Title: October 3, 2007
Q. What is the statue of Limitations?
A. The word is spelled “statute” rather than “statue”. A Statute of Limitations is a law setting forth the maximum period of time after certain events have occurred for legal proceedings based on these events to begin. In many law systems, these legal provisions are part of the civil code or criminal code. For example, in our common law system, we might have a statute limiting prosecution of misdemeanor crimes to two years. In other words, if someone is discovered to have committed a misdemeanor offense 5 years ago, he or she cannot be prosecuted for it because the Statute of Limitations has run on that offense. The same goes for a civil case. If you have a car accident caused by someone else, you have only a certain period of time to sue that other person for any injuries or damages you suffered. The period of time you have to file a lawsuit is called the Statute of Limitations.
Q. Do you have to be an American citizen to file a Small Claims Court action?
A. No. No one will check your citizenship or immigration status to file a claim.
Q. I was personally served with an Order of Examination prepared by a lawyer to appear in Court. I just started a new job and if I take the day off to go to Court, I might lose my job. This is about an old debt that I have been unable to pay because of my unemployment. What happens if I don’t go?
A. The Court will issue a warrant for your arrest. It is a Court order and you must obey it. You need to inform your new employer that you must appear for the examination and that you do not have a choice in the matter. If you do not appear, you will eventually get arrested and brought to Court by the police.
Q. Just before our separation, my husband added my name to the home loan to help build up my credit. Now he refuses to pay the mortgage and just wants the house to be foreclosed on. I am living with my parents now, and cannot afford to pay the mortgage. What can I do?
A. You need to file an Ex-Parte Motion with the Court in your divorce action to force your husband to pay the mortgage. Time is of essence. The family residence is a community asset, and if there is equity in the house, it must be preserved in order to divide that equity fairly between the parties. Your husband’s actions are unfair and selfish.
Maxine de Villefranche is an attorney and civil general practitioner with 14 years of experience. She practices law from her Tehachapi office as well as her Lancaster satellite office. She will answer legal questions posed to her by the readers to the best of her abilities. Email your questions to maxinedev@msn.com or fax to (661) 825-8880
Showing posts with label equity. Show all posts
Showing posts with label equity. Show all posts
Tuesday, March 24, 2009
Legal Eaze #77 Canceling Real Estate Purchase Contract/Removing Self From Mortgage/Rent To Own
Title: September 12, 2007
Q. Other than forfeiting an earnest money deposit, is there a penalty for canceling a real estate purchase contract?
A. It depends on the contract. If the purchase contract was accepted by the seller, escrow was opened, the seller may file a lawsuit for specific performance, specially if the real estate market is in a downward mode and the seller would lose money by having to put the property back on the market and sell it at a reduced price. Time is often of essence in a real estate sale and obviously a lot of time, and profits can be lost when the seller loses several months in paying a mortgage on real estate that did not sell quickly. The penalty would be attorney’s fees in defending a lawsuit for specific performance, not to mention the Court can force you to buy the property if you lose the suit.
Q. Can I remove myself from a mortgage that I had with my mother when she bought her house? I now want to buy my own house, but I cannot qualify because I am still on the hook for the mortgage on my mother’s house.
A. You cannot remove yourself from a mortgage unless the mortgage holder consents or the mortgage is paid off. Typically, this scenario occurs in a marriage that ends up in divorce. But since this is a deal you made with your mother, you cannot “divorce” her. I would approach the subject with your mother and see if she is in a position to refinance her house without your financial backing.
Q. I rented a house with an agreement to rent to own. There are numerous problems with this house. The roof was leaking. I got it fixed. The toilet in the basement was leaking. I got it fixed. The support beams are all crooked, and major repairs need to be done. I had this house appraised, and it is worth $50,000 less than what the owner is asking for it. I have got to get out of this “rent to own” agreement. Can I?
A. It really depends on the terms of the contract you entered into. You may have to let go of the equity you built in the house. However, you may be entitled to recover the cost of the repairs and improvements you made to the house, however you need to document the costs of the repairs and improvements.
Maxine de Villefranche is an attorney and civil general practitioner with 14 years of experience. She practices law from her Tehachapi office as well as her Lancaster satellite office. She will answer legal questions posed to her by the readers to the best of her abilities. Email your questions to maxinedev@msn.com or fax to (661) 825-8880
Q. Other than forfeiting an earnest money deposit, is there a penalty for canceling a real estate purchase contract?
A. It depends on the contract. If the purchase contract was accepted by the seller, escrow was opened, the seller may file a lawsuit for specific performance, specially if the real estate market is in a downward mode and the seller would lose money by having to put the property back on the market and sell it at a reduced price. Time is often of essence in a real estate sale and obviously a lot of time, and profits can be lost when the seller loses several months in paying a mortgage on real estate that did not sell quickly. The penalty would be attorney’s fees in defending a lawsuit for specific performance, not to mention the Court can force you to buy the property if you lose the suit.
Q. Can I remove myself from a mortgage that I had with my mother when she bought her house? I now want to buy my own house, but I cannot qualify because I am still on the hook for the mortgage on my mother’s house.
A. You cannot remove yourself from a mortgage unless the mortgage holder consents or the mortgage is paid off. Typically, this scenario occurs in a marriage that ends up in divorce. But since this is a deal you made with your mother, you cannot “divorce” her. I would approach the subject with your mother and see if she is in a position to refinance her house without your financial backing.
Q. I rented a house with an agreement to rent to own. There are numerous problems with this house. The roof was leaking. I got it fixed. The toilet in the basement was leaking. I got it fixed. The support beams are all crooked, and major repairs need to be done. I had this house appraised, and it is worth $50,000 less than what the owner is asking for it. I have got to get out of this “rent to own” agreement. Can I?
A. It really depends on the terms of the contract you entered into. You may have to let go of the equity you built in the house. However, you may be entitled to recover the cost of the repairs and improvements you made to the house, however you need to document the costs of the repairs and improvements.
Maxine de Villefranche is an attorney and civil general practitioner with 14 years of experience. She practices law from her Tehachapi office as well as her Lancaster satellite office. She will answer legal questions posed to her by the readers to the best of her abilities. Email your questions to maxinedev@msn.com or fax to (661) 825-8880
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