Second Mortgage Loan Foreclosed??

[Momio32]

What is the name of your state? NY

I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house. I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. This guy still has not done anything regarding the propertythat I know of. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I don’t know if it was auctioned or not and I have no way of finding out if the house was foreclosed or anything. I checked my credit report and 1 of the loans for 80K (the second one) says foreclosed. Yet there is another company on my report (Dyck O'Neal) which I believe is a collection agency and the outstanding bal. is 80K. The first mortgage for 320K says foreclosure proceedings started. Since I signed over the deed stating I ‘sold’ it to this guy for 400K, in 2006, what happens with the mortgage loans that are in my name? What does it mean for 1 of the loans to be foreclosed? Can the loan be foreclosed and the property not? I’m confused and have no idea what to do, especially since I will have to file my income taxes soon. Will I have to pay back all that money??? The story of how all this came to be is way too long, but if it’s necessary to give me a better answer I can explain.

[HomeGuru]

Originally Posted by Momio32

What is the name of your state? NY

I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house. I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. This guy still has not done anything regarding the propertythat I know of. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I don’t know if it was auctioned or not and I have no way of finding out if the house was foreclosed or anything. I checked my credit report and 1 of the loans for 80K (the second one) says foreclosed. Yet there is another company on my report (Dyck O'Neal) which I believe is a collection agency and the outstanding bal. is 80K. The first mortgage for 320K says foreclosure proceedings started. Since I signed over the deed stating I ‘sold’ it to this guy for 400K, in 2006, what happens with the mortgage loans that are in my name? What does it mean for 1 of the loans to be foreclosed? Can the loan be foreclosed and the property not? I’m confused and have no idea what to do, especially since I will have to file my income taxes soon. Will I have to pay back all that money??? The story of how all this came to be is way too long, but if it’s necessary to give me a better answer I can explain.

**A: the short answer is you are in deep sh*t. Hire a real estate attorney like yesterday.

[Momio32]

I do not make alot of money to hire a lawyer. I'm so confused with all of this. I'm worried I'll get sued by the bank, have problems with the IRS or go to jail.

[HomeGuru]

Originally Posted by Momio32

I do not make alot of money to hire a lawyer. I'm so confused with all of this. I'm worried I'll get sued by the bank, have problems with the IRS or go to jail.

**A: you have every right to be confused but you should be more worried than confused.

[Momio32]

Thank you for your input. How much do you think a real estate lawyer will cost regarding my complex situation?

[HomeGuru]

Originally Posted by Momio32

Thank you for your input. How much do you think a real estate lawyer will cost regarding my complex situation?

**A: retainer $2500 plus.