Do we have a case?

[resam1230]

What is the name of your state?Oregon

Having no experience in purchasing a home, we acted like suckers and we were taken advantage of as suckers usually are. Do we have ANY recourse in getting our money back.

Prior to accepting the Earnest Money, the Agent misrepresented and lied about the facts, I.e.,

1) The agent declared the cost of the house to be $35,000.00 @ 12% interest over fifteen years. When we asked for the total amount, he said “twelve percent interest over fifteen years“. He did not divulge that the interest would be compounded DAILY, and the total amount of the house would cost $74,000.00.

2) The agent told us (the buyers) that the home was owned by a woman (a private party). when in fact. it is owned by the corporation who owns the park on which the home sets.

3) The agent did not tell us that the mortgage would be separate from the lot rent, and that we could never own the lot, and that the total cost, to us, for a $35,000.00 house would be $141,000.00. (Mortgage plus lot rent times 15years)

4) The agent failed to disclose that we would not be able to relocate the house for fifteen (15) years, until the house was completely paid for.

5) When we complained about the interest rate, and not being able to relocate the house on other property we had purchased, the agent told us that after a year or so, any bank would refinance the house. This is not true. We have investigated and found that no second mortgage lender will refinance a home that does not include the property. Though we pay our mortgage promptly, we can never really have any equity in the house.

Help , Any advise?

[seniorjudge]

Let's cut to the chase:

What was IN WRITING in the contract and what part of the stuff IN WRITING do you say was misrepresentation and why?

Leave out everything else.

[panzertanker]

Originally Posted by resam1230

This is not true. We have investigated and found that no second mortgage lender will refinance a home that does not include the property.

Help , Any advise?

Why are you talking to a second mortgage lender instead of refinancing the property in question?
Second mortgages have stricter finance guidelines.
Talk to your bank about REFINANCING.

[HomeGuru]

Originally Posted by resam1230

What is the name of your state?Oregon

Having no experience in purchasing a home, we acted like suckers and we were taken advantage of as suckers usually are. Do we have ANY recourse in getting our money back.

Prior to accepting the Earnest Money, the Agent misrepresented and lied about the facts, I.e.,

1) The agent declared the cost of the house to be $35,000.00 @ 12% interest over fifteen years. When we asked for the total amount, he said “twelve percent interest over fifteen years“. He did not divulge that the interest would be compounded DAILY, and the total amount of the house would cost $74,000.00.

2) The agent told us (the buyers) that the home was owned by a woman (a private party). when in fact. it is owned by the corporation who owns the park on which the home sets.

3) The agent did not tell us that the mortgage would be separate from the lot rent, and that we could never own the lot, and that the total cost, to us, for a $35,000.00 house would be $141,000.00. (Mortgage plus lot rent times 15years)

4) The agent failed to disclose that we would not be able to relocate the house for fifteen (15) years, until the house was completely paid for.

5) When we complained about the interest rate, and not being able to relocate the house on other property we had purchased, the agent told us that after a year or so, any bank would refinance the house. This is not true. We have investigated and found that no second mortgage lender will refinance a home that does not include the property. Though we pay our mortgage promptly, we can never really have any equity in the house.

Help , Any advise?

**A: if you bought, sell. If not, walk.