Foreclosure auction set at Norwalk DoubleTree

A foreclosed Lancaster house is headed to a public auction on May 14, with bidding set for 9 a.m. at the DoubleTree Hotel in Norwalk. (avpress.com) The sale site used for many Los Angeles County trustee auctions is the Vineyard Ballroom at the DoubleTree Hotel Los Angeles–Norwalk, 13111 Sycamore Drive in Norwalk. Clear Recon, a foreclosure trustee, lists that ballroom as a 9 a.m. auction location for California sales. (clearrecon-tn.com) A trustee sale is the public auction that follows a nonjudicial foreclosure, the faster process lenders in California use to sell a property without filing a court case. The legal notice in this case says the Lancaster property will be sold to the highest bidder in cash or cashier’s check terms typical of foreclosure sales. (avpress.com) The notice also warns that bidders take on real risk. Foreclosure publishers say sale information can change at any time before bidding opens, and opening bids may not be available until the sale is called on site. (search.nationwideposting.com) California law adds another layer for some one-to-four unit homes sold at foreclosure. Civil Code Section 2924m gives certain tenants, prospective owner-occupants, nonprofits and public entities a post-auction chance to buy if they qualify as “eligible bidders.” (california.public.law) That law says a prospective owner-occupant must swear they will move into the home within 60 days after the trustee’s deed is recorded and stay at least one year. An eligible tenant buyer must already live there as a primary residence under a qualifying lease that predates the notice of default. (california.public.law) The statute can stretch the process after the gavel falls. Foreclosure publisher Nationwide Posting says bidders should be aware the sale process can be extended for up to 45 days, and trustees do not have to pay interest while bid funds are being held. (search.nationwideposting.com) FindLaw’s text of Section 2924m says the law is scheduled to remain in effect until Jan. 1, 2031. For buyers at the Norwalk auction, that means the highest bid on May 14 may not be the last word if the Lancaster property qualifies and an eligible bidder steps in. (findlaw.com)