California Real Estate SalespersonFinancingHard
A lender forecloses judicially on a defaulted deed of trust and successfully obtains a deficiency judgment against the borrower. Under California Code of Civil Procedure, how long does the borrower have to redeem the property after the judicial foreclosure sale?
- A3 months
- B3 years
- C1 year
- DNo redemption period; the sale is final immediately
Show answer & explanationAnswer & explanation
Correct answer: C. 1 year
Under CCP §729.030, when a lender pursues judicial foreclosure and obtains a deficiency judgment, the borrower's statutory right of redemption extends for one year after the sale. (If the lender waives the deficiency judgment, the redemption period shortens to 3 months.) Nonjudicial trustee's sales, by contrast, carry no statutory redemption right at all.
Why the other options are wrong
- A. 3 months applies only when the lender waives its right to a deficiency judgment.
- B. 3 years is not a recognized redemption period under California foreclosure law.
- D. No redemption applies to nonjudicial trustee's sales, not judicial foreclosure sales.
Judicial Foreclosure Redemption Period
California law grants a borrower a statutory right to redeem property after a judicial foreclosure sale: one year if a deficiency judgment is sought, or three months if the lender waives it.
- Only applies to judicial foreclosures, not nonjudicial trustee's sales
- 1 year if deficiency judgment is obtained (CCP §729.030)
- 3 months if lender waives the deficiency judgment
Memory trick: Deficiency demanded? A full year granted.