Regarding Forclosure in California

kevinfarwest · Joined: 22 Aug 2008 Posts: 1 1.00 Dollars($)

If I buy a commercial property in California and the seller keeps the loan with the intent that I refinance and assume the loan later (when the prepayment penalty expires on the seller's existing loan), can the seller foreclose on me for any reason being that I would own the property but his name is on the loan and not on the property?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi kevinfarwest.

Welcome to the forum. I don't think after selling the house the loan will still be on the seller's name. BTW the seller can finance a certain percentage of the loan amount which is called the seller financing or Owner Financing. In that case he can foreclose if you default. Feel free to ask if you have any further questions.

Best of luck,
Larry

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