arms lenth ransaction?

[paradise105pw]

What is the name of your state? mass.

I created a Trust and deeded my house to a trusted friend whom i placed as Trustee and Benificiary. i recorded the deed and trust 2 weeks ago although we signed them in October. Its ends up that the friend can't afford the house either, my father wants to buy the house and retire here on the water with my mother. His mortgage application requires an "arms length transaction" and the Trust and deed are not "processed" yet at the registry. Fact is , i don't own the house, right? and this will be an "arms lenght transaction, right? the conveying attorney is afraid of the situation but i don't see anything illegal or suspicious of this.

[HomeGuru]

Originally Posted by paradise105pw

What is the name of your state? mass.

I created a Trust and deeded my house to a trusted friend whom i placed as Trustee and Benificiary. i recorded the deed and trust 2 weeks ago although we signed them in October. Its ends up that the friend can't afford the house either, my father wants to buy the house and retire here on the water with my mother. His mortgage application requires an "arms length transaction" and the Trust and deed are not "processed" yet at the registry. Fact is , i don't own the house, right? and this will be an "arms lenght transaction, right? the conveying attorney is afraid of the situation but i don't see anything illegal or suspicious of this.

**A: hire your own attorney to work with the closing attorney.

[paradise105pw]

Originally Posted by HomeGuru

**A: hire your own attorney to work with the closing attorney.

Dear Homeguru:
pl. advise me, i got so screwed.
I wanted to take your advice and bring my Attorney but the bank called me on a Friday at 1p.m. said the closing would have to be that night or it was off. closing attorneys office is appr. 11/2 hours away, i could not get in touch in my attorney and i doubt he would have attended the forced passing anyway. They ran every possible textbook scam on me that they had time for. So bad that the CONVEYING attorney, (as we stopped the passing when discovering the mortgage changed from 1 mortgage at 6.5% 30 fixed to a first mortgage at 8.125% 3/1 w/a second mortgage at 12.75% with a 5 year balloon) shook his head and said we should have our attorney contact him because the bank was screwing us so bad and wouldn't continue without saying something and yes, as it took 6 MONTHS for this loan to happen, i was in trouble with the present mortgage and needed to pass.
The bank got the horror show started by calling this a non-arms length transaction and refused to go through with it which apparently opened the door for them to get me, they passed me over to another bank with a friend of the loan officer to do the loan with this problem, but at the passing the seller was the trust! I had nothing to do with it afterall!
Can a bank, at closing, without telling me, that they considered it an arms length transaction and have all of these changes? I won't bore you with the whole list of problems, but yes, just as they planned, My father lost the house. I am trying to find someway of getting it back. And again, yes! soon after the passing we were contacted by the loan officer to refinance to a lower rate.
Other than i am a complete idiot, what are your thoughts as to what i may be able to do to get the house back?

[LindaP777]

Sorry, HG hasn't been around much lately.

[paradise105pw]

Originally Posted by paradise105pw

What is the name of your state? mass.

I created a Trust and deeded my house to a trusted friend whom i placed as Trustee and Benificiary. i recorded the deed and trust 2 weeks ago although we signed them in October. Its ends up that the friend can't afford the house either, my father wants to buy the house and retire here on the water with my mother. His mortgage application requires an "arms length transaction" and the Trust and deed are not "processed" yet at the registry. Fact is , i don't own the house, right? and this will be an "arms lenght transaction, right? the conveying attorney is afraid of the situation but i don't see anything illegal or suspicious of this.

i should not have made it appear as though i was addressing Homeguru singularly.
i would appreciate a rendering from any of the scholar members.

thanks!

[LindaP777]

Originally Posted by paradise105pw

i would appreciate a rendering from any of the scholar members.

Whew! That let's me off the hook!