California, United States of America
The following excerpt is from Lindsey v. Meyer, 125 Cal.App.3d 536, 178 Cal.Rptr. 1 (Cal. App. 1981):
Prior to the entry of a foreclosure judgment, a mortgagor, or as here the trustor, holds title subject to the lien of the mortgage, and after the judgment of foreclosure is entered, but before the sale, he holds it subject to the lien of the judgment. However, after the sale, he has only a right of redemption, while the purchaser has the entire beneficial interest in the property, subject to be defeated by a redemption from the sale. (Duff v. Randall, supra, 116 Cal. 226, 230, 48 P. 66.)
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