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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Don't you mean "Pre-Foreclosure?" (nt) Posted by Bill H on April 19, 2008 at 1:58 PM In Reply to: If You Buy Foreclosures in CA posted by CC in OC on April 19, 2008 at 8:50 AM nt: FACTS: Presuming you have an adequate Home Equity Sales Contract as set forth in : the California Civil Code and presuming you dotted all the i’s and crossed the t’s : you still have one more serious potential problem. If you make the mistake of : allowing the seller an option to buy back the property, you can still be sued and : lose. : Whenever the seller has an option to buy back the property, you the buyer CANNOT : place a mortgage on the property, sell the property or sell any interest in the : property WITHOUT THE WRITTEN CONSENT OF THE SELLER. (cc§1695.6(e)) : MORAL: Do not under any circumstances give the seller a right to buy back the : property or you cannot mortgage the property, remortgage the property or sell the : property or any part of the property or even give any part of the property away : without the seller’s consent in writing. Additionally, I am seeing us involved in the : defense of more and more lawsuits against those having bought and buying : foreclosure property. : Source: Herman Thordsen, Attorney http://www.lendinglaw.com/ Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : nt: FACTS: Presuming you have an adequate Home Equity Sales Contract as set forth in : : the California Civil Code and presuming you dotted all the i’s and crossed the t’s : : you still have one more serious potential problem. If you make the mistake of : : allowing the seller an option to buy back the property, you can still be sued and : : lose. : : Whenever the seller has an option to buy back the property, you the buyer CANNOT : : place a mortgage on the property, sell the property or sell any interest in the : : property WITHOUT THE WRITTEN CONSENT OF THE SELLER. (cc§1695.6(e)) : : MORAL: Do not under any circumstances give the seller a right to buy back the : : property or you cannot mortgage the property, remortgage the property or sell the : : property or any part of the property or even give any part of the property away : : without the seller’s consent in writing. Additionally, I am seeing us involved in the : : defense of more and more lawsuits against those having bought and buying : : foreclosure property. : : Source: Herman Thordsen, Attorney http://www.lendinglaw.com/ [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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