Legal Question in Real Estate Law in California
Real Estate law and family trust. Laguna Beach CA
My jointly held property was illegally re-conveyed and recorded.
Two beneficiaries in our family trust one signed a deed of re-conveyance giving the debtor a large discount in exchange for an early pay off to that beneficiary. I (the 2nd bene.) was left out of the deal. 1) the family trust requires both beneficiaries to modify the trust 2) law requires that all beneficiaries sign to re-convey 3) I warned & alerted the debtor weeks in advance of payment not to do the deal, and that any payment made would be applied to the past due and the Note will continue to accrue interest and late charges. However they paid the other joint owner/beneficiary and recorded the fraudulent deed and have not made a payment in two years.
Now that the market has come back and values restored foreclosure is an option. The property has the value to collect. Past due Note value $220,000 as of 12/2011 - interest: 6% - late penalties: 10% of past due per month- last payment made 12/2011
2 Answers from Attorneys
Your post does not make any sense. A deed of trust is reconveyed when the underlying debt is satisfied. I've read your post five (5) times and cannot tell if you are referring to an interest in a deed of trust (which is called a mortgage by lay people in this state) or an inter vivos trust with property.
You haven't asked any or an understandable question. No offense.
And none of us have a magic wand to wave and make this all fall back into sensible order correctly. If you are serious about hiring counsel to sort this out and take whatever legal action in appropriate and needed on your behalf, or the trust's, feel free to contact me to discuss the facts and issues more clearly.
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