Legal Question in Real Estate Law in California
Posession of a house in foreclosure
I am the note holder on a property in foreclosure for non-payment. The property is a block away from my house and I have been informed the tenants have moved. The notice was just recorded 1 week ago but I am concerned about the lawn. In 2002 my husband and I spent over 4000.00 on the landscaping. It's obvious the tenants deliberately abandoned the yard just to stick it to us. On our purchase agreement it states that we have a right to take posession and do what we need to do to protect our interest in the property. It also states that they waive their right to any written notice to do so. Can I at least water the lawn, and clean it up or do I have to wait the 120 days?
3 Answers from Attorneys
Re: Posession of a house in foreclosure
Adding on to Attorney Nelson's response, as the lender (read your loan documents carefully) you probably have certain rights with respect to making advances to protect your collateral. This generally comes up in the context of a borrower failing to pay insurance, and the lender advances the costs under the terms of their loan, and adds it to the loan balance. You could make a pretty good argument that it is necessary for you to protect the value of your collateral by advancing the cost to hire a landscape maintenance firm to keep the property up. By the way, upon foreclosure, there is a statute which requires you to keep the property's appearance up, including landscaping. You should have no problem with hiring someone to take care of the lawn - just read your loan documents - you probably have to give a notice of some sort of your election to do so. The statement in the purchase agreement is probably not relevant - you need something in the loan documents giving you the right to make advances. Most standard form deeds of trust give you that power.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.
Re: Posession of a house in foreclosure
In looking at your question and Mr. Gibbs' answer (with which I agree), the question pops into my mind as to what you mean by your purchase agreement. Do you mean an agreement whereby you purchased the NOTE on this property? Surely you don't have an agreement to purchase the property itself? Or maybe you do! If you are simultaneously the buyer and the note holder, your rights and the defaulting borrower's rights are a whole bunch more complicated!
Re: Posession of a house in foreclosure
If they've moved, there is no one left to complain about you doing so.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
