Legal Question in Real Estate Law in California
Where do I stand lose or win
We are leasing this house. payments were to be $600. then it jumped to 1300.We paid it to keep from going to forcloseure. Can't locate the owner to find out why. The loan co won't tell why.We have a realestate person who help us sign a lease for 3 years.She can't locate this person either.The loan office has gotten her mail back,no forwarding addresss. The house is going into forclosure because we can't pay that much anymore.Can we get our mney back or ???. Can we buy it without her? We been paying $1300 since July 2001. Took lease out in August of 2000 paying $600
3 Answers from Attorneys
Re: Where do I stand lose or win
Sounds like you paid the extra money to the owner not the lender. You may be the victim of rent skimming, where a landlord takes huge deposits, advance rent, etc. then disappears, allowing the property (in which he has no equity) go into foreclosure. Maybe not, but smells of it. You should consult a local real-estate attorney and probably also talk to the white-collar crimes unit of your local sheriff or police department. See Civil Code section 890 on line or at a library.
Re: Where do I stand lose or win
You have the right to purchase the property at a foreclosure sale if you have the proper funds.
Re: Where do I stand lose or win
If you have paid money to the lender to keep the property out of foreclosure, you now have a lien against the property, and can foreclose on it yourself.
It is a little bit time consuming, but could be worth your while in the long run, provided the property is worth it.
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