Legal Question in Real Estate Law in California
A little over 3 years ago, my husband was in the hospital having a major abdominal operation. He was trying to get a second mortgage on our home prior to entering the hospital, and the loan woman from the now defunct Countrywide brought a notary to my husband's bedside, while he was on a morphine drip, to sign the docs. He was confused, a nurse told me, but he signed anyway. He is now mentally and physically challenged due to a horrific accident in 8/08 and we can no longer afford that second mortgage. My dad questions the legality of said loan due to the fact that my husband was under the influence of pain meds.
2 Answers from Attorneys
It was probably unwise of the lender to obtain a signature from someone whose immediate competency to sign might be questioned in the future. However, I think the loan deal might still stand up in court. Did you also sign? Did the two of you accept and use the loan proceeds? Were you made aware of the three-day right of rescission? I'm inclined to think your best bet is to contact the current holder of the note and try to negotiate better terms.
I agree with Mr. Whipple. A contract obtained under fraud or duress, or while incompetent, can be voided, but all parties would have to be returned to their original positions. That means if you received cash from the transaction, you would need to return it in order to have the loan cancelled.
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