My fiance and I moved into a house that him and his business partner bought a few years ago and had been renting out. We took over the full mortgage payments and had the Grant Deed switched to our names. His business partner is still carrying the loan, because our credit was not good enough to get a good loan. We have been giving him the money each month to forward to the mortgage company. Yesterday, we got a notice on our door that they have not received our payment in 3 months and they are going to start the foreclosure process! I have no idea what he has been using our money for and we don't have $6,000 to give to the loan company... Isn't this against the law, do we have any recourse? We paid him cash each month with no receipt, it was supposed to be a deal between friends...
2007-08-29
08:33:58
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25 answers
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Renting & Real Estate