Deed in lieu... and delinquent taxes and interest

ItaliaPrincessFL · Joined: 09 Mar 2007 Posts: 1 1.41 Dollars($)

I had 6 investment properties that had problem tenants. I fell behind on the payments. After threats of foreclosure, I offered to give them up with a deed in lieu of foreclosure. After quit claiming them to my private lender, he presents me with a bill for back taxes and interest he lost for the 2 months I didn't pay the mtg. He insinuated he would not give me satisfactions of mtg. unless I signed this agreement. Under a great deal of stress over the entire ordeal, I signed. Now he is threatning to take me to court because I do not have the 8K to pay him. Meanwhile my mortgage balances on these properties was 50% of the market value. He already has buyers for these properties. Plus given the fact he was charging me 15% interest, he is making out on this. Do you see any way of me getting out of paying the 8K???

adonis · Posted: Sat Mar 10, 2007 9:24 am Post subject:

Well Italia, I really feel for you. I think you need some kind of legal advice over here and the best person to give you that will be an attorney. Please seek the help of an attorney as soon as possible.

Guest 0.10 Dollars($)

If you owe the money, then you will have to pay. I don't think there is any other option other than to request the lender for some more time, so that you can gather the required sum of money and make the payments.

Guest 0.10 Dollars($)

Amazing, Just amazing. YOU are an IDIOT! And what stress were you under? You had 6 houses half paid off and you walk away?
It makes NO sense. Someone is lying here.

livinginnky · Posted: Fri Sep 21, 2007 2:41 pm Post subject:

I see no reason to insult anyone Willaim but I do agree somewhat. Why would you give them back deed in lieu if you had a total 50% loans to value? Even if they where worth $100,000 each you just lost $300,000.

I don't care what market your in I know 20 investors right now who would pay cash to be in that situation. They would have paid you $80,000 cash each and you still would have made $200,000.

So maybe we are just misunderstanding what you were saying.

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