Rushan2112
New member
California -
In 2004, I purchased a home in Orange County, CA. In the middle of 2005, I took a new "80/20" 1st and 2nd loan out, to pay off the existing loan, and take cash out for home remodel & repairs. Long story short, by 2006 things got bad, and I tried to sell my home. 6 months on the market, tons of open houses, but no luck, as the market had started its downturn in prices (I stupidly bought at near the height of the market). The home was lost to foreclosure in December of 2006.
Early this year, over 11 years later, I get a summons claiming breach of contract. I consulted an attorney (not one who specializes in real estate, but a friend's referral), and he filed a demurrer based on statute of limitations being expired. The bank/servicer claims the statute doesn't begin until the debt was 'accelerated', which only happened late 2017. I don't understand all the legalities in that, but I most certainly don't have the $180,000 to pay, and I don't want a judgment filed as I now own property again (I believe that is what triggered interest in the bank in the first place). Any advice would help.
Thanks
In 2004, I purchased a home in Orange County, CA. In the middle of 2005, I took a new "80/20" 1st and 2nd loan out, to pay off the existing loan, and take cash out for home remodel & repairs. Long story short, by 2006 things got bad, and I tried to sell my home. 6 months on the market, tons of open houses, but no luck, as the market had started its downturn in prices (I stupidly bought at near the height of the market). The home was lost to foreclosure in December of 2006.
Early this year, over 11 years later, I get a summons claiming breach of contract. I consulted an attorney (not one who specializes in real estate, but a friend's referral), and he filed a demurrer based on statute of limitations being expired. The bank/servicer claims the statute doesn't begin until the debt was 'accelerated', which only happened late 2017. I don't understand all the legalities in that, but I most certainly don't have the $180,000 to pay, and I don't want a judgment filed as I now own property again (I believe that is what triggered interest in the bank in the first place). Any advice would help.
Thanks