Legal Question in Real Estate Law in California
In the 1982 my parents borrowed money from a company. As collateral, they secued the loan with a deed to their house. In 1986, they paid the company back.
They never got a reconveyance.
In 2009, I contacted the individual who owned the company (who is listed as the beneficiary). I provided him with all the documentation necessary to conclude that he was paid, and owes my parents that reconveyance.
His reply is that the company filed bankruptcy in Orange County, California, and that his attorney told him not to sign anything on the company's behalf.
What steps do I take next to get this reconveyance that is, without question, due my parents?
Thank you very much.
1 Answer from Attorneys
Civil Code sections 2941 to 2941.7 cover this situation. They impose a duty upon the trustee to reconvey, and to return the original note, and provide for remedies, damages and sometimes recovery of attorney fees when the trustee, lender or beneficiary cannot be found or refuse to reconvey. You should look up and read the statutes on line or at a law library, then make a written demand in accordance with the statutes, citing the appropriate language. If this doesn't work, consult a local real-estate attorney and file a lawsuit (or as the attorney advises). Note that some violations of 2941 can be charged as misdemeanors.
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