Legal Question in Real Estate Law in California
lender closed it's doors
Just curious. I just found out my lender whom I re-financed my home this past April just closed it's doors. What happens in this case? And since I was suing the original lender do I still seek action against new one since old one owed me part of my cash out from the re-fi?
1 Answer from Attorneys
Re: lender closed it's doors
You make your payments to the current holder of the note; you sue whomever cheated you, and perhaps also anyone you think was in cahoots. Quite possibly there is little or no legal connection between the obligation to pay and the cash shortage at closing, but it should be easy to get a pretty good idea by reviewing the escrow closing statements and the other documents, principally the promissory note. Be careful not to draw any unfounded or premature conclusions about the responsibility of the current note holder for the under-disbursement of loan proceeds you claim. You seem to be going "in pro. per." into deep and murky waters. Maybe you need a lawyer.
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