• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

foreclosure on 2 houses Agent doesn't answer my phone calls

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

eli

Junior Member
:mad: :confused: What is the name of your state? California
I bought two houses back in December and January.
House #1 I was supposed to keep and rent out. I got a little money back from signing the loan. It was to be used to keep the house for a couple of months,"till refi" he said. Months passed, I ran out of money-Agent doesnt answer my calls. Now its in foreclosure. Tenants still live there.
House #2 realestate agent advised me to sign for was so that I could make money. "Might need it to cover the first house..." ect. Agreement was I would sign for it temperarily, later have it tranfered. If the people living in the house missed a payment before they could tranfer the name, the property became mine. All in writing-he said it was done all the time. People stopped paying pretty much as soon as they moved in. I have been hounding this guy for months.
First I got the phone calls. He said tell them you'll pay next month. Then came the letters of foreclosure-he said they were just tryin to scare me. I recently talked to a financial advisor that used to do realestate and she advised I get legal help.
I dont trust agents and loan officers all want to refi. I dont know what to do.
HELP!What is the name of your state?
 


danno6925

Member
You are in over your head.

Let me see if I understand your situation.

1. You purchased two houses when you couldn't afford the mortgage on first one. You then followed the advice of someone who has no interest in your financial situation outside the scope of your purchasing realestate, and followed their advice to the letter as though they were an attorney representing your best interest. You didn't pay the mortgages for either of these properties.

2. You called loan officers who only have one specific area of interest (generating mortgage loans) and were suprised that they only cared about making money through refinancing your existing loans. Please tell me you didn't go with an adjustable rate mortgage on either of these properties

3. Realizing you are in over your head, you spoke to a financial planner with experience in real estate, and she advised you seek legal counsel.

4. You will now seek the advice of a lawyer.

My Opinion:
You have made a mess of this that could have easily been avoided if you had only skipped eveything else, consulted a lawyer in conjunction with the financial planner in the first place, and followed their advice back in December of 05

The thing that amazes me is that you never sought the advice of an attorney BEFORE you signed the papers for these properties. Get every document you have in connection with these transactions together. Include emails and letters, too. Get your fanny down to an attorney's office and see if you can't keep your head above water long enough to avoid foreclosure.

I am NOT a lawyer. I have worked in PA title insurance since 2000.
 

LindaP777

Senior Member
The rent you collect from the first house is not enough to cover your payment on it? Or do you just like pocketing the rent money without giving it to the bank? And you thought it was such a great deal you went and did it again? Why haven't you evicted the tenants in house #2 and get a tenant in there who can pay the rent?
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top