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Foreclosure Errors

January 21, 1990

I enjoyed the article by Vivian Price ("How to Handle Foreclosure," Jan. 7), however there are a couple of errors that should be corrected.

Price referred to the redemption period following the filing of the Notice of Default as being 90 days. This is a common error in the industry; some attorneys will tell you the same. Civil Code Section 2924 specifically states that "At least three months shall expire before. . . . " No ifs, ands, or buts, three months and not 90 days. In most cases this is at least 92 days. The only exception I can think of involves the 28-day month of February.

Price also stated that following the publication of the Notice of Sale, the borrower had 18 days to make up payments, reinstate, etc. The code specifically states the borrower has up until five days before the sale to reinstate. Most sales are held approximately 30 days following the initial notice (it has to be published weekly, three times). Therefore the borrower has approximately 25 additional days to reinstate following the publication.

WILLIAM S. HINTON

Woodland Hills

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