Property Sold in Foreclosure

In 1991 I was diagnosed with a fatal and deadly disease. At the time I was renting an apartment and working in San Francisco, California.

I have been receiving medical treatment and my disease seems to be responding to the therapy. It is unclear how long I have to live.

Last year, (1999), my rent was increased from $950./Month to $1050./Month. This $100. increase was just too much for my budget and I looked for cheaper living quarters.

There was a condominium for sale in Alameda, California and the I was told by the selling agent that my mortgage for this condo would be less than I was currently paying for rent and therefore it would be beneficial for me to buy this condo.

As you know, I was not well at the time but began the buying process in May of 1999 and in August of 1999 the condo became mine. The only problem was that the agent had deceived me and instead of paying less per month I was now paying $1250./month for my mortgage. It all happened so fast and I was not well, taking many drugs including psychological drugs for depression and anxiety.

I struggled with the mortgage for the first few months but then my disease took a turn for the worst and I became legally disabled as of 9/1/1999. I struggled along a little longer but in December of 1999, my take home pay went from over $4,000./month to $1329./month from social security. It was obvious that I had to sell the condo as soon as possible.

I placed the condo for sale with Gallagher and Lindsey, a realtor in Alameda. (2424 Central Ave., Alameda, CA 94501 (415) 748-1805). I also listed the condo for rent with Gallagher and Lindsey. They never found an interested tenant or buyer and in March of 2000, my condo went into foreclosure.

I moved back home with my parents in Massachusetts where I currently live, since my financial situation was so desperate.

On 8/10/2000, I received a letter from an agent at Gallagher and Lindsey, (Stan Lockhart), stating that they had purchased my condo for $10,000. to $14,000. more than what was owed on the loan. The letter said that I was entitled to this money and I contacted Gallagher and Lindsey to find out how to go about collecting this money.

I spoke to the man named Stan Lockhart at Gallagher and Lindsey who said that he could get this money for me but first I would have to agree to split it with him 50%!

I do not understand why the buyers would involve themselves with this. Is this legal? Is there a way that I can get this money from the trustee who sold my condo in foreclosure? I do not even know who this trustee is.

Where would I begin with this? Should I call my original mortgage holder? Any advice would be greatly appreciated as I could really use this money to keep my auto from being repossessed.

Sincerely,

caldreaming@usa.com

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by caldreaming:
In 1991 I was diagnosed with a fatal and deadly disease. At the time I was renting an apartment and working in San Francisco, California.

I have been receiving medical treatment and my disease seems to be responding to the therapy. It is unclear how long I have to live.

Last year, (1999), my rent was increased from $950./Month to $1050./Month. This $100. increase was just too much for my budget and I looked for cheaper living quarters.

There was a condominium for sale in Alameda, California and the I was told by the selling agent that my mortgage for this condo would be less than I was currently paying for rent and therefore it would be beneficial for me to buy this condo.

As you know, I was not well at the time but began the buying process in May of 1999 and in August of 1999 the condo became mine. The only problem was that the agent had deceived me and instead of paying less per month I was now paying $1250./month for my mortgage. It all happened so fast and I was not well, taking many drugs including psychological drugs for depression and anxiety.

I struggled with the mortgage for the first few months but then my disease took a turn for the worst and I became legally disabled as of 9/1/1999. I struggled along a little longer but in December of 1999, my take home pay went from over $4,000./month to $1329./month from social security. It was obvious that I had to sell the condo as soon as possible.

I placed the condo for sale with Gallagher and Lindsey, a realtor in Alameda. (2424 Central Ave., Alameda, CA 94501 (415) 748-1805). I also listed the condo for rent with Gallagher and Lindsey. They never found an interested tenant or buyer and in March of 2000, my condo went into foreclosure.

I moved back home with my parents in Massachusetts where I currently live, since my financial situation was so desperate.

On 8/10/2000, I received a letter from an agent at Gallagher and Lindsey, (Stan Lockhart), stating that they had purchased my condo for $10,000. to $14,000. more than what was owed on the loan. The letter said that I was entitled to this money and I contacted Gallagher and Lindsey to find out how to go about collecting this money.

I spoke to the man named Stan Lockhart at Gallagher and Lindsey who said that he could get this money for me but first I would have to agree to split it with him 50%!

I do not understand why the buyers would involve themselves with this. Is this legal? Is there a way that I can get this money from the trustee who sold my condo in foreclosure? I do not even know who this trustee is.

Where would I begin with this? Should I call my original mortgage holder? Any advice would be greatly appreciated as I could really use this money to keep my auto from being repossessed.

Sincerely,

caldreaming@usa.com

<HR></BLOCKQUOTE>

Tell the Stan the man with an evil plan to put the 50% deal in writing.

Then contact the forclosure trustee or commissioner to find out what the status is, who the Buyer was and how much money was left over, if any, after payment of the mortgage and all foreclosure expenses. You should also contact the lender as well. If there are any net proceeds from the sale, you are automatically entitled to it.

There appears to be a hint of a conflict on interest if the same company that had the property listed for sale and rent buys the same property out of foreclosure. Also why would an agent want to rip you off at 50% of net proceeds to obtain information that you can obtain yourself for free.

The letter from Stan would be your evidence of possible under-dealing on the part of the real estate company. I can not really tell if they are above board or not but things just do not seem right.

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
Tell the Stan the man with an evil plan to put the 50% deal in writing.

Then contact the forclosure trustee or commissioner to find out what the status is, who the Buyer was and how much money was left over, if any, after payment of the mortgage and all foreclosure expenses. You should also contact the lender as well. If there are any net proceeds from the sale, you are automatically entitled to it.

There appears to be a hint of a conflict on interest if the same company that had the property listed for sale and rent buys the same property out of foreclosure. Also why would an agent want to rip you off at 50% of net proceeds to obtain information that you can obtain yourself for free.

The letter from Stan would be your evidence of possible under-dealing on the part of the real estate company. I can not really tell if they are above board or not but things just do not seem right.<HR></BLOCKQUOTE>

Thank you so much for your advice. I did call the lenders and they do believe that I am owed some $14,000. so they are working on calculating and then the trustee who sold the property is going to send me a claim form to collect the money without the involvement of the realtor who bought the property. In other words, I owe the realtor who bought the property a Thanks but not Thanks, in regards to his 50% split.

Thanks Again!

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by caldreaming:
Thank you so much for your advice. I did call the lenders and they do believe that I am owed some $14,000. so they are working on calculating and then the trustee who sold the property is going to send me a claim form to collect the money without the involvement of the realtor who bought the property. In other words, I owe the realtor who bought the property a Thanks but not Thanks, in regards to his 50% split.

Thanks Again!

<HR></BLOCKQUOTE>

Maybe I helped save you roughly $7000. Can you find it in your heart to give a little something to a charity of your choice?

[This message has been edited by HomeGuru (edited September 09, 2000).]