After the Sale
| A Trustees
Deed Upon Sale is prepared after the sale is completed. This deed
transfers title to the successful bidder or beneficiary. The deed
must be signed by the trustee, acknowledged by a notary public and
recorded. After the deed has been recorded it is forwarded to the
party who purchased the property at the Trustees Sale
auction. There is no right of redemption after a trustee's sale. The successful bidder is entitled to immediate possession of the property. The one exception is the right of the federal government (IRS) to redeem the property, if a federal tax lien has been recorded against the property and is subsequent (junior to) to the deed of trust being foreclosed. In this case, the government must reimburse the successful bidder, with a full payoff with of the amount the bidder paid at auction, plus interest calculated for the period of the bidders ownership. Note: a senior lien by the federal government must be satisfied like any other senior lien and does not become discharged by a trustee's sale. The federal government (IRS) redemption rights elapse four months after the Trustees Sale. The state has no right of redemption. Free Foreclosure Buying Assistance
|
Please note: Some states may vary in their legal definitions, time frames, notice periods, requirements, and the foreclosure process.