Legal Question in Real Estate Law in California

Right of First Refusal regarding CA property: as purchaser we exercised, but Owner / seller is in foreclosure on loan underwater. Attorneys who have had success in this situations?


Asked on 12/25/11, 10:08 am

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

When you bought the property you probably triggered a due on sale clause in the loan so the lender can now sue the former owner for the4 full amount of the loan and not just foreclose. The bank can also sue you for interference in business advantage for causing it to lose its security interest. Unless you can get the bank to accept you in place of the former owner in paying on the old mortgage, you can be in deep trouble without getting the property..

Read more
Answered on 12/25/11, 1:18 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California