Legal Question in Credit and Debt Law in California
1dt DoT fraud issue: borrowers' Trust
I sold 30 apartments on 10/20/2004 with a 1st DoT Note for 75% of the sale price plus $ 80,000 credited back for repairs. Days before escrow closed, the buyers who had submitted statements of their assets and liabilities, formed a Trust.
10/2005 I learnt that the Trust was owned by mostly unknown persons with oriental names. They supplied me the SSNs of the members, but I lost the information.
Q: I want to force the Trust to pay the note as they clearly s o l d before escrow closed, deceiving me into thinking the same buyers I qualified would be the borrowers.
The latest: they state they would not owe interest on the 80 grand credited back.
Jade Escrow, Alhambra handled the escrow and foolishly, I did not hire a RE attorney for the straightforward note, written by Jade Escrow.
The buyers or their front office is in Pasadena.
Terms: 7 years note, 5% interest, no payment the4 first 3 years. the annual payments of interest only. Balloon at the end. ** this kind of deal would never have been done with people whose name I never heard before!
3 Answers from Attorneys
Re: 1dt DoT fraud issue: borrowers' Trust
Aside from the obvious misstep of your not having a lawyer involved in the deed of trust transaction you mentioned, there is the larger issue of why you -- an individual who is apparently an owner of substantial income property -- do not already have a continuing relationship with an attorney in whom you have confidence, and whom you can call when unforeseen circumstances arise.
So, with all respect, my advice to you is to hang up from the Internet and consult an attorney in person.
Re: 1dt DoT fraud issue: borrowers' Trust
Let me see if I get this right. You sold 30 apartments without an attorney. You now think you should be entitled to force the trust to pay the note. And you come here? Go out and find a really good attorney quickly so that this can be resolved now!
Re: 1dt DoT fraud issue: borrowers' Trust
I think you need to provide some more information before you can receive any possible help. You need to provide some additional facts regarding the buyers and how it is that they deceived you. Feel free to contact me if you would like to discuss this further.
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