Q
quietsound
Guest
What is the name of your state? Virginia
It's just easier to explain the whole thing in a new post...here goes:
Due to being misinformed by the realtor; we sold a house to a couple who needed us at the time of settlement to give them a second mortgage at closing with the proceeds so that they could use that as a down payment towards purchasing said property...using the property as collaterial in case of default. The first lien holder would be the mortgage company for $100k and we would be the second lien holder for 17K. The terms of the agreement was for the couple to pay us a specific amount each and every month for 5 years and at the end of that period, they were to pay the principle balance). They paid us monthly although late a few times over the course of a year and a half until one month they didn't pay at all and our letters went ignored. After 60 days of being late and not knowing what to do or what was going on; I contacted the first lien holder (mortgage company) who informed me that they were 6 months late with the mortgage payments and the property was in foreclosure! They, the mortgage company never notified us to this fact when stated in the agreement that they were suppose to notify us if in default more than 30 days! Their response to my question of why didn't they notify was lame and said that they didn't know how to get in touch with us since the title company who handled the closing failed to put an address of notification in case of default. Since the mortgage company couldn't reach us, neither could the lawyer who was handling the foreclosure sale. It didn't matter anyway they said because due to some kind of title problem the sale was on hold until the matter could be resolved. I gave them the correct mailing address and contacted the attorney handling the foreclosure and gave them our address along with papers proving who we were. I have yet to hear anything from anyone and if it wasn't for me driving by the house and seeing activity i would never have been alerted to the pending sale. there's more to this story but what really is the use of going on here.............we feel we have been shafted royally here by all concern.........by the realtor for failure to disclose procedures in case something like this should happen and to a degree were forced into doing this to begin with after we told her we wanted no parts of this.......she went along anyway doing what the buyers wanted rather than for what was best for us. I blame her and her closing people who failed to give the first mortgage company correct mailing address so that we could properly be notified. I blame the lawyers for not notifying us of the auction that is happening 3/18 (they say they sent notices and we haven't received any and they ALL can't get lost in the mail). Here, we find out that we have two options. Buy the property back and resell it or wait for the outcome. sounds like we won't get anything! I just feel shafted, i feel as though we were not properly notified, or even told of the risks of this deal by the realtor and it's companies and i want to know what if anything can be done to take action against them.
It's just easier to explain the whole thing in a new post...here goes:
Due to being misinformed by the realtor; we sold a house to a couple who needed us at the time of settlement to give them a second mortgage at closing with the proceeds so that they could use that as a down payment towards purchasing said property...using the property as collaterial in case of default. The first lien holder would be the mortgage company for $100k and we would be the second lien holder for 17K. The terms of the agreement was for the couple to pay us a specific amount each and every month for 5 years and at the end of that period, they were to pay the principle balance). They paid us monthly although late a few times over the course of a year and a half until one month they didn't pay at all and our letters went ignored. After 60 days of being late and not knowing what to do or what was going on; I contacted the first lien holder (mortgage company) who informed me that they were 6 months late with the mortgage payments and the property was in foreclosure! They, the mortgage company never notified us to this fact when stated in the agreement that they were suppose to notify us if in default more than 30 days! Their response to my question of why didn't they notify was lame and said that they didn't know how to get in touch with us since the title company who handled the closing failed to put an address of notification in case of default. Since the mortgage company couldn't reach us, neither could the lawyer who was handling the foreclosure sale. It didn't matter anyway they said because due to some kind of title problem the sale was on hold until the matter could be resolved. I gave them the correct mailing address and contacted the attorney handling the foreclosure and gave them our address along with papers proving who we were. I have yet to hear anything from anyone and if it wasn't for me driving by the house and seeing activity i would never have been alerted to the pending sale. there's more to this story but what really is the use of going on here.............we feel we have been shafted royally here by all concern.........by the realtor for failure to disclose procedures in case something like this should happen and to a degree were forced into doing this to begin with after we told her we wanted no parts of this.......she went along anyway doing what the buyers wanted rather than for what was best for us. I blame her and her closing people who failed to give the first mortgage company correct mailing address so that we could properly be notified. I blame the lawyers for not notifying us of the auction that is happening 3/18 (they say they sent notices and we haven't received any and they ALL can't get lost in the mail). Here, we find out that we have two options. Buy the property back and resell it or wait for the outcome. sounds like we won't get anything! I just feel shafted, i feel as though we were not properly notified, or even told of the risks of this deal by the realtor and it's companies and i want to know what if anything can be done to take action against them.