Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and welcome.
My name is XXXXX XXXXX my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:
What are their grounds for requesting your financial statements and other personal information? Is it in the context of a lawsuit?
I look forward to assisting you as soon as I have received this information. Thank you.
It is not a lawsuit. Can they sue me? On what grounds could they sue me?
The grounds they are claiming for requesting my financial documents is because of concern that by the time they are done paying their loan to me that I will owe more on the property then they will owe me. This would result in a title that is not clear. However, there is no way to prove or disprove this based on how I have my finances set up to pay for my liens. Additionally, my goals and plans for my loans is not their business. If I choose to save and earn interest on money and then pay one lump sum on any remaining amounts owed...that is my decision. they cannot assume, or force me to pay a different amount than is governed by my liens. If the title is not clear for them at the end of their agreement----then they can take legal action. But we are 14 months out. They cannot see my documents or tell me when I should pay additonal amounts, anymore than I can see my banks documents and tell them how to govern their money.
I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!
The attorney states in her letter that "if a suit for contract reformation is brought, you (meaning me) would be ordered to produce such financial documents in discovery."
What is a suit for contract reformation? What are the grounds of such a suit? Why and how can this be done? What do I need to do to protect myself?
How long does it typically take for such a process? For example if they choose to move forward with a suit for contract reformation?
Wouldn't this be both timely and expensive?
The attorney claims that a 3rd party finance company will not approve my buyers for the remaining amount owed to me that they want to finance, if I owe more than they owe me. Is this true? This doesn't make sense. Anytime I have ever sought out loan approval for all the homes I have bought, I am simply getting pre-approval on an amount. The remaining details of the home, amounts owed etc. are handled by a realtor or an attorney. Therefore, doesn't this sound like a lot of bologna? To me, as a reasonable person who has purchased and sold property, this is bologna. They would get pre-approval for an amount and work out the contract purchase details, amounts, property, liens, etc. after getting pre-approval from a third party financial institution. Is this correct?
If they are telling the truth about the requirements of the third party lender, then why wouldn't they just tell me this? Why would they take such extremes? Why wouldn't the 3rd party be in contact with me to have me prove the title will be clear?
How does obtaining my current statements prove to them, their attorney, a 3rd party financial institution, or anyone for that matter, prove that the title will or will not be clear in 14 months? How do these documents prove that I will or will not continue to pay my lien between now and the time their lien matures? How can anyone go into a suit for contract reformation, requesting these mortgage statements, and use them to prove something that has not occured? I have not defaulted on my liens or the contract. Nor have I done anything fraudelant or unlawful.
Would it be regretful for me to directly inform them that I do not have to provide this, and also pose these questions to them? Or would I put myself in a bad position by not having an attorney respond?
You mentioned possibly getting an attorney to respond. Do you think it is necessary if they are posturing?
Thank you!How much time do you think I have to retain and respond prior to any additional action or responses from them?
Are you available to retain? If not, do you have a referral?
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