Week 7 Project Information:

A foreclosure is a legal process where your mortgage company obtains ownership of real property (i.e., repossess the property). A foreclosure occurs when the property owner has failed to make payments and has defaulted or violated the terms of their mortgage loan.

The subprime mortgage crisis occurred from 2007 to 2010 after the collapse of the U.S. housing market. When the housing bubble burst, many borrowers were unable to pay back their loans. The dramatic increase in foreclosures caused many financial institutions to collapse. Many required a bailout from the government. Besides the U.S. housing market plummeting, thestock marketalso fell, with the Dow Jones Industrial Average falling by more than half. The crisis spread around the world and was the main trigger of the global financial crisis. This led to a strict restructuring of the mortgage laws.

In preparation for this week's Discussion, research the foreclosure laws in your state of California.

Assignment: due Saturday, 10/8/2022

Course Real Estate Law

Based on your research from the Week 7 Project, answer the following questions:

• Does state law recognize post foreclosure redemption rights for mortgagors? If so, what is the redemption price that must be paid?
• What is the period of time for redemption following a foreclosure sale?
• Can a right of redemption be made prior to foreclosure?
• Can it be waived after the foreclosure sale?