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Tina, I need a lawyer who has experience as a real estate…

Hi Tina, I need...

Hi Tina, I need a lawyer who has experience as a real estate transaction attorney. Do you have experience in this area?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

I'm sorry Pearl, I seen the name Tina at the header of the chat box.

Lawyer's Assistant: Has any paperwork been filed?

No paper work...I want to be sure I know the rules before I dive in. Any experience in that area?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes. I am interested in purchasing pre-foreclosure homes "subject to" the existing mortgage or financing. I need to know what is lawful or unlawful during such a transaction.

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Answered in 16 minutes by:
2/23/2017
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,983
Experience: Attorney and Real Estate broker -- Retired
Verified

Hello,

In which state jurisdiction are you intending to purchase property?

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Customer reply replied 1 year ago
Thank you. I will be purchasing property in San Fernando, CA.
Customer reply replied 1 year ago
I am also considering Lancaster, CA

Okay, thanks.

FYI: I am a member of the State Bar of California, the Bar of the U.S. District Court for the Central District of California (San Luis Obispo, Santa Barbara, Ventura, Los Angeles, Orange, San Bernardino, Riverside Counties), and the California and National Associations of Realtors.

Cal. Civil Code Section 1691 et seq. provides the law concerning Home Equity Sales Contracts. You must follow the laws closely, because violations can result in both civil and criminal penalties.

There is no guide book for this type of transaction. The laws were originated in 1979 at a time when con artists were tricking property owners into selling their homes which were in foreclosure, but which had equity value. As a result the foreclosed homeowners lost both their home and the equity value. This circumstance bears no relationship to the 2008 recession, because in the recent foreclosure crises homeowners had no equity.

Regardless, the laws remain, and there is a high level of risk associated with these types of purchase transactions. So, please be careful.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,983
Experience: Attorney and Real Estate broker -- Retired
Verified
socrateaser and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 1 year ago
Thank you for your answer, but I have already read Cal. Civil Code Section 1691 et seq. This law basically tells me that I need to deal fairly with homeowners in foreclosure. It also tells me that I should be careful to disclose (in writting) all information that would be critical to the owners decision. I understand this part of foreclosure law.What I was looking for are laws such as the 5 day cooling period after signing the purchase and sale agreement; this law prohibits the buyer from recording RE documents and exchanging anything of value (deed, consideration, ect..) before at least five business days have expired.I have also read code 2924 but need some help decoding it into plain English. Moreover, if there are other laws such as the one I have referred to above, those are the rules that I want to stick closely to. Please let me know if you know of any further laws regarding these kind of foreclosure transactions.
Customer reply replied 1 year ago
If you need time to find the answers, that's okay. An accurate answer is very important because I am ready to start contacting homeowners in pre-foreclosure and foreclosure any day now. I'm sure there are other laws that govern the purchase of a foreclosure in this manner and I don't want to act until I know the rules. Let me know if you need extra time because I'm open to that.

Good morning.

1. The Civil Code Section that I previously cited contains a typo. It should have read Section 1695 et seq. My apologies.

2. To my knowledge, as long as you are a "bona fide" (honest) purchaser of the property, there are no restrictions beyond those of the Civil Code Sections that I previously cited. If you swerve off into acting as a "foreclosure consultant" (i.e., assisting the buyer in "saving" their property from foreclosure), then you must adhere to the provisions of Civil Code Section 2945 et seq.

3. Concerning Civil Code Section 2924, this is the general foreclosure statute. It has no application to a purchaser of real property. The law applies to lenders who secure their loans with real property and whose borrowers are in default on the loan (promissory note) payments. That said, there is a fairly succinct explanation of the California foreclosure process at this link provided by the California Judicial Council. If you need comprehensive coverage, then the "bible" of California mortgage and foreclosure legal practice guides can be found at this link.

I hope this better clarifies my original answer. If you need more personal attention, I will send you a premium services offer, which will permit me to provide my direct contact information. You may accept or decline at your convenience.

Thanks again for using Justanswer!

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Customer reply replied 1 year ago
CustomerI want to thank you very much for your time and assistance. You have guided me to the exact information that I need to stay within the limits of the law. I wish you continued success and thanks again for your hard work!!!

Thanks for your kind words, and for using Justanswer!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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