Legal Question in Real Estate Law in California

foreclosure

I need help, I dont know what to do. I have not paid my morgage since Feb. I do not know what my rights are and I have been offered no alternative. I bought my home in 2005 and the interest rates are set to increase in 2009. When I originally got this loan I was told it was interest only for 10 years, which turned out to be false. It was the first home I have ever bought, and I feel as though I was misled and lied to. I dont know how long I have, or what to do. Any legal advice would be greatly appreciated. Thank you.


Asked on 4/12/08, 12:19 pm

1 Answer from Attorneys
Judith Deming Deming & Associates

Re: foreclosure

Contact your lender and tell them you are unable to pay and ask to speak to someone about your loan. It does not matter what you were "told" when you applied for the loan, only what was WRITTEN in the loan documents and everyone is responsible for reading what they sign. Right now, every borrower who made a bad decision is claiming that they were victimized. Likewise it does not matter that this was the first home you ever bought--if you do not have an understanding of the terms of your loan, then you need to take the loan to someone else who is capable of explaining it to you before signing, or else decline to purchase.

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Answered on 4/14/08, 1:19 pm


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