chatterweb
Junior Member
What is the name of your state (only U.S. law)? CA
My question involves a foreclosure in the State of: CA
My Mother had bought the property in 1999 and resided in it until 2009, when she moved in with me after losing employment in 2008 due to Dementia.
She refinanced it 3 times and took money out and also got an exotic loan the last time she refinanced the property.
In 2008, a living trust was created with me as her Co Trustee.
The property was rented for 6 months then put up for sale in early 2010 when she entered into a dementia facility.
The loan amount is 88K higher than she bought the property for in 1999, and it is an exotic loan as well. This property is her only liability.
Due to HOA issues with termites in surrounding units, the property fell out of escrow and is now relisted and the sale will be break even for her after closing costs.
There is equity in the property, so after the listing expires I will try to see if an investor will buy it for the loan amount.
Homes in the area are selling and are non traditional sales; bank owned sales are popular.
She also owns a commercial property included in the Trust that pays for most of her monthly facility costs with the rental income. There is no loan on that property.
If I cannot remedy this by selling it and it does foreclose, will the CA non recourse laws where the lender gets the property back in exchange for foreclosing be upheld?
My question involves a foreclosure in the State of: CA
My Mother had bought the property in 1999 and resided in it until 2009, when she moved in with me after losing employment in 2008 due to Dementia.
She refinanced it 3 times and took money out and also got an exotic loan the last time she refinanced the property.
In 2008, a living trust was created with me as her Co Trustee.
The property was rented for 6 months then put up for sale in early 2010 when she entered into a dementia facility.
The loan amount is 88K higher than she bought the property for in 1999, and it is an exotic loan as well. This property is her only liability.
Due to HOA issues with termites in surrounding units, the property fell out of escrow and is now relisted and the sale will be break even for her after closing costs.
There is equity in the property, so after the listing expires I will try to see if an investor will buy it for the loan amount.
Homes in the area are selling and are non traditional sales; bank owned sales are popular.
She also owns a commercial property included in the Trust that pays for most of her monthly facility costs with the rental income. There is no loan on that property.
If I cannot remedy this by selling it and it does foreclose, will the CA non recourse laws where the lender gets the property back in exchange for foreclosing be upheld?