When Is A Trustee’s Sale Really 'Final'?

Law360, New York (November 17, 2011, 7:22 PM EST) -- The threat of a borrower's bankruptcy always hangs over lenders' attempts to foreclose on real property. But until now, lenders have become accustomed to believing that once the gavel comes down, the threat of bankruptcy has been eliminated. A recent decision by the Bankruptcy Court for the Central District of California throws that belief into doubt.

In In re Gonzalez,[1] Judge Mark S. Wallace held that a borrower's bankruptcy petition can void a trustee's sale even if the petition is filed after the trustee's sale has...
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