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seller not paid settlement proceeds

I sold my condo to my employer, an attorney, that I was currently working for in order to stop foreclosure proceedings on my home. He obtained a mortgage through Countrywide home loans. I continued paying the mortgage taxes condo fees etc to him. It was his contention this would enable me and my minor son to remain in our home as the loan payments were slightly less than before. He was to quitclaim property in my name in order for me to sell if I could no longer afford to pay him. This did not happen. He filed Chapter 7 bankruptcy did not exempt my condo been in foreclosure since 2009. No attorney wanted to deal with him. Question: I believe that I have not been divested of title since I never received any money from sale. Am I correct?
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June 13 - Wallingford
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Answers (5)

Profile picture for Pasadenan
By the way, if you did a quit claim deed and you had any equity in the home, you may owe the IRS gift tax as the title transfer may be considered a gift instead of a sale.

But if the "boss" had no intention of paying the property tax?  Then he certainly wouldn't want to be liable for the tax, so the property may have not been transferred at all.  You won't know until you have a title search done.
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June 14
Profile picture for Pasadenan
"I believe that I have not been divested of title since I never received any money from sale." -

If you never had any equity in the home, you would not have received any money from the sale regardless.  It apparently was used to pay off the prior mortgage.

As for whose names are on the title?  Who has any clue?  If the lawyer you worked for couldn't even make the mortgage payments he committed to, filed bankruptcy without telling you, and the house has been in foreclosure since 2009, you need to have a Title company check the property title and the liens against it, and you need to find out if you still have a mortgage that was supposedly paid off!  Of course nobody wants to work with an attorney that files bankruptcy.

Regardless, it doesn't appear that you have any way to remain in the home, as you claim you "sold" the property, and don't have a written lease agreement, even if you do have canceled checks to prove monthly rent amount.

But you do need to follow up on the title issues, and credit issues, and take the steps necessary to repair your credit rating.  It may not be "your fault" but you are still caught in the middle of it.

You also need to check with the HOA to see if the HOA dues were paid, and whose name they have on record for the property.  You also need to check with the County to see if any back taxes are due, and find out if taxes have been paid, and who they have been mailing the tax bills to.

Sure, the attorney may have been intentionally scamming you out of monthly payments, and pocketing them for other purposes; but until you do your research, you have no clue.  And we certainly don't either.
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June 14
Profile picture for msmacs
It sounds as though there is an ethics issue involved in here.  I would contact the 

 State of New Jersey 
 http://www.judiciary.state.nj.us/oae/atty_disc/atty_disc.htm  
  
 Did you file a claim with the United States Trustee assigned to his bankrutcy case? See what they say.  It's free.   
 
Did you contact the Superior Court for the county in which the property is being foreclosed upon? See what the Clerk says.  It's free.  I would suggest that you go there in person as it's better face to face.  

 I'm not an attorney and can't give legal advice but there are resources available to citizens at virtually no cost.  Just line up your paper work, dates, times and have everything in order so when you speak to these agencies you will get direction.  

You can also call the county bar association and ask them who can help you with ProBono work and check out legal aid.  http://www.lsnj.org/OMLS/  

 Don't give up!  Good luck to you!  
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June 14
Profile picture for wetdawgs
Sounds convoluted.  You need to hire a real estate attorney to help  you sort out this mess and to determine if you have any rights.   Good luck.
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June 13
This is a complicated issue. Most of the events are bizarre. Suggest you get a honest lawyer.
Good luck  
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June 13
 
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