Sat, Jul 04, 2009
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Avoided Foreclosure, But Still Trying To Save House! |
Carl_66
4 Posts
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Posted: 16:31 on 07-14-2003
Was wondering if anybody had any experience with this type of situation or any advice. A local investor was interested in obtaining our house in foreclosure. The night before the sale, we were under pressure to do the best thing we could do at the time under the circumstances. The investor had us sign a statement saying we agreed to sell our note to him, with his intention being to rent the house back to us in turn. If we didn't, he said the deal was off, saying he needed that statement in hand before the sale to safeguard his money. It was either that or face the possibility of someone else buying the house who's intentions we couldn't be sure of. But, I think the investor made a mistake. Instead of paying the 10% and acquiring ownership of the house outright (provided he came up with the funds for the principal owed to the bank), he only paid the amount necessary to reinstate the loan. Afterwards, the investor inquired of the lender's lawyer who he had to contact to get the information needed so his attorney could draw up the sale papers. The lender's attorney told him he couldn't get that information as the loan was reinstated and the house belonged to us. Now, the investor wants us to sign a release authorizing his attorney to obtain information from our mortgage company. We have since contacted a lawyer for advice, and he says not to sign anything further, just pay the money back to the investor, which we now have, that he put out to reinstate the loan, because the house is ours. 
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TheShortSalePro
3969 Posts
Member Since: 01/29/2003
Oakhurst, NJ
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Posted: 19:31 on 07-14-2003
"The investor had us sign a statement saying we agreed to sell our note to him"
This statement doesn't make much sense to me. You 'gave' your mortgage to the lender in exchange for the loan , now in foreclosure. The 'note' you executed was an additional, personal promise to repay the loan. What was the note that you were to sell? Perhaps the local 'investor' was little more than an inexperienced wannabe who really didn't understand what he/she was doing.
Without seeing the agreement you signed, it's impossible to form any conclusions. Fact is, you might not owe the Investor a penny.
If you are able to pay the Investor an amount equal to what he/she had laid out in your behalf.... you should both be happy.
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