person responsible for paying the mortgage is not paying on time, he dosnt want to put the mortgage on his name nor he wants to sell the house. ,what are my options, should I tell mortgage bank that they should call him and take off my name from mortgage, what are my legalities and rights since deed his on his name and he doesnt return my calls. he is a mortgage officer and he knows everyone in real estate proffession from attorney to agent, I am getting very scarred as I m getting calls every month from mortgage company that my mortgage is due, as he is already one month behind.
Month of april alreday shows on my credit report as a late payment. please someone help me with a professional advice. thank you.
2006-07-22 19:13:18 · 10 answers · asked by west 2 in Business & Finance ➔ Renting & Real Estate
well, he is an investor not living there (mortgage officer), he is the one approved my loan for this house, his friend find me this house (real estate agent), the house is in NY, and both are in NY . I have nothing to do any thing with NY, I am from NJ, this Mortgage officer is my cousin !!! , initially he told me that you have nothing to do but sign the papers and i will get you good chunk of money in 3-4 months, i dont know what comes to me and i signed the papers.
I dont know how can I go about and what to do, initially he forge the papers to approve for loan (he put his address as I am living there in NY, my income level is also showed as 10 times which i make, thats a long story), I didnt take any money from him matter of fact I have paid 3 mortgage payments from my pocket, he promised me orally that he will give me back my money once He sold the house, we didnt have any written contract. It is a 2 family house and both floors are rented. rent is not covering the mortgage.
2006-07-26 02:07:37 · update #1
he puts his name on deed, but the mortgage is on my name, i dont know if deed and title are the same papers.
2006-07-26 02:10:35 · update #2
YOU are the person responsible for paying the mortgage if your name is on the mortgage. You made a big mistake taking your name off the property without making sure that the property was not refinanced to take your name off the mortgage.
Refinancing by someone else or paying the mortgage in full are the only ways your name can be removed from the mortgage. The mortgage company will not take your name off just because you ask them to do so.
Really, your only options are:
1) to prove that you were cheated into giving him the house, which will be hard to prove since you seem to realize that you signed the house over to him.
2)The other option is to file bankruptcy and to discharge all your debts including the house mortgage.
3) Pay off the mortgage yourself to protect your credit rating.
2006-07-23 17:45:54 · answer #1 · answered by Mama Pastafarian 7 · 4⤊ 0⤋
Okay you are in a pretty scary situation. First is there ANYTHING in writing that you have that says he is taking over the payments and then in a year or so you will refinance the home into his name such as a Contract for Deed or a Lease Option to Buy. Here is the bad part, you are the one who was approved for the financing, not him. If you are letting him live there on good faith that is a bad mistake to make. You signed the papers you are responsible. There are reasons that law is in place. Chances seem to be this guy knew how to take advantage of you. I would definitely call the company who holds the note however I can guarantee you they just want the money and are not going to hold him liable. I would also contact the police and get him kicked out so that hopefully you can just pick up where you started. If he is just a renter the same goes into effect you just need to evict this person immediately and consider this a hard lesson learned before they foreclose on your property.
2006-07-22 19:20:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you take the mortgage than you are on title. Contact the county tax assessor office in which the house in located in. Than located a real estate agent not associated with his company and tell them you are going to sell the home. Put the house up for sale and the day the sign goes up give him an evicition letter. If you want to make it worse than that. Go down to the county courts office file a unlawful detainer. So when he calls you and questions why you are doing this than tell him you didnt pay your bill on time. Btw..30 day late on mortgage is ok to lenders but the excuse it really not good. 60days is ok not good. 90 or 120 days late you might as well start renting for the next two years or not wanting to purchase anything with a decent interest rate. Good luck
2006-07-23 07:45:27 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 0⤋
This was likely a sale "subject to" existing trust deeds, right?
Fact is, it's your name on the Note, your credit on the line. There really isn't anything you can do about the situation at this point that I'm aware of. You have to stop this before it starts by not agreeing to the "subject to" sale. Of course, the reason you agreed was probably that you were overextended and they offered you a certain amount of cash, right?
An agent or a real estate attorney acting on your behalf should have explained all of this to you ahead of time. But you didn't consult either of these, did you?
