New Law Requires Notification of Transfer After Foreclosure

AB 2273 (Wieckowski) makes needed changes to common interest development foreclosure procedures.  It adds Civil Code Section 2924.1 which requires that the Trustee’s Deed Upon Sale as to a property located within a common interest development be recorded within 30 days of the foreclosure sale. AB 2273 also amends Civil Code Section 2924b to require that information regarding the transferee (i.e., buyer) be mailed to the association within 15 business days following the date of the foreclosure sale, so long as the association has already recorded a Request For Notification (see Civil Code Section 2924b(a)) prior to the commencement of the non-judicial foreclosure (i.e., the recording of the Notice of Default).

Lauri Croce