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A home investor bought my home and left the mortgage in my name and wants me to pay the payment.What can I do?
Posted on April 24th, 2009 10 comments
philip h asked:
I SOLD MY HOME TO A INVESTMENT COMPANY 1 1/2 YEARS AGO. I JUST RECEIVED A LETTER FROM HIM STATING WE NEED TO PAY THE MORTGAGE. I DIDN’T KNOW IT WAS STILL IN MY NAME, AND HE RECEIVES RENT FOR THE PROPERTY.HOW DO I GET MY NAME OFF THE LOAN BECAUCE THE COMPANY HOLDS THE DEED.
LOWELL10 responses to “A home investor bought my home and left the mortgage in my name and wants me to pay the payment.What can I do?”
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go to a lawyer. you have been scammed. they do this all the time. chances are you will be unable to pay the back mortgage, penalties fees, taxes and damages that they have caused. i would call legal aid in your area or a private lawyer (if you have the money). CALL FIRST THING MONDAY!
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sue
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Are you kidding me? Did not you have a closing on this deal? Sounds like you need an attorney quickly!
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hollywoodmelody May 1st, 2009 at 12:39
Go back and read your Purchase Contract and look at all the contengencies which are actually loopholes to get out of contracts, change loan information,change of who is actually buying house,etc.
Realtors, agents and investors know about contingencies and most Buyers and Sellers don’t so that is how they first take advantage of unsuspecting people.
Take all correspondence from this transaction and any letters or notes after the fact, to a real estate attorney.
Do not try to do this on your own as you will not know exactly all the details of how they operate and how they get around the law.
Check Title to see if the Deed was ever recorded. Deeds do not have to be recorded by law but that is another loophole many people do not know about.
How do you think people can own and live in a house that they don’t have to pay anything but the upkeep and keep selling over and over to unsuspecting people who lose all their money while the bad guys become rich.
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frankie b May 4th, 2009 at 17:13
How do people fall for these scams? Please contact a real estate lawyer 1st thing Monday morning.Be late to work if need be, but see a lawyer.
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Business Mom May 6th, 2009 at 02:08
i am shocked! you sold your home and didn’t go thru escrow or closing? what documentation do you have to prove this?
you need to contact a Real Estate Attoeny asap….and unfortunately this is gonna cost you.
for future reference—if you decide to do a “do-it-yourself” sale, at least have your attorney look over the docs first.
good luck.
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satarnag May 8th, 2009 at 13:02
I am knowledgeable in real estate investing and contrary to the replies you got, it’s not a scam to purchase a property subject to the existing loans.
However, I do recommend you speak with a lawyer with all the contracts you have signed with this company and see what he/she recommends since you are in a dangerous position.
Regards
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Mary B May 8th, 2009 at 13:55
Get a lawyer, you have been scammed, and there is NO WAY to get out of your situation without going to court.
What has happened is that you essentially sold your home for a small amount of money to someone, signed the deed over, and you are STILL legally obligated for the mortgage payment as if you never sold it.
These are NEVER legitimate business deals!!!!!
First, you need to contact your mortgage company to make sure that the mortgage is not in default.
Second, call a real estate attorney….call the LARGEST real estate firm in your city, speak to the broker-in-charge, and tell them that you need a GOOD recommendation for the best real estate attorney possible.
You don’t need a rookie on this one…you need a certified expert.
This is a very, very serious legal situation you are in, and you need to fix it ASAP.
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TheMom May 9th, 2009 at 12:07
You don’t need another scamming agent!
You need an attorney. You “sold” your deed for cash, didn’t you? You need to serious help, because your really are still responsible for the mortgage and the title is not really clear, despite what you were told.
This is all in the criminal league, not for yahoo, even in the real estate section. You may get some help asking in the legal section though.
Guessing, I think you likely need to contact the district attorney.
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Monika Wilson May 11th, 2009 at 23:55
see a Real Estate Attorney right away!
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bigdonut72 April 26th, 2009 at 07:43