Under the notice of trustee sale requirements, it is stated:
The defaulting borrower may prevent the foreclosure sale by paying all arrearages up to five (5) days before the sale.
In the last 5 days before the sale, I’ve heard the borrower must redeem/pay off the loan. Is this still the case given the current market or has Civil Code/law changed that allows a borrower to come current but not pay off the loan in the last 5 days? Obviously, a decision to postpone the sale in the last 5 days happens frequently, but the Asset Manager should know which borrower have not come current. In your experience, is it possible to find out from the Asset Manager which loans are not current and should be held for sale, excepting those sales that are postponed at the last minute for whatever reason?