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Yesterday you advised me on a 2nd Lien Private Party and…

yesterday you advised me on...
yesterday you advised me on a 2nd Lien Private Party and said I'd have 90 days to pay lien or lender could foreclose. A broker did paperwork but I never received a copy of the specified contract. I did receive a deed of trust & assignment of rents copy from Registrar Recorder. If lenders contract has due date and states 'If lien isn't paid by said due date lender will pay borrower the sum of 13K and the.house becomes his.
I have someone who'll pay 2nd lien but he's out of state but will be in town in next several days ... Lender says due date is Monday, July 16th. I'm requesting a reasonable amount of time or grace period (10 to15 days). to take care of lien ... What recourse do I have on this. ? Thanks
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Answered in 19 minutes by:
7/14/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,319
Experience: Licensed to practice before state and federal court
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Thanks so much for requesting me. Thankfully, you could rely on the fact that CA recognizes that parties have to work in good faith with one another.

There is an implied covenant of good faith and fair dealing in every contract

that neither party will do anything which will injure the right of the other to

receive the benefits of the agreement.” (Comunale v. Traders & General Ins.

Co. (1958) 50 Cal.2d 654, 658 [328 P.2d 198], internal citation omitted.) This means that in lieu of a strict foreclosure,they should be giving you more time. My recommendation is that if you are reasonably certain that you will get the money to pay off this person, then you should make that clear. This way, if the foreclosure process starts, then you would be able to show that you tried to work in good faith, but they didn't.

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,319
Experience: Licensed to practice before state and federal court
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