, 2012, S.B. 4 amends California Civil Code 2924(f) to require a notice of trustee's sale for the non-judicial foreclosure of a single family residence, and properties with one-to-four residential units, to contain two (2) additional written notices:
  1. a notice to the property owner facing foreclosure about the foreclosure process and that the sale date may be postponed one or more times pursuant to California Civil Code 2924g; and
  2. a notice to potential bidders at a foreclosure sale that describes some of the risks involved in bidding at a trustee auction.
This second notice to bidders is designed to warn bidders that: (i) it's important to investigate the existence, size and priority of other liens on the property; (ii) the lien being foreclosed may be a junior lien such that the successful bidder may become responsible for paying off one or more senior liens on the property before acquiring clear title; (iii) the successful bidder may not receive free and clear title to the property, and (iv) the foreclosing lender may hold more than one mortgage, or deed of trust, on the property.

S.B. 4 further requires lenders to make a good faith effort to provide owners with a free means to get up-to-date information about sale dates and postponements. The legislation suggests the use of a website, or a telephone recording, that is available 24 hours a day and 7 days a week. However, it should be noted that failure to provide up-to-date information about sale dates and postponements will not invalidate any eventual sale.

Posted In: Real Estate Reporter 

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Disclaimer: The information presented on this web site was prepared by Melissa C. Marsh for general informational purposes only and does not constitute legal advice. The information provided in my articles and alerts should not be relied upon, or used as a substitute for professional legal advice from an attorney you retain to advise or represent you. Your use of this Internet site does not create an attorney- client relationship. Transmission of this article is not intended to create, and receipt of it does not constitute, an attorney-client relationship. All uses of the contents of this site, other than personal uses, are prohibited. You may print or email a copy of any information posted on this web site for your own personal, non-commercial, use, but you may not publish any of the articles or posts on this web site without the Express Written Permission of Melissa C. Marsh.

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Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.