My family and I moved into this house in May, it was supposed to be an "assignment of title" for us to buy. This "management" company said we can move in, pay 00 in monthly payments to get the deed in our name, and we would then take over the mortgage. We’ve been making payments each month (into a bank account) that was supposed to cover the mortgage, homeowners insurance, and each month towards the assignment of title fee. We did get receipts.
Well, we’ve been having problems communicating with them since August and just a couple of days ago got a letter in the mail from a lawyer which informed us the house is going into foreclosure in less then two weeks and with 4 small children we are under extreme stress right now. We’ve been trying unsuccessfully for months to contact the person whose name is still on the house with no luck, but managed to find him by locating a relative. We were able to meet up yesterday.Comparing notes with him, we found out that both us and the owner have been giving this "management" company money but they have never made a single payment to the mortgage company!
Both us and the owner want to file a lawsuit against this company, but in the meantime we have no place to go and no money saved up to pay 1st months rent and deposit to move somewhere else. Could there be a way to avoid foreclosure and get the mortgage in our name? Would it be possible for the owner of the house to file an injunction to stop foreclosure, and if so how can we do that?
We were scammed. The deed of trust was altered by this guy and he switched owner’s name to my wife’s name when I asked for some paperwork to show city public works.
We thought we were taking over the loan. I can track down all parties. We were told by the owner that the guy he paid and we paid drives two different Hummers. (or leases) Either way, he has a presence on the Internet and can be found.
March 6th, 2010 at 12:00 am
You can try and talk to the bank about this but what you and the OWNER were doing was not right because the bank should have been informed and agreed for the sale to take place with you to begin with. With your deal the bank could have declared their entire mortgage amount due and payable.
You can sue but likely get no money out of it.
You need to find another home and FAST at anytime you could be given 3 days to get out if the foreclosure goes through.
March 6th, 2010 at 12:00 am
a; sue the company for fraud. Use a RE atty; one will do it on spec I am sure.
b; you will be able to stay as long as it takes for the new
owner to go to court to get an eviction; at least 15 days.
c; it possible that you can get, via the atty, an injunction against
the sale.
d; in the future, [i was offered one of those mortgage deals 2 yrs ago
and I asked the broker with them, "where is my protection?"
and his answer was "this is how we do it." that is no answer.]
when you want to take over a mortgage, you must
go to a bank or a m. broker, face to face. in his
licensed office.
IF a bank will lend to you, you can get a good mortgage.
IF no bank will lend to you, you must wait till your
credit and income ratios are satisfactory to the bank[s.]
THERE IS No such program where you send to a prop mgt
company or other phantom company, money to get a property.
IF there is anywhere to send money, it is to a TITLE COMPANY
AKA, ESCROW COMPANY. They hold, as neutral parties,
money for sellers and buyers.
IT will take time to get your money back; some con artists
have a philosophy; I will take what i CAN get as long as I can
get it.. PERIOD Their concern about being caught is
zero.
Available to guide you further if desired.