Client, 67 years old, needs assistance with a possible real estate scam. He owned a condo unit until 2018, subject to a mortgage and unpaid HOA dues. Client quit claimed the property to the opposing party (OP) in 2018 for only $2,000 and agreed to pay $555 per month pursuant to a standard residential lease agreement with a 5 year term.
Client recently received notice from the bank which holds the first mortgage, that his transfer of the deed triggers the acceleration clause of the bank’s deed of trust. The bank is threatening to foreclose. Client states he wasn’t sure what he was signing when he gave up the property as he had recently suffered a stroke and had many financial problems that OP claimed he would address. Client also signed a POA in favor of OP before the transaction. Client wants to know his options.
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