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AFFIDAVIT OF ELIGIBLE BIDDER (Civ Code2924m)

AFFIDAVIT OF ELIGIBLE BIDDER (Civ Code2924m) 2025

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The document is an Affidavit of Eligible Bidder, which outlines the qualifications and declarations of individuals or entities seeking to purchase real property at a trustee's sale in California. It specifies criteria for 'prospective owner occupants' and 'eligible tenant buyers,' including requirements related to occupancy, relationship to the mortgagor, and eligibility of nonprofit organizations involved in affordable housing. The affidavit must be signed under penalty of perjury.

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Click ‘Get Form’ to open the AFFIDAVIT OF ELIGIBLE BIDDER in our editor.
Begin by entering the TS No. and Property Address at the top of the form.
In the declaration section, select whether you are a 'prospective owner occupant' or an 'eligible tenant buyer' by checking the appropriate box.
Fill in the required statements under each category, ensuring that you meet all eligibility criteria outlined in sections A, B, and C.
If applicable, complete the sections for representatives of eligible tenant buyers or nonprofit organizations by providing necessary details.
Finally, enter the date and sign the document. Include your name, title, and contact information as required.

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Who is an eligible bidder in California?

Notice of Trustee Sale If you dont pay within 90 days, a Notice of Trustee Sale will be recorded against your property. This Notice tells you the date, time, and place your home will be sold. The Notice of Trustee Sale must be mailed to you at least 20 days before the day they plan to sell your home.

Can you bid low on a foreclosed home?

If you offer less than that then the homeowner needs to get the lenders permission for a ``short sale. These do happen, and can happen during the foreclosure action, but (1) probably wont happen fast enough to stop the auction, and (2) theres less reason for the bank to agree if the auction is already scheduled.

What is Section 2924m of the California Civil Code?

This bill creates opportunities for Eligible Bidders, such as prospective owner-occupants, tenant buyers, and certain nonprofit organizations, to have the first chance to purchase a foreclosed property after a trustees sale.

Who is an eligible tenant buyer in California?

(2) Eligible tenant buyer means a natural person who at the time of the trustees sale: (A) Is occupying the real property as their primary residence.

What is the new foreclosure law for California?

A new California foreclosure law, Assembly Bill 2424 (AB 2424), passed in 2024 and effective January 1, 2025, enhances protections for homeowners by requiring lenders to provide clear information about foreclosure alternatives, such as loan modifications, forbearance, and short sales.

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