I think I got scammed----no lawyer, didn't read the papers. Several years ago I bought a house, changed my mind, and sold it quickly to a company that made a verbal pledge to sell the house for me. I sold it thinking they would take the house, sell it, and pay off the mortgage. Now, I find out---someone else has been paying my mortgage for several years and its still on my credit report. I find out this mortgage has a DUE ON SALES clause. But I did not read the papers when I sold the property. Bank is calling now because of late mortgage payments, and this has affected by credit. WHAT DO I DO? Can the bank foreclose on a house I no longer own? I did not proft at all from the sale of the house. I Just want to get out from under this bad mortgage problem and resolve this gross mistake. I admit its a case of bad judgment on my part since I know very little about real estate. I've always been very conservative and don't like to take risks. Good credit up to now. Now I'm lost. HELP
2007-03-21 21:26:24 · 2 answers · asked by victim of a scam? 1 in Business & Finance ➔ Renting & Real Estate
yes
it has been going around all over the place it was even on dateline ppl just like you still have mortgages
i would call your local DA. and go from there
DA.. district attorney
ppl have tried to get out of it but it seems there are alot of loop holes for the schemers and those poor ppl still have to pay the mortgage and still have bad credit
sry i hope this helped
2007-03-21 23:40:38 · answer #1 · answered by elite_women_rule_the_rock 6 · 0⤊ 0⤋
You need legal advice.
If there has been no crime the DA might not be interested. Even if the DA is interested they might not move fast enough to save your credit. Consider paying for a lawyer to clarify your options.
You do not own the home but you are completely responsible for the loan. To save your credit could be as simple as making up the back payments. The Due On Sale clause exists but the lender does not have to exercise it. Hence you might only need to keep the payments current while taking action against the party who you sold the house to. A lawyer can advice what is likely.
2007-03-22 08:34:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