Legal Question in Real Estate Law in California

Hi

The outstanding balance for the house is 83K the first mortgage is 292K, the second is 35K. The value of the house is 130K.On 2005 I bought the house with two loans originated by Countrywide. On 2007

I refinanced the loans with Countrywide. I'm definite that my loans are "Toxic loans". My goal Is one of the two option above:

1.To "buy time" and keep the house as long I can get ,

2. Restructure the loan amount to current market,so I will start to pay the bank again.

Is QUIT TITLE ACTION is good option to go? and how much it cost?

Thank You


Asked on 1/21/12, 1:25 pm

2 Answers from Attorneys

Your fact description makes no sense. How can the "outstanding balance for the house" be 83k when you owe 347k? I also have no idea what you mean by "toxic loans." As for a quiet title action, unless the refinance was obtained by fraud or duress, you wouldn't even get past the demurrer stage.

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Answered on 1/21/12, 3:17 pm
Anthony Roach Law Office of Anthony A. Roach

If you file an action to quiet title, be prepared for the lender to demurrer on the grounds that you have not alleged tender of the unpaid debt. It is a matter of hornbook law that a party cannot quiet title to a mortgage or deed of trust, even if the statute of limitations has run, without paying the underlying debt.

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Answered on 1/21/12, 5:31 pm


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