Complicated refi purchase of property

[sueramos]

What is the name of your state? California
My husband and I own a condo. We tried to sell it to someone who is a superior at a bank. He handled his own loan for the purchase, but what he did was put the title in a trust under my name and his wife's name. He took my husband off title, but we don't know why. Then he refinanced the second loan, I got $45,000 of that, and he was to refinance the first under his wife's name and do a subordination. He moved in to the condo Jan. 10, paid us $4,200 rent for one month, and has failed to pay us the rent for Feb. 11 - 28, and for the whole month of March, and now we're going into April and we have not heard from him. He is not replying our emails, phone calls, and now is no longer at his office. They said he is working on a project in Mexico. I am still on title. Can I move his clothes out of the condo and move in and change the lock. My husband and I want our property back. There is no contract. We are paying $6,290 per month on the first, and him and his wife are paying $2,300 on the second. He said he would refi the first by Feb. 3rd, give us our equity, and take me off title. Nothing has happened. We are in limbo and can't afford at attorney. What should we do. My husband wants to move into the condo while him and his wife are out of town. Help someone!

[nextwife]

Originally Posted by sueramos

What is the name of your state? California
My husband and I own a condo. We tried to sell it to someone who is a superior at a bank. He handled his own loan for the purchase, but what he did was put the title in a trust under my name and his wife's name. He took my husband off title, but we don't know why. Then he refinanced the second loan, I got $45,000 of that, and he was to refinance the first under his wife's name and do a subordination. He moved in to the condo Jan. 10, paid us $4,200 rent for one month, and has failed to pay us the rent for Feb. 11 - 28, and for the whole month of March, and now we're going into April and we have not heard from him. He is not replying our emails, phone calls, and now is no longer at his office. They said he is working on a project in Mexico. I am still on title. Can I move his clothes out of the condo and move in and change the lock. My husband and I want our property back. There is no contract. We are paying $6,290 per month on the first, and him and his wife are paying $2,300 on the second. He said he would refi the first by Feb. 3rd, give us our equity, and take me off title. Nothing has happened. We are in limbo and can't afford at attorney. What should we do. My husband wants to move into the condo while him and his wife are out of town. Help someone!

What the heck kind of "sale" is this? Where is your attorney or broker? What do they say?

Have you called your attorney/broker/closing agent and ASKED exactly what was done and why? I can't make sense of what your transaction was, and I do RE closings all the time. Nobody can advise you without reviewing the documents that were executed at this "closing". Sounds like you need to go see the attorney you SHOULD have seen before this so-called closing.

[sueramos]

Originally Posted by nextwife

What the heck kind of "sale" is this? Where is your attorney or broker? What do they say?

Have you called your attorney/broker/closing agent and ASKED exactly what was done and why? I can't make sense of what your transaction was, and I do RE closings all the time. Nobody can advise you without reviewing the documents that were executed at this "closing". Sounds like you need to go see the attorney you SHOULD have seen before this so-called closing.

It was a for sale by owner. Originally we had a contract, the buyer was to give us 10,000 deposit. He never did. He ended up lending us $10,000 and got it back when we closed on the second refi. The agreed sale amount is 1,250,000. We were desparate for a buyer in this market. We don't have an attorney or broker. My husband sold him a car at his job, and this man said he did loans and worked at a bank where he could do his own loan. He has a degree in finance as is very knowledgeable. He ended up doing this refi so he can save on his taxes, and we trusted him. We made a mistake for doing that. Now because of the stricter guidelines, he cannot refi the first. This deal started in Nov., and now we're in April and still ongoing. We can't afford an attorney due to we still have to pay the mortgage on the first of $6,290 a month. This guy and wife are nowhere to be found.

[nextwife]

Originally Posted by sueramos

It was a for sale by owner. Originally we had a contract, the buyer was to give us 10,000 deposit. He never did. He ended up lending us $10,000 and got it back when we closed on the second refi. The agreed sale amount is 1,250,000. We were desparate for a buyer in this market. We don't have an attorney or broker. My husband sold him a car at his job, and this man said he did loans and worked at a bank where he could do his own loan. He has a degree in finance as is very knowledgeable. He ended up doing this refi so he can save on his taxes, and we trusted him. We made a mistake for doing that. Now because of the stricter guidelines, he cannot refi the first. This deal started in Nov., and now we're in April and still ongoing. We can't afford an attorney due to we still have to pay the mortgage on the first of $6,290 a month. This guy and wife are nowhere to be found.

Frankly, I'm STUNNED that, for the amount of dollars, both in sale price and payments, you did not retain professional assistance with a transaction you obviously did not have the expertise to do on your own.

This cannot be fixed on an internet forum. Get a Real Estate attorney to dig you out of this mess.

Putting him on title before getting your purchase price was ridiculous. And presuming he'd refi later? What if he'd been hit by a car, or dropped dead of a heart attack? What if there are all sorts of liens and judgments against him that have now attached to his interest?

You saved a penny and lost a dollar. Skimping on an attorney when entering into this sort of convaluted transaction is like trying to save money by doing surgery on yourself.

[LindaP777]

Originally Posted by nextwife

Frankly, I'm STUNNED that, for the amount of dollars, both in sale price and payments, you did not retain professional assistance with a transaction you obviously did not have the expertise to do on your own.

Agreed! I have nothing more to add!

[lcannister]

WOW is all I can say. I sit stunned for the exact reason the last to stated. Understanding and doing a fairly normal sell is bad enough on ones own but for something like this you just played right into this spiders web.

Without benefit of viewing any of your contracts I say this as a caution. You are in this stupid mess now and before you decide to do something that might be well over the bounds of LEGAL (moving into this property) you had darned well better have an Atty or you will find yourselves on the other side of legal! If you have any kind of a legal contract you can not just take the property back by moving in you have to follow an avenue that includes a foreclosure procedure and notifications in writing and all sorts of other things!

WOW!

[nextwife]

I might add that I would also go to the bank he works for and complain to his superiors about how this bank employee used his position to create a scam transaction.

[LindaP777]

Originally Posted by nextwife

I might add that I would also go to the bank he works for and complain to his superiors about how this bank employee used his position to create a scam transaction.

Indeed! Good advice!