Legal Question in Real Estate Law in California
foreclosure
Sold a house in CA I hold a Trust Deed due for a little more the 2/3 of the purchase price Closed escrow on April 17,2001. Full payment was due June 1, 2001 . Have received no payment. I called trustee says because note is persuant to civil code 2966. I must give them written notice of payment and a 90 day extention as I did not notify them 90 days before due I have read this code and it does not apply in my case,does it. It applies to ballon payment due in a period in excess of one year?
1 Answer from Attorneys
Re: foreclosure
You seem to be right based on the limited facts given, but your next step seems to be to discuss with the trustee his/her/its understanding of Civil Code 2966 and why it is, in the trustee's opinion, applicable. Parties who serve as trustees for DofT's usually know what they're doing and if this trustee is an experienced professional he/she/it should be able to give you a satisfactory explanation or be willing to back down when you point out the under-one-year term of your note/DofT.
An alternative to consider is substituting trustees. You can probably do this, but make sure you are on sound legal ground and the first trustee is wrong. Consider retaining a local attorney with D/T and foreclosure experience.
In the bigger picture, if you are well secured you should eventually recover all your principal plus interest and penalties sufficient to make you whole even if it takes longer than expected. You may also be entitled to attorneys fees expended in the collection process.
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