A lender/bank cannot refuse to accept your payment for the full amount of default at any point prior to 5 business days before the sale. Up until then, per California Civil Code Section 2924, you have a statutory right to “reinstate” the loan by paying the default amount (plus other fees, such as interest, penalties, and costs), and they are required to file a Notice of Rescission of the Notice of Default. Cal. Civ. Code § 2924c(a)(1)
The lender (or its servicer) is also required to provide the borrower with a “beneficiary statement,” which contains information on how much must be paid in order to reinstate the loan. Cal. Civ. Code § 2943.
Read further: WHAT DOES THE BANK HAVE TO DO BEFORE THEY CAN SELL MY HOME?
If you are facing a foreclosure sale, the attorneys at ANAND LAW can evaluate your situation to determine the best solution for you. Oftentimes, we are successful in preventing foreclosure sales altogether. We have helped homeowners in Los Angeles, Orange, San Bernardino, Riverside, San Diego, San Luis Obispo and Santa Barbara counties. Where homeowners can’t afford to remain in their property, but the lender has still committed wrongdoings, we are often able to secure monetary settlements.
We can also evaluate your situation to determine if a CHAPTER 13 or CHAPTER 11 bankruptcy is in your best interest.
The information on this site is provided for informational purposes only and does not constitute legal advice. The information contained is not intended to be a complete recitation of the law, and is provided only as general information in an area—it may not contain all nuances of the law, and is not guaranteed to be correct or complete. ANAND LAW PC (“ALPC”) expressly disclaims all liability in respect to actions taken or not taken based on the information contained in the FAQ.