Posted on: 18th Oct, 2009 12:10 pm
I sold my property in California and took a second. The property has been forclosed on. Can I bring a suit against the buyer, and how long do I have to do this?
Codysmum
You question is confusing, can you please clarify
You question is confusing, can you please clarify
I sold my property, I took the second, the 1st forcosed on the property. What actions can be taken and how long do I have to try and get some of my money back? Is there a statute of limitations on this type of law suit.
If you sold your property, how cna thebank foreclose?
If you sold your property, which money you are lookign to get back?
If you sold your property, which money you are lookign to get back?
I took a second on 1/4 of the total sale. I now have lost that money because the buyer went into forclosure. The lender in first place forclosed on the property, he now owns it. I understand if he sells it for more than is owed him I would recieve some monies. The current value of the property is quite a bit less than I sold it for the first time. Do I have any recourse, with the buyer or the 1st lender, to get back any of the money I have lost?
To Juli,
"I took a second on 1/4 of the total sale. I now have lost that money because the buyer went into forclosure."
Do you mean you took a second loan on the property to help the buyer make the purchase? In case you did take a loan against the property to help the buyer, I believe there must be some sort of agreement between you and the buyer. If there's an agreement, you can surely take some legal action against the buyer for failing to keep his commitment as per the agreement. But if theres no such agreement, you do not have any recourse to file lawsuit against the buyer.
"I took a second on 1/4 of the total sale. I now have lost that money because the buyer went into forclosure."
Do you mean you took a second loan on the property to help the buyer make the purchase? In case you did take a loan against the property to help the buyer, I believe there must be some sort of agreement between you and the buyer. If there's an agreement, you can surely take some legal action against the buyer for failing to keep his commitment as per the agreement. But if theres no such agreement, you do not have any recourse to file lawsuit against the buyer.
I did take a second on the loan to help the buyer make the purchase, and I do have signed notes to that effect. I think I can sue him for breach of contract in California. I would like to know if there is a specific time limit on filing a suite such as this, and would it start from date of purchase or from time of forclosure?