Legal Question in Real Estate Law in California

Re: Deed in Lieu of Forclosure -

Not to be mean or harsh, but as a mortgage broker, I would think that you would have understood the consequences of transferring property to someone without refinancing the mortgage in their name. The deed-in-lieu effectively created a wrap or "subject to" mortgage scenario in which you let someone destroy your credit and now have virtually no remedies. Unless you have a written agreement that the lender/investor was going to keep the mortgage up, you probably don't even have a cause of action against him for breach of contract. You cannot do anything with the property since you have transferred it to him. You could pay your mortgage which only benefits him, but will keep it from going to foreclosure sale, but that is rediculous. You may want to consult with a local attorney, go over all the facts and see if there is more to this than your post indicates. Again, sorry if this sounds harsh, but I'm surprised that with a background in the business you allowed yourself to get into the position of being the obligor on a loan for a property you no longer own.

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