Real estate question

@freedomg (1685)
United States
June 12, 2008 9:39am CST
I had a home that was going into foreclosure, so we did a quick sale to save our credit. The deal was that if he couldn't sell it in one year he would get it out of our name. Well it's been 2 years and not only is it still in our name but I just got served a notice of foreclosure that will go agianst our name as this guy is just listed as a trustee. If anyone here has had any experience with this sort of situation I would really love to know how you handled it. The guy says if we can bring the payments current he will give us back the home. He is three months behind though and the payments are $1500 a month. Plus we are locked in to a lease here and can't afford two houses even if we had the $5000 to reinstate the loan.
2 responses
@Tamerin (20)
• United States
12 Jun 08
Yes, I have lots of experience with this sort of thing. Is this property an investment property or is it your primary residence? When you say, "..he would get it out of our name." Who is 'HE'? What state are you in? What does the property appraise for? What is the current payoff (the balance due on the mortgage note)? What is the auction date of the foreclosure sale (if there is one)? Who is the lender foreclosing? How many liens are against the property? Answer these questions and I'll be able to give you better advice.
@freedomg (1685)
• United States
13 Jun 08
HE is the man that bought our house and placed him self as trustee over the property. We are in Florida. The property was appraised when we first bought it for 110,000. The remaining balance is 101,000. There is no auction date set yet we have 30 days to contest it first. The bank is Deutsche Bank National Trust Company. No liens as far as I know. Thank you for being willing to help.
@freedomg (1685)
• United States
13 Jun 08
Thank you so much! It sounds like we really got taken for a ride. I like that you are right. He's an investor and this seams to be what he does. He gets families that are about to lose their homes, says he's buying it, then becomes a trustee. That way if he can't sell it it's not his credit that gets hurt.
@spalladino (17929)
• United States
12 Jun 08
I think you need to talk to an experienced real estate attorney. If you made this agreement in writing you may be able to file a lawsuit against this person for failing to live up to the terms of the agreement and the attorney should be able to help you to protect your credit.
@freedomg (1685)
• United States
12 Jun 08
Yeah I put an email into my lawyer about 10 minutes after I got the papers. I just can't believe this is happening. After we sold the house we have put a ton of work into repairing our credit and if this house gets foreclosed on it will all be for nothing. I'm just looking for an idea of what to expect here.