Skip to main content
Gary Lane

Gary Lane’s Answers

87 total


  • Can the 2nd come after me for a short sale 3 years later in the state of CA?

    I had to do a short sale on my home 3 years ago in California. The first accepted the short sale but the second refused to allow the short sale to go through unless they received $5,000.00. We did pay them and the short sale did go through, but no...

    Gary’s Answer

    If you settled in writing on 5k then that is forever binding. They cannot recover anything else from you.

    See question 
  • Need a good real estate lawyer that understands short sales and foreclosure laws in San Bernardino Riverside California area.

    Want to give house keys to mortgage lender. House underwater and have not desire to live in the area anymore. Am current with my house payments. Any suggestions? I don't want a loan modification.

    Gary’s Answer

    We work short sales frequently, where that is what homeowner desires. We also help with foreclosures, as needed. You should contact our office at 800 991 7634 and ask for Fabricio.

    See question 
  • I am upside down 35% in my house. I am paying my 1st and second to BofA. If I stop paying on the 2nd, what is my liability?

    The second was a line of credit secured by the house. Since the 1st mortgage is much more than the value of the house, how will the bank treat the second if I default but continue to pay on the first? The first is an interest only which balance i...

    Gary’s Answer

    The answer is not entirely easy and you would be best served visiting our law offices at 2911 s Bristol, Santa Ana, near South Coast Plaza. While the 1st may be the larger loan, the 2nd certainly still may foreclose, especially since they are the same lender. You should have us try to work out an arrangement with the two. We do these frequently.

    See question 
  • I am renting the basement in a home where the house was sold in foreclosure. I live there with another tenant and the owner.

    We all are currently defendants in a UD action. I recently filed chapter 7. All defendants in this matter were ordered to answer within 5 days. After I serve notice re: bk, do we all still have to answer the UD coomplaint or do the other 2 defenda...

    Gary’s Answer

    Filing for BK relieves you of the right to answer, due to the automatic stay imposed by the bk court. However, the others who did not file bk must file an answer within 5 days for the ud will require them to promptly leave.

    See question 
  • If a property receives no bids at a trustee's auction, is it possible for the owner being foreclosed on to retain ownership?

    If possible, does this happen often? I am a tenant in a small apartment building and am receiving conflicting information about possible outcomes from a scheduled trustee's sale.

    Gary’s Answer

    If no one bids at a trustees sale, the property reverts back to the bank as owner, commonly referred to as real estate owned (REO).

    See question 
  • Should we retain a Foreclosure Litigation attorney before agreeing to Unemployment Mortgage Assistance?

    . Because of loss of income over the last 2 years, we are now 4 payments behind on our mortgage. We have been denied twice for a loan modification, and are now going through the Unemployment Mortgage Assistance Program. They said we might quali...

    Gary’s Answer

    By all means, it is best to hire an attorney who is a specialist. Also, you should never pay anyone for a forensic loan audit. We provide them absolutely free. Likewise for a securitization review. Lenders are not required to produce the original note in California. Your lender is not likely to voluntarily modify your loan. We regularly sue Bof A for loan misdoings. This can lead to a modification.

    See question 
  • The home I reside in was recently foreclosed upon. I reside there along with another tenant as well as the original owner.

    It is a rather large house and I rent the basement. I am currently involved in an Unlawful Detainer action. A few days ago, I filed chapter 7 bankruptcy. Will I be able to enforce an automatic stay in this action? Thanks

    Gary’s Answer

    Absolute, absent fraud, there will be an automatic stay in effect upon the legal filing of a chapter 7. You must be sure to serve notice to all parties concerning, including not just the lender, but the servicer, and the sheriff, that an automatic stay is in existence.

    See question 
  • I've owned 4 homes for over 6 years, and am short selling all of them

    I've stopped making mortgage payments even though I have renters and I'm collecting rent. Is that legal?

    Gary’s Answer

    If you own the homes as you say for over 6 years, the mere fact that you plan on short selling all of them, does not take away your right, in and of itself, from collecting rent.

    See question 
  • We have a lien on our property that is not ours.

    Was by my realtor I need to get an Identity Claim Statement? I cannot find it on the internet? Is that the name of the form I need to fill out? Our home is going through forecloser, we also do not want it against us, when it is not ours. Ple...

    Gary’s Answer

    In California, we would file a quiet title action. Can it be done in AZ?

    See question 
  • How can I get my personal belongings back?

    I was evicted from a foreclosed home. After being put off for 6 weeks, several days ago, after I sent a demand letter, I was told I will be immediately allowed to get my personal property. I still have no access and emails are not being returned a...

    Gary’s Answer

    By law you have a right to return to obtain your belongings. Failure to allow you in, clearly violates that statute. Writing that you have access and then not doing that seems only to be an attempt to cause delays saying you were granted the access. You should have an attorney immediately file a demand that the court order access. Failure to honor that would be contempt of court.

    See question