Judicial Foreclosures are slowly increasing in California residential loan defaults. Usually, residential lenders do not file judicial foreclosures. Rather, they prefer to hold a trustee's sale to get the property back. This is a much faster, and streamlined, process which is governed by statute. In holding a trustee's sale foreclosure however, the lender gives up any rights to a deficiency judgment. With a judicial foreclosure the lender is entitled to a deficiency judgement, but the defaulting borrower can get up to one year to redeem the property. This guide discusses the redemption procedure. Citations are to the California code of civil procedure.
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