Question:
Does the original owner reserve any rights of regaining ownership?
-Student
Answer:
Whether an Owner/Seller has actually reserved any rights has to do with how the actual sale was consummated and whether the law was violated in the process. The law that governs how to approach a seller in default in California is extremely specific and detailed and if you intend on pursuing sellers in default I strongly urge you speak with an Attorney who specializes in this area before attempting to do this on your own. The California Association of Realtors CAR) has a purchase offer form called, “The Notice of Default Purchase Agreement” which highlights the items that must be addressed. Also Tuesday Forms sells a an offer form that is also customized for this specific use.
Having said all of THAT, I must warn you, this is a highly sensitive area of real estate especially inside this real estate storm we are experiencing. government agencies, as well as, lenders are extremely sensitive to protecting Homeowners’ rights because it is being perceived as being politically correct. Their regulations, restrictions and (protectionist) laws are going way beyond anything we’ve ever seen before in the real estate industry. Keep in mind that just because something is legal, it may not be perceived as fair and prudent by controlling government agencies or by the courts.
-TA