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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: RESPA Posted by Ward-CA- on September 18, 2001 at 1:35 PM In Reply to: RESPA posted by Brian on September 18, 2001 at 11:27 AM : I buy foreclosures and I try to be fair. However, it's hard to compete with buyers who don't play by the rules. I recently lost a deal to a guy who gave a 30 day reinstatement loan in exchange for a quit claim deed to be recorded if the loan was not paid. I don't know the laws myself, but this seems to bypass the foreclosure statutes that protect homeowners. How can I learn the laws? Are we controlled by RESPA? If this transaction was illegal, does the borrower have to repay the loan? Thanks! =•=•=•=•=•=•=•=•=•=•==•=• Brian, here in CA a person cannot be held to a contractual waiver of her foreclosure rights by giving someone the title to her property as security for a loan. The non-payment of a loan on real property must be handled according to the dictates of our Civil Code Section 2924. I think the same argument would prevail in almost all other jurisdictions too. So if the situation you described came to pass, and the title to the subject property passed to the guy without benefit of your statutorily set foreclosure process, then that transfer could be set aside by legal action brought by the bamboozled property owner. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I buy foreclosures and I try to be fair. However, it's hard to compete with buyers who don't play by the rules. I recently lost a deal to a guy who gave a 30 day reinstatement loan in exchange for a quit claim deed to be recorded if the loan was not paid. I don't know the laws myself, but this seems to bypass the foreclosure statutes that protect homeowners. How can I learn the laws? Are we controlled by RESPA? If this transaction was illegal, does the borrower have to repay the loan? Thanks! : =•=•=•=•=•=•=•=•=•=•==•=• : Brian, here in CA a person cannot be held to a contractual waiver of her foreclosure rights by giving someone the title to her property as security for a loan. The non-payment of a loan on real property must be handled according to the dictates of our Civil Code Section 2924. : I think the same argument would prevail in almost all other jurisdictions too. So if the situation you described came to pass, and the title to the subject property passed to the guy without benefit of your statutorily set foreclosure process, then that transfer could be set aside by legal action brought by the bamboozled property owner. Optional Link URL: Link Title: Optional Image URL: [ 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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