Many people in the real estate business make fortunes doing stuff like this, and the people they do it to are ruined for ten years if not for life. There is no real recourse. It's perfectly legal. It's even ethical. There is nothing that says they have to give you a better deal than you're willing to settle for. That money you saved by not consulting is going to cost you many times what you saved. The only thing that's going to stop it is that the person who bought is eventually going to want to sell.
The list of reasons why you never want to sell FSBO, and never want to buy without a Buyer's Agent on your side, is enormous, and this is nowhere close to the most common or most damaging. Even if the Realtor messes up, at least you've got their insurance to go after. Without one, the only thing you can do is cry.
2006-07-23 06:04:05 · answer #4 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Wow! I'd be interested to know how THAT happened.
The reverse situation happened here. I'm liable to pay the
mortgage which is in my ex' name, but the house is solely in mine.
I signed a divorce agreement. If I didn't pay, the bank would initially go
after my ex, but he'd sic a lawyer on me. In any event, I don't want
to take any chances with the house.
I had an Uncle who signed everything over to his
girlfriend so his ex-wife couldn't get his hands on it.
Bad idea.
I would suggest that you get legal advise ASAP! I know that most
states offer free legal advise for people who cannot afford it.
Someone would be able to at least tell you what recourse you have.
If he's a mortgage officer, and has taken advantage of you-
they would also tell you your rights. It could be you felt pressured
or under duress when you signed it over. A lawyer might be able
to find a loophole.
Don't be intimidated! He sounds like a crook.
Good luck to you.
2006-07-22 19:46:44 · answer #5 · answered by Linda S 4 · 0⤊ 0⤋
and scared you should be. Sadly YOU are responsible for the payments being on time. YOUR credit will be destroyed. You could try going to court to ask the judge to forcibly make the deeded person legally take over the loan and if he is not able to do so ie qualify, then force the sale of the home immediately. Otherwise you have gotten yourself into a pickle. What the heck happened that you are on the loan but not the deed????
2006-07-22 19:21:35 · answer #6 · answered by Mom of 7 gramma of 3 3 · 0⤊ 0⤋
i don't know what state you are in but certain things are consistent across the country. you should do as follows:contact the lender first thing in the a.m. without fail.get your statement and payment history and tell them you will be forwarding as much as you can afford immediately.(lenders like to know that you read the letters they send to you you then go to a qualified real-estate attorney same day and tell him your situation so that he can file papers to make sure that house doesn't turn up sold and you stuck with a mortgage and no property. IT DOES HAPPEN!! you must then have him clarify your position and begin eviction proceedings on the person in the house so you are then able to rent, sell, move -in or whatever you have to do to maintain first your credit and second the property. you must get IMMEDIATE LEGAL HELP in whatever state the property is in . p.s.-ASAP!!
2006-07-22 20:16:52 · answer #7 · answered by unklkvn308 2 · 0⤊ 0⤋
If you're on the mortgage, then you're on the title, so your name is on the house. Contact an attorney ASAP. This is the only way to solve your problem since you took responsibility for the mortgage by being on it...
2006-07-23 02:32:29 · answer #8 · answered by KL 5 · 0⤊ 0⤋
OK Lets see if I have this correct.
YOU have a house that you are NOT currently living in.
The HOUSE is NOT in your name BUT the mortgage is.
The person who is living IN the house is NOT paying YOUR mortgage on time!
DID OR DO you have a SIGNED LEASE/AGREEMENT?
I would contact an attorney for advice. OR evict him from the property.
YOU are responsible for the MORTGAGE, Start paying it ON-TIME NO MATTER WHAT!!!
DO NOT ALLOW THIS PERSON TO PAY YOUR MORTGAGE FOR YOU. HAVE HIM PAY YOU DIRECTLY!!!
YOU ARE RESPONSIBLE FOR THE MORTGAGE since it is in your name!!!
Send him a certified letter - return receipt - in the mail. State your position in this matter. Making it clear to him on what is happening to your mortgage.
2006-07-22 19:19:14 · answer #9 · answered by jennifersuem 7 · 0⤊ 0⤋
you are if the loan is in your name
2006-07-22 19:16:30 · answer #10 · answered by goodstuff28602 2 · 0⤊ 0⤋