Legal Question in Real Estate Law in California
If a person takes out a loan on a property and later sells it and does not pay back the loan or notify the lender, with what crime can they be charged ?
Asked on 11/01/23, 9:49 pm
2 Answers from Attorneys
None in the simple facts you lay out. It's not a crime. If the seller defrauded the buyer, that would be a crime. Selling the property without notifying the lender is almost certainly a breach of the loan agreement and/or deed of trust and an event of default. But it's not a crime.
Answered on 11/02/23, 10:36 am
Richard Bryan
Richard Bryan Attorney PC
In New York this would fall under one of the fraud provisions in the criminal code; my guess is larceny (criminal theft of property).
Good luck.
Answered on 11/02/23, 11:57 am
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