Legal Question in Real Estate Law in California
I have invested money with an investor. He used a property as collateral, now the property has been foreclosed on. He was giving monthly payments for the past one and half years, he now behind 3 months. He did sign a note and deed of trust.
What can I do?
3 Answers from Attorneys
Well, it appears you had a junior lien with a trust deed on the collateral property but now the senior lien has foreclosed on the property. However, since you do hold the note, sue him for the amount to recover your money.
Unless you have a property with a TD on it, your remedy is to sue for your money, and hope the person has assets to collect from. If serious about pursuing this, and if the case is in SoCal, feel free to contact me.
I agree with Mr. Doan and Mr. Nelson. Your first step should be to consult with an experienced civil litigation attorney to decide the best course of action including whether to attempt a settlement, if a lawsuit is the best alternative, and even what the chances are you can collect on any judgment.
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