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foreclosure on property with life estate tenant

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mike broder Guest	Posted: Fri Mar 25, 2011 10:53 am    Post subject: foreclosure on property with life estate tenant Like 0 Dislike 0 Hello, I am a private investor and made a loan on a property held by a trust with one individual having a life estate interest, this individual did not sign loan documents. Loan is in default, can I foreclose? Property located in California. Thank you
smithsussane Joined: 18 Sep 2008 Posts: 10382 Location: Alaska 976.66 Dollars($)	Posted: Fri Mar 25, 2011 8:25 pm    Post subject: Like 0 Dislike 0 Hi mike! Welcome to forums! If you have given a loan to a person and the property has been held as the collateral, then you will be able to foreclose the property, However, the person, who has the life estate rights, will have to sign the property deed in your favor. Feel free to ask if you've further queries. Sussane
jheard Moderator Joined: 12 Dec 2007 Posts: 737 Location: Houston, TX 117.13 Dollars($)	Posted: Mon Mar 28, 2011 8:45 am    Post subject: Like 0 Dislike 0 I assume you made the loan to the trustee and that is whom you want to foreclose against. The problem is the life estate holder owns the property until they die. If you made a loan to the trust, which holds a remainder interest, the trust does not become the owner until the life estate holder dies. Any security interest you have is in the remainder interest. So you can foreclose on the remainder interest, but you will have to wait until the life estate holder dies before you actually own the property to sell in order to satisfy the loan. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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