Legal Question in Real Estate Law in California
Foreclosure law
I have a lender who has filed a Notic of Default against my property. They sent me a letter saying they got my 1st loan from CW over a year ago but never once sent me a monthly bill. They say now I owe them 53K but when I asked them to prove the hold my note they send me nothing. It's strange cause tax records shows that a ''private lender'' holds my not for 200K & this other company (not private) says I owe them 400K on the first. How can I slow the default/foreclosure & make them prove they actually own my first? I know CA forecloses quickly so I am in a bit of a panic! thank you!
3 Answers from Attorneys
Re: Foreclosure law
See an experienced real estate attorney quickly! You may be able to file for an injunction to stop the foreclosure while the loan issue is sorted out in court.
Re: Foreclosure law
As a general rule in California, the only way to stop a foreclosure is by paying the amount demanded by the lender. If there are any issues relating to the validity of their note and deed of trust, or whether they are actually the owner of the note and deed of trust, after paying the amount they demand, you must sue the lender to recover any amounts you have paid as a result of their misapplication of funds or other errors.
To force the lender to prove they are the true owners of the original note and deed of trust, you may be able to file suit then demand production of the original note through discovery. However, you may or may not be able to forestall the foreclosure itself (because you are going to have to convince a judge that you are probably going to win your lawsuit in order to get the judge to issue a restraining order).
Because these types of issues are extremely difficult to discuss in this type of forum, you should spend the time, and money, to conslut with an experienced real estate lawyer in your area.
Re: Foreclosure law
I agree with Attorney Johnson. This isn't something you can deal with by posting on this site and getting some free information. Your situation appears to be very complex, and requires a skilled attorney to review the documentation you have.
*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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