'Sold' Home to investor...

[jndmack]

What is the name of your state? Texas

In October of 2004, we 'sold' our home to a Real Estate investor to get out from under a house quickly. Long story short...the investor basically set up a land trust, and we appointed him trustee. The existing mortgage was to stay in place until he flipped the house. I have all of the trust documents, as well as the sales agreement signed and notarized.
I just got a letter from the bank stating that the mortgage (still in my name) is now 3 months past due and in default.
This is hitting my credit report, andthe bank is threatening foreclosure on this house and our new home. What can I do if the Investor won't bring the note up to date? HELP!

[HomeGuru]

Originally Posted by jndmack

What is the name of your state? Texas

In October of 2004, we 'sold' our home to a Real Estate investor to get out from under a house quickly. Long story short...the investor basically set up a land trust, and we appointed him trustee. The existing mortgage was to stay in place until he flipped the house. I have all of the trust documents, as well as the sales agreement signed and notarized.
I just got a letter from the bank stating that the mortgage (still in my name) is now 3 months past due and in default.
This is hitting my credit report, andthe bank is threatening foreclosure on this house and our new home. What can I do if the Investor won't bring the note up to date? HELP!

**A: long story short, you got royally scammed. Hire an attorney FAST.

[kadam]

I am in the same situation you stated in your post from Sept. 2005. about the investor not paying on the mortgage. Can you please let me know what you did and how it turned out.

[kadam]

texas

I am in the same situation you stated in your post from Sept. 2005. about the investor not paying on the mortgage. Can you please let me know what you did and how it turned out.

[HomeGuru]

Originally Posted by jndmack

What is the name of your state? Texas

In October of 2004, we 'sold' our home to a Real Estate investor to get out from under a house quickly. Long story short...the investor basically set up a land trust, and we appointed him trustee. The existing mortgage was to stay in place until he flipped the house. I have all of the trust documents, as well as the sales agreement signed and notarized.
I just got a letter from the bank stating that the mortgage (still in my name) is now 3 months past due and in default.
This is hitting my credit report, andthe bank is threatening foreclosure on this house and our new home. What can I do if the Investor won't bring the note up to date? HELP!

**A: you got scammed and ripped.