Legal Question in Real Estate Law in California
False representation
I bought a house w/50,000 down I was told by the agent that I could refi and pull some money out about 5 months later. She stated we got the deal of the century. 5 months later she sent a apraiser to us I paid this person 350. and then the agent denied telling us we could refi. She then loaned me 23,500. at 12% intrest. she shorted me 4,500. and 2 years later we lost the home. She had us falsify original sale info and said this was creative financing. When we tried to refi on our own she would not give out a payoff amount and it caused us to fall behind. She would tell us we should go through her people. This I think was so they could make more money off us. I heard that what she did was basicly realestate fraud and breach of contract. I woild like to retain a attorney to try to get our down payment back plus more for she I feel scamed us. We filed bankrupcyand it was not accepted. 6months prior to us losing the home to forclosure our daughter was in the hospital for 2 weeks and had to have 20% of her lung removed. This while trying to save the home.We tried to work w/ the bank but they would not help modify the loan. My question is do I have a case.and is there a attorney that will work on contingincy ?
2 Answers from Attorneys
Re: False representation
IF this is 'timely', meaning that suit could be brought within three years of your knowledge of the damages and 'fraud' you allege on the broker, then yes, you may have a case. Your statement of facts is not clear, and you need to provide a thorough description of what happened, including the bankruptcy that might have affected your right to sue. If serious about pursuing this, feel free to contact me to discuss your rights and remedies. I'm willing to look at it and give you an opinion based on all the facts.
Re: False representation
Its hard to say from those facts what causes of action you may have. The real estate agent may have some liability - if nothing else, her loan probably violated the predatory lending laws in California given the interest rate and terms (I'm going to assume she loaned you $23,500, but kept the $4,500 of that amount as a fee). Without fully reviewing your case and the facts surrounding it, it would be virtually impossible to say for sure that you have a lock-solid case. You also have to look at whether the real estate agent has any assets you can pursue to recover a judgment - she, like many other real estate agents, may be broke.
These cases are hard to take on a contingency fee basis - the defedants (realtors) are often insolvent themselves, and/or may no longer have insurance to pursue. As such, an attorney might put $100,000 into fees and costs to pursue a case like this, and get nothing back in return. You may wish to contact some local consumer attorneys and see if they would take it on contingency. Email me off this list, and I'll give you the name of an attorney who I will contact and see if he is interested.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.
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