Legal Question in Real Estate Law in California
I am headed towards foreclosure as the last payment for my mortgage was made in November. I really want to tell my bank that I never wanted to buy a house that I didn't qualify for, and that I was a victim of my broker who got me into this hell in order to gain her commission. I know that now, but four years ago I was 21 years old and I was naive about all this. I have been told by attorneys that it is too late to sue the broker and I have been laughed at because they do not believe that I wasn't the one who lied and committed the negligence. The reason I have been trying to save the house all this time is because my family live in it, and as much as I knew I should have given it up as soon as I started struggling up with payments I couldn't stand to see my family without a shelter as I would do anything for them. My question is should I tell my bank what really happened? My fear is that they won't belive me.
3 Answers from Attorneys
If they dont' believe you, they don't believe you. So what? What have you got to lose?
And if they DO believe you, what is that going to change? The bank will reinstate your loan if and when you pay the arrearages, not if and when you prove to its satisfaction that you're a nice young man who got duped by an unscrupulous real-estate salesperson.
I hate to be the one to tell you this but in my opinion it wouldn�t matter whether they believed you or not, banks plain and simple are interested in only one thing and that is money. If you make enough money to pay your bills your bank might qualify you if you can no longer afford your home the bank is going to try to find someone who can. They just aren�t going to take it easy on you because you were young or naive and honestly that wouldn�t hold up in court as 21 years old is the legal age to make adult decisions.
What I honestly think you should do is resolve how to continue living in your house by having the bank modify your loan or short selling your property that way your credit doesn�t get fractured and in a few months possibly a year you are once again eligible to purchase another home.
We can help you, please give me a call as soon as you get a chance.323-549-9385
Thank you
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