Legal Question in Real Estate Law in California
Real Estate Mortgage
It seems as though a large, well known bank has issued a loan against a piece of property of which I am a part owner. I was never contacted and had no knowledge of this loan until receiving a foreclosure notice recently. In October 2007 this property was completely burned in the Southern California wildfires.
My question is, as part owner of the property, was my consent required to issue this loan? And, having no knowledge of this loan, I was not given the opportunity to insure the loan. Should the bank have required mortgage insurance or even have insured it themselves?
How should I proceed?
4 Answers from Attorneys
Re: Real Estate Mortgage
By finding out what the truth is about the loan, insurance, and impact on your investment. Then, you can decide whether you have any rights and legal remedies you need to pursue. Yes, a loan and insurance should have involved you in an informed decision. Feel free to contact me for legal help if you need it.
Re: Real Estate Mortgage
By finding out what the truth is about the loan, insurance, and impact on your investment. Then, you can decide whether you have any rights and legal remedies you need to pursue. Yes, a loan and insurance should have involved you in an informed decision. Your research will determine whether there was fraud or negligence, and who committed it. Feel free to contact me for legal help if you need it.
Re: Real Estate Mortgage
Thanks for your question. The answer will depend in large part on how you held the property with the other owner(s) & whether the loan amount exceed their separate interest. I would recommend you discuss the details with a real estate attorney. If you would like to contact our office for an initial consultation, feel free to do so at your convenience.
Yours truly,
Bryan
Becker Attorneys
619.400.4929
Re: Real Estate Mortgage
Your co-owner should have noticed you. Does the co-owner have assets to cover the loan? Contact me directly.
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