What is the name of your state (only U.S. law)? NJ
Nephew and now ex owned a home and were in trouble. I loaned money(my problem different story). They separated and rented property for less then mortgage payment after being behind on the mortgage about 10 months. We agrees with Bank to pay some money and they re-adjusted payments. They were afraid to tell me that the tenant's money stopped coming after about 2-3 months and they paid what they could but not what was agreed to.(I thought) So I just mosey on over and the tenant insists he's paying and my nephew and wife are full of well you know what.
So now many months go by and I figured they couldn't be trusted and I lost my money. The entire time the BANK GOT their money, more when adding the rent from the tenet and what they were sending in, The bank had contacted the renter and informed him to send them the rent. How could they do this? No one has ever been to court or title change nothing. They only received a letter now stating they had to vacate the premises and they house basically was no longer there's. The bank was sending the paper work to the tenant with the tenant's name as if they were the owners.
My nephew and the ex paid what was agreed to, I paid the lump sum agreed to and they just went forward anyway and foreclosed is this legal or possible?
Also why would they contact the tenant as the owner instead of my nephew and his wife?
Nephew and now ex owned a home and were in trouble. I loaned money(my problem different story). They separated and rented property for less then mortgage payment after being behind on the mortgage about 10 months. We agrees with Bank to pay some money and they re-adjusted payments. They were afraid to tell me that the tenant's money stopped coming after about 2-3 months and they paid what they could but not what was agreed to.(I thought) So I just mosey on over and the tenant insists he's paying and my nephew and wife are full of well you know what.
So now many months go by and I figured they couldn't be trusted and I lost my money. The entire time the BANK GOT their money, more when adding the rent from the tenet and what they were sending in, The bank had contacted the renter and informed him to send them the rent. How could they do this? No one has ever been to court or title change nothing. They only received a letter now stating they had to vacate the premises and they house basically was no longer there's. The bank was sending the paper work to the tenant with the tenant's name as if they were the owners.
My nephew and the ex paid what was agreed to, I paid the lump sum agreed to and they just went forward anyway and foreclosed is this legal or possible?
Also why would they contact the tenant as the owner instead of my nephew and his wife?