Legal Question in Real Estate Law in California
Illegal foreclousre and sale of home
On Feb. 28, 2003, 9:30a.m. I found out that lending company had forclosed and put home up for auction by 12:30pm that day. information came from a foreclosure buyer who knocked on my front door. received letter stating available options to avoid foreclosure feb. 27, 2003. I called loan rep. rudely found out that my home had been sold. Informed her of letter received the previous day. She refused to acknowledge; told me to contact their lawyer who wasn't in. I had to talk with loan rep. She refused to work with me; I had a solution to pay the loan off. Home ended up being sold for $l50,000; the default was only $45,000. Never received 21-day notice of intent to sale or any other information. Received another letter from lender with same information ''options available to avoid foreclosure'' the day of foreclosure and sale. They had been accepting payments without informing me of any pending foreclosure. only foreclosure information that I received came on the day of the foreclosure and sale. I am retaining a lawyer. there is a calif.lawfirm who filed a class action suite against loan company in January 2003 in Los Angeles. Loan company is''predatory lender''. Can this be done?
3 Answers from Attorneys
Re: Illegal foreclousre and sale of home
You say that the Loan Company is a "predatory lender". The name "predatory lender" traditionally refers to Lenders who make certain high interest rate loans. Both Regulation Z, Section 32 of the Federal Truth in Lending Act and section 4970-4979.8 of the California Finance Code cover "predatory lending practices". Some Cities such as Los Angeles have also enacted laws against "predatory lending practices". If your loan does in fact qualify as a "predatory" loan you have many remedies available to you that you would not otherwise have with an "ordinary" loan. If you have any questions about your case or "predatory" loans please do not hesitate to call me at 310-273-6304.
Re: Illegal foreclousre and sale of home
Well, as you probably know, the rules covering foreclosure by a lender's trustee are very protective of the borrower. An improper foreclosure can be voided in many situations. Failure to give a Notice of Default or Notice of Sale would invalidate a subsequent sale in most cases.
If I were handling this case, I would start with a full factual evaluation, focusing on notices given or not given. Is there any reason why a properly-mailed notice might have escaped your attention, such as a long absence from home or a family member or neighbor snitching your mail?
You may have a good case but you need to act fast and you probably will need the funds to cure your late payments (if any).
I'm answering from home; if you contact me at my office I may be able to assist further.
Re: Illegal foreclousre and sale of home
I cannot tell if you have hired an attorney or need an attorney. If you need an attorney, please contact Mary at my office to set up an appontment for free consultation.
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