Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I assumed a loan, so I am on title. An addendum stated that…

I assumed a loan...

I assumed a loan, so I am on title. An addendum stated that if I didn't make all my balloon payments and refinance in 3 years then the seller has the right to foreclose on the property. I made 3 thirty thousand dollar payments on time but am still going through the refinance process. The contract date was on May 19th 2015. It seems like I am in breach of contract since I haven't refinanced. My question is. What can he legally do? Can he actually foreclose since the bank actually owns the property? Can he sue me and get the property back?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I've filed my refinance paperwork. Just trying to come up with the down payment

Lawyer's Assistant: Where is the property located?

Lake county, ca

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

No. Just wondering where I stand and if I should continue to try to refinance

Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 11 minutes by:
5/23/2018
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,007
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified

Welcome and thank you for your question. I will be the professional that will be assisting you.

Ask Your Own Real Estate Law Question

We would need to see what you signed with the Seller as well as the mortgage assumption paperwork to answer your question. Can you attach the documents?

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I can try to upload the contract and send it. Might take a few minutes

No worries. Take your time.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
A few of the files I tried to attach were too large. Here is the addendum page. Is there a way I can email all of them? Or I can keep trying to send them one at a time

Any way you can get them to me will work.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I don't see your email address anywhere

One moment please let provide the site contact to email of fax documents.

Ask Your Own Real Estate Law Question

Call Customer Care

Please have your Order ID available when calling Customer Care

US / Canada 1-***-***-****

Available 6am to 9pm PST

Ask Your Own Real Estate Law Question

We do need to know if the lender placed your name on the loan. You stated you are on title, did the seller convey their title to you with a deed?

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I have an "Assignment of purchaser's interest in deed of trust" where is pretty much states he signed over the deed of trust. This was drafted by the bank. Signed, notarized and returned to the bank. My name is ***** ***** loan but since I assumed his loan, he is on there as well. So if I stopped making the payments then he would be responsible.
Customer reply replied 2 months ago
I called and got an email address so I'll send that over so maybe you can look at the contract. Thank you for your help!

You will want to continue to try to refinance as I see a binding agreement in the attachment that you provided.

Yes, you both are named on the loan because the seller's liability is not removed with an assumption. The seller remains liable. The deed of trust is the loan document and not the title. He remains on title so both the seller and the lender have an interest in the loan and the title. You signed a separate agreement with the Seller.

In these situations most attorneys and agents will set up conditions for the assumption as a contract. In the event the Purchaser breaches the contract the seller no longer has to deliver title. We really need see what the contract says so I can find if this is in your favor. It would be my pleasure to review and try to find the most favorable outcome for you.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
The files are taking awhile to load. If the seller does not have to deliver the title because I breached the contract can I receive the title if my refinance goes through?

Provided there is no breach you would receive title. If the process is taking longer than you expected you can also formally ask the seller to extend the time for a refinance. You would send the extension request certified mail return receipt requested.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I just emailed the contract to the support email. The problem is that the seller does not like me and might want to take the property back and probably wouldn't grant an extension. Wondering if and how he would go about filing the breach of contract? When talking to the bank they told me that they own the property and are not going to foreclose as I have been making the payments. I'm also trying to refinance through that same bank. If they approve the refinance can they give me the title. And if so can the seller sue me for breach of contract and and then I have to sign the property back to him? It's going to cost me $25,000 downpayment so I don't want to pay off more of the mortgage if he can just take it back.
Customer reply replied 2 months ago
Please look over the contract and then let me know what you think. Thank you!

Let's wait until I see the contract. You have 2 separate agreements in this case. You have a loan agreement with the Seller and the lender and you have a contract with the seller. The contract with the seller should set out the seller's right and remedies in the case of a breach/default. The lender is not a party to the contract you have with the seller.

The seller is on the mortgage and the title. The bank would only have the power to transfer title to the named borrowers and not you alone as you are both liable for the loan.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
Ok. Lets see what the contract says

Thank you.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
Have you had a chance to look over the contract?
I have not received the contract yet.
Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I just called and I guess they are working on getting it over to you.
Great
Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
Can you maybe ask them to forward you the email I sent. I’ve called them multiple times asking them to send them. I’m stressing on the situation as depending on what the contract says I might still have a grace period to before I breach contract. Thank you!
I will ask them.
Ask Your Own Real Estate Law Question
I heard back from the site. I should have the document(s) you provided shortly. I will let you know the minute I open the document(s).
Ask Your Own Real Estate Law Question

There is no question that your contract with the seller/owner is contingent upon you refinancing by the July date. The seller can terminate the contract if this does not occur and you are not provided with an extension. This is a separate matter from the lender. I do not see anything that indicates you are on title. I see that you should be named as a borrower on the mortgage.

Ask Your Own Real Estate Law Question

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work from the site I would appreciate it. A positive rating will not impact your ability to obtain a refund. Can you see the rating scale on your end at the top of the page, 5 stars?

You may not be familiar with how the site works. The Attorneys to not receive credit from the site for their time or with customers unless the customer provides a positive rating. We answer your questions in good faith, hoping for a good faith response regardless of whether the law is in your favor or not. If you were unhappy with my service please let me know that you would prefer to work with another Attorney and I will opt out.

Thank you for your consideration.

Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
I've honestly been happy with your help. Even when I've been upset with my situation. You'll get a 5 star rating for sure. I do have a couple more questions for you.
Thank you. I would really appreciate the positive rating.
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,007
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified
Attyadvisor and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 2 months ago
You said that I need to refinance by the July date? I see on the addendum that I needed to make a $10,000 payment by July 4th, 2016. My contract was signed on May 19th, 2015. It also says that I have 3 years to refinance out of 1st existing note. Can you please explain how you are reading this? And how you see I have until July to refinance? If I did that would be great but I would like to understand how. Thank you!
My mistake. You have to make the $10,000 in July.
Ask Your Own Real Estate Law Question
You have 3 years to refinance from the May 19, 2015 date.
Ask Your Own Real Estate Law Question
Customer reply replied 2 months ago
because it is past 3 years of when I signed the contract I'm in breach? I believe it's the 6th page...paragraph 25. Buyer has 1 year to pay balloon payment of $10,000- due on July 4, 2016. Could it possibly be read that 1 have 3 years, until July 4, 2018 to refinance?

I will take a look a look again.

Ask Your Own Real Estate Law Question

Did you make the balloon payment on July 4, 2016?

Ask Your Own Real Estate Law Question

The good news is there is no reference to when the three years starts. That better news is that any attorney that is skilled in this area of law will be able to assist you if the seller tries to foreclose you. JA is a general information site. Pursuant to the terms of service of the site the Attorneys cannot enter into Attorney/Client relationships with customers of the site. That being said, you could not hire me, but I am confident that if the Seller wants to push this matter the court does not like to side with a forfeiture if there is any other resolution.

Ask Your Own Real Estate Law Question

Do you have any additional questions for me?

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Attyadvisor Your Own Question
Attyadvisor
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 9,007
9,007 Satisfied Customers
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.

Attyadvisor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I assumed a loan, so I am on title. An addendum stated that
I assumed a loan, so I am on title. An addendum stated that if I didn't make all my balloon payments and refinance in 3 years then the seller has the right to foreclose on the property. I made 3 thirt… read more
Attyadvisor
Attyadvisor
Attorney
Doctoral Degree
9,007 satisfied customers
I am asking a question in behalf of a client of mine She is
I am asking a question in behalf of a client of mine She is Spanish and doesn't understand what is going on. She lost her son because he was shot by a cop and they didn't get him help right away. She … read more
Maverick
Maverick
Doctoral Degree
6,338 satisfied customers
I. Buying a condo the seller is carrying the paper for five
I. Buying a condo the seller is carrying the paper for five years then I make a balloon payment at the end of the 5 year and the tile transfers to me but hes retaining the tile ? How do I protect my s… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I am currently in a verbal agreement with one of my best
I am currently in a verbal agreement with one of my best friends to buy the house we currently live in from him. He is the owner on record and has a loan in place currently. We would like to make our … read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I purchased a house with a friend in South lake Tahoe in
I purchased a house with a friend in South lake Tahoe in 2004. He bought my half in 2008 and I transferred my half of the deed to him. He was unable to refinance but kept up the payments. In 2014, he … read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I currently have a land contract in my name. The contract has
I currently have a land contract in my name. The contract has now expired and the balloon payment is due. The home went through the title company at the signing of the land contract in my name. Me and… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
We have a signed addendum by BUyer & Seller at closing
We have a signed addendum by BUyer & Seller at closing modifying terms of Seller carryback note from amortizing $50,000 payment over 30 years with balloon note in l0 years to amortizing the payment ov… read more
Andrea, Esq.
Andrea, Esq.
Attorney
Post-Doctoral Degree
10,512 satisfied customers
Our buyer wants to refinance his mortgage and needs our signatures.
Our buyer wants to refinance his mortgage and needs our signatures. My sister refuses to cooperate. The date of his balloon payment is up. They have been wonderful with their payments. My sister is th… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
Buyer has failed to make regular mortgage payments since August
Buyer has failed to make regular mortgage payments since August 2013. I contracted with a third party company to start NOD/Foreclosure process in March 2014 because of late payment issue. Third Party … read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
Regarding purchase agreement/land contract. My brother has
Regarding purchase agreement/land contract. My brother has a purchase agreement/land contract that he signed 10/2010 for the property that he presently resides. The price and terms are follows: Buyer … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I am the trustee of a family trust selling property in California
I am the trustee of a family trust selling property in California scheduled to close next Wednesday, the 17th of July. I do not live in CA. The property is 5 acres and has three single family dwelling… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I purchased some land about 3 years ago owner financing and
I purchased some land about 3 years ago owner financing and it balloons in 2 years. I'm having the worst time trying to find a loan to pay off the owner before it balloons and I lose everything. what … read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I own a commerical building that I have a remaining balance
I own a commerical building that I have a remaining balance of 135,000. the building is valued at around 200,000. It balloons in two days and I can get anyone to refinance due to bad credit history. I… read more
Andrea, Esq.
Andrea, Esq.
Attorney
Post-Doctoral Degree
10,512 satisfied customers
Can a seller of a home on contract for deed in minnesota, refinance
Can a seller of a home on contract for deed in minnesota, refinance or pull a mortgage on the home if it is paid off, while the contract for deed is still being paid on time by the buyer and already r… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,520 satisfied customers
I purchase a rental property 6 years ago for 24000. Refinanaced
I purchase a rental property 6 years ago for 24000. Refinanaced for 49000. Rented for two's and wathced the vaule of that property drop to 3000.00 dollars I haven't made a payment on that property for… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
My mortgage company is showing a maturity date of Aug 2011.
My mortgage company is showing a maturity date of Aug 2011. My original paperwork shows a date of 2013. I have contacted mortgage company but they insist date is correct. I don't want a balloon paymen… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
Hello, I have a person under land contract for a SFR that
Hello, I have a person under land contract for a SFR that has a balloon in January 2010. The person did not get their credit up to the necessary level to qualify for a conventional mortgage. They stil… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I have purchased a house on contract that is structered as
I have purchased a house on contract that is structered as a plan with 5 years of monthly payments and then a subsequent balloon payment at the end. I am two years into this contract and want to find … read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers

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).

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).

Show MoreShow Less

Ask Your Question

x