Foreclosure

Guest 0.10 Dollars($)

Hello,
I bought a house in oct. 05 from my best friend who also is a mortgage broker. I rented from her for one year and she asked me to remodel the kitchen. The deal was she would deduct the amount of the sales price and pay six month of my mortgage after I purchase the house.
I'm in foreclosure now and I am loosing everything. She never paid me funds and never refinanced the house to get me a lower monthly payment.
Over all, I found out she refinanced the house and wrote the deed over in my name. She truly is scamartist.
My house has ben on the market for a shortsale and I have no offers on the house.
I just don't know what I can do anymore to prevent Foreclosure. My foreclosure sale is ste for April 21 and time is running out.
Is Deed in Lieu still an option for me.
Somebody told me they can take things away from you and garnish your wages? Is that true?

larry · Joined: 27 Jun 2007 Posts: 2966 413.98 Dollars($)

Hi Heik,

Welcome to the forum.

If the property is on your name then you should have refinanced the mortgage to take the mortgage on your name and make a lower monthly payment.

BTW now you should talk with your lender and try to avoid foreclosure. Request him to accept deed in lieu. It will help you to avoid deficiency judgment.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 808 118.53 Dollars($)

Welcome Heik,

Talk to your lender ASAP. BTW do you want the house? If you want the house then you can even file BK chapter 13 to avoid foreclosure.

You can check out this article to know how BK 13 works at http://www.mortgagefit.com/bankruptcy/chapter13.html

Let me know if you have any more questions.

Caron

Yes Heik, indeed your friend is a scam artist but having realized this, please don't be so sad. I know things aren't going fine for you now. But have patience and be bold enough to face the crisis. The best thing is to learn from our mistakes and move ahead in life! It's easier said than done no doubt but one has to try it out.

Regarding the money that your friend was supposed to pay you, well, did she state it in writing? How could she refinance without even your signature on any of the papers and did she do it with some other lender? Even if she has refinanced with another lender, doesn't your lender know about it? how are such things legally possible.

Well, I understand time is running out but instead of you going for deed-in-lieu, it's the broker friend who should go for dil because the loan is now in her name.

Good luck

gmakerley · Posted: Mon Apr 07, 2008 12:46 pm Post subject:

no mention made of any attorney involvement in this entire process. go figure.

please, heik - find and counsel with a real estate attorney who may be able to shake all this out and find a solution for you that doesn't force you to vacate your home prematurely. and yes, it is worth the money you will spend.

Guest 0.10 Dollars($)

There is a team working in Michigan with the state to fight these type of predatory lending situations and they are nationwide now. You can fight this! They have had huge results in proving where you were ripped off. They will review your file for free. It's worth a try and they can get results almost immediately. Email me and I'll get you info for you. "homecoach@hotmail.com"

[Email Id deactivated as per forum rule]

securityonefinancial · Joined: 19 Jun 2008 Posts: 5 10.83 Dollars($)

you should really try and avoid going into foreclosure. Contact a real estate attorney, it will make you feel more secure because they can help you, and you definately won't regret it.

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0.10 Dollars($)

Securityonefinancial, please do not solicit business on these forums. To do so is contrary to the site's decorum, rules and overall intent.

Please review the rules so you'll be aware of them, and of course you can always join as a lender and that might be beneficial to you.

Thanks for complying.

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