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Answers (9)
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
Go see an attorney. If you cannot afford an attorney, call a local law school and ask about their clinics or call a local legal aid line. Gather all of your paperwork and write down whatever other information you can remember before you go in.
- Andrew Adams, "203K Specialist"
- Contributions:9349
You may want to look at the docs you signed at your closing!
- Ann Ryan, "Ann Ryan of Keyes"
- Contributions:21
TLC, you definitely need to find an expert who can take a look at what's happened. Try a credit counseling group (a non-profit = .ORG one) to see if what your rights and obligations now are.
You may have a cause of action against the "mortgage company" that "sold" you this house, but as for having an action against the lender foreclosing... No chance! ... In my nonlawyer opinion.
- TLCROWELL
- Contributions:3
Thanks Professer Brown, I apologize for not being clear.... I Saw a sign on the side of the road it said "House for sale- no money down-easy to qualify" I called the Number and spoke to a "represenative" of the Mortgage Co. He said the house had been empty for 2 years. and that he could get me in this house for nothing down to maybe a few hundred dollars at the most. and not to worry about my credit (which was being worked on and is now sad) that he would get me approved. turns out everything he said is a lie and I THOUGHT I WAS APPROVED FOR A MORTGAGE LOAN AT 7.87% FOR 25 YEARS. Is there anyone that might tell me if I NEED a good real estate attorney, or am i just screwed?
This sounds to me as if you purchased a property "subject to" and now it was foreclosed upon. I'm trying to decipher what it is you are saying and that's my best guess.
If someone sold you a house and you "assumed" the payments with only a quit claim deed, they can and most likely will foreclose because of the due on sale or transfer clause in most mortgages. If you called them to try and modify your mortgage, you just alerted them to the fact that title has changed and that they would not be getting paid so of course they foreclosed.
If someone sold you a house and you "assumed" the payments with only a quit claim deed, they can and most likely will foreclose because of the due on sale or transfer clause in most mortgages. If you called them to try and modify your mortgage, you just alerted them to the fact that title has changed and that they would not be getting paid so of course they foreclosed.
- TLCROWELL
- Contributions:3
Thanks so much! I am a first time homebuyer and a single parent. I believe that I was taken advantage of by the Mortgage Company. I wouldnt have found out if I had not had a bit of bad news, my employer of three years has ordered temporary pay reductions to the tune of $4oo per month. So I immediately called the mortgage company to inquire as to what program they would have that might help me because that is a big hit to my income, they replied that i wouldn't be eligible for anything. What?? So I called a realtor and she asked for the county information (parcel I.D #) to look up my home/land. She immediately called back and told me that she didn't find my name on the mortgage to that particular I.D #, she said that I am noted on a "quit claim" deed at the courthouse. I just want to know why they wouldnt have done a real Mortgage, when they led me to believe that was what I was approved for? I have "Mortgage papers". I never had anyone explain the whole process to me, theres alot more to this tale and I have overlooked and let it go because I didn't feel as I had a choice. Do they have to tell you that they are using a quit claim or is this a common thing that Mortgage companies do in a sale of a forclosure??
- ConnieK_Oklahoma
- Contributions:2899
In Nevada right now there is a lot of new stirring up because of foreclosures that were not done properly, in those cases documents that were part of the foreclosure were fraudently signed. This is an ongoing case/investigation but it does call into question the ownership rights of the person who BOUGHT the property after the foreclosure. I wouldn't say that becuase there is a quitclaim deed you should immediately worry, but I would perhaps follow the news on this a bit and seek actual legal advice if you discover that documents of the foreclosure that occured before your ownership may have been fraudulent. as for the quitclaim itself- typically REOs are sold on special warranty deeds not quitclaims. Verify that with your title company- you most likely have a special warranty deed. It's hard to imagine your lender closing on a quitclaim or for lender's title insurnace to have been issued on a quitclaim alone.
Do I legally own the forclosed property that I thought had mortgaged, but is a "quitclaim"deed ?
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