Legal Question in Real Estate Law in California
real estate loan
i have been carrying the note on a house i have in northern Ca. recently i discovered that they are getting divorced and he is staying in the house. the loan is in both their names and he has been late in paying the last 3 monthes. Do I need to re-write the loan or get a document stating the agreement between them as regards the house?
3 Answers from Attorneys
Re: real estate loan
You do not need to do anything as a consequence of the pending or actual divorce. If they both signed the promissory note, as your posting suggests, then they are both liable for the loan, and a divorce cannot change that. Even if the divorce decree grants the house to one of them, you do not have to agree to release the other spouse if you do not want to.
Re: real estate loan
Your papers need to be looked at to know if you the power to foreclose without litigation, and what the terms of the relationship are.
IMPORTANT:
No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time sensitive and may result in loss of rights if you do not obtain an attorney immediately.
Re: real estate loan
Re-writing the loan papers would probably cause your lien to become subordinated to intervening liens. Don't do it withoud specific legal advice and a good reason to do 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.
