Legal Question in Real Estate Law in California
Year is 1974 $25,000 purchase money 1st td, buyers died, 2 sons currently own the property now in their 80's do not remember this purchase money loan; thought the property was free of any loans; prelime. shows note thats about all it shows; in escrow now and guess what sellers of the purchase money are still alive and were contacted for the reconveyance, can't remember if they were paid off; och! what do you do,
3 Answers from Attorneys
Absent proof the debt was paid off, you are going to have to pay the demand they submit in their payoff demand statement.
Without proof of pay off of a loan, it is still due, with whatever interest is specified. You can litigate or negotiate, but try to get the note holders to sign off as 'paid'. If you are serious about hiring counsel to help in this, feel free to contact me.
Get a lawyer to assist in negotiating a compromise and putting it in writing.
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If my mom dies and wills her house to me do ihave to refinance Asked 5/30/12, 10:16 am in United States California Real Estate and Real Property
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