The new law requires a 15-day waiting period to obtain a Trust Deed.

[Rakesh Rai]

Hello everyone, I have a question about the new law that prohibits obtaining a Trust Deed before 15 days. This is concerning because someone who urgently needs to live in a home can outbid us and submit their interest to the trustee, effectively pushing us out. 

My question is, who is responsible for these 15 days if anything happens to the property during this period? The winning bidder won't have documents to prove ownership, so how can they protect their money or interests during this time?

[Ellis San Jose]

https://www.californiamortgageassociation.org/news-articles/article/senate-bill-1079-californias-new-foreclosure-and-post-foreclosure-process/#:~:text=New%20Civil%20Code%20section%202924m,to%20the%20prospective%20owner%2Doccupant.

This law was poorly written.