Law

Ask a Legal Question, Get an Answer ASAP!

Have your own Legal question?

21 Lawyers are Online Now

characters left:

Not a Legal Question?

Question

Can a private lender foreclose on a property that is not past due? The problem is my parents bought the home then quick claim deeded it to me in June 06- now the lender says it was in violation of the contract and can forclose.

Submitted: 165 days and 22 hours ago.

Category: Legal

Value: $18

Status: CLOSED

Nevada

Already Tried:
I have been making the payments since that time I got a little behind at one point but payments are current- He says now the contract is voided and I either have to pay it off or he can forclose.

Accepted Answer

Dear cshorty198 - This depends on whether there is a "due on sale" clause in the mortgage. If there is then the lender has a right to "call" the loan if the ownership of the property is transferred. This happens quite often when property is quit claimed without permission from the lender

If there is no due on sale clause then there is no right to foreclose if the payments are current. You will have to read the mortgage to see if a due on sale clause exists.

David Kennett - JD - Attorney at Law

Expert:	Dave Kennett
Pos. Feedback:	99.5 %
Accepts:	4602
Answered:	5/26/2009

Lawyer (JD)

25 years experience in general law, including real estate, criminal, traffic, and domestic relations

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Law

Have your own Legal question?

Related Law Topics:

Question

Can a private lender foreclose on a property that is not past due? The problem is my parents bought the home then quick claim deeded it to me in June 06- now the lender says it was in violation of the contract and can forclose.

Optional Information

Nevada

Already Tried:
I have been making the payments since that time I got a little behind at one point but payments are current- He says now the contract is voided and I either have to pay it off or he can forclose.

Accepted Answer

Law

Have your own Legal question?

Related Law Topics:

Question

Can a private lender foreclose on a property that is not past due? The problem is my parents bought the home then quick claim deeded it to me in June 06- now the lender says it was in violation of the contract and can forclose.

Optional Information

Nevada Already Tried: I have been making the payments since that time I got a little behind at one point but payments are current- He says now the contract is voided and I either have to pay it off or he can forclose.

Accepted Answer

Related Legal Questions

Nevada

Already Tried:
I have been making the payments since that time I got a little behind at one point but payments are current- He says now the contract is voided and I either have to pay it off or he can forclose.