Real Estate Deal Gone Wrong

[josic]

Real Estate Gone Wrong:

I have gotten myself into a big mess regarding real estate and here goes:

In 2005 I was working for a man and he was buying houses right and left and selling them trying to make profits. He had taken as much as he could out of his houses so he could buy more. Too many houses were showing on his credit report so he couldn’t buy all the houses he wanted. So, he asked me if I would buy a couple of his houses and then he would buy them back in a year or so. So we went through the process and the houses were signed over to me. We also signed a note that he was responsible for all mortgages, taxes and so on till he decides to buy these houses back for the amount that is owed. He's been paying on these all along. One of the houses sold a couple years back. He came up to where I live to get power of attorney so he could sell the house. I’ve been sick with thyroid cancer for a couple years so I haven’t been able to do much of anything. Well the one house sold for around $200,000 and what happened somehow he only paid the first mortgage and the 2nd mortgage for $40,000 is still on my credit report. I asked him what happened at first he said he didn’t know what I was talking about. I told him he’s paying a payment of $340 or so each month still for that second mortgage. He then remembered and said he spent the money on other things. How can you sell a house and get away without paying the second mortgage. I am so upset about this. Then the second house is still not sold. $160,000 is still owed on that. He calls me today and tells me he can’t pay anymore on the house or the second mortgage for the house that was already sold. He says he’s broke and that there my responsibility because there in my name. I’m just devastated. I’m on disability and I just don’t know what I’m going to do. The one house has a $1300.00 a month payment and the 2nd mortgage for the house that was sold is $340 or so a month. I know I did a stupid thing by transferring these houses into my name. I just trusted him. He was a friend at one time. Lawyers cost money and beings these are in my name, I just don’t know what I can do, if anything.

[HomeGuru]

Originally Posted by josic

Real Estate Gone Wrong:

I have gotten myself into a big mess regarding real estate and here goes:

In 2005 I was working for a man and he was buying houses right and left and selling them trying to make profits. He had taken as much as he could out of his houses so he could buy more. Too many houses were showing on his credit report so he couldn’t buy all the houses he wanted. So, he asked me if I would buy a couple of his houses and then he would buy them back in a year or so. So we went through the process and the houses were signed over to me. We also signed a note that he was responsible for all mortgages, taxes and so on till he decides to buy these houses back for the amount that is owed. He's been paying on these all along. One of the houses sold a couple years back. He came up to where I live to get power of attorney so he could sell the house. I’ve been sick with thyroid cancer for a couple years so I haven’t been able to do much of anything. Well the one house sold for around $200,000 and what happened somehow he only paid the first mortgage and the 2nd mortgage for $40,000 is still on my credit report. I asked him what happened at first he said he didn’t know what I was talking about. I told him he’s paying a payment of $340 or so each month still for that second mortgage. He then remembered and said he spent the money on other things. How can you sell a house and get away without paying the second mortgage. I am so upset about this. Then the second house is still not sold. $160,000 is still owed on that. He calls me today and tells me he can’t pay anymore on the house or the second mortgage for the house that was already sold. He says he’s broke and that there my responsibility because there in my name. I’m just devastated. I’m on disability and I just don’t know what I’m going to do. The one house has a $1300.00 a month payment and the 2nd mortgage for the house that was sold is $340 or so a month. I know I did a stupid thing by transferring these houses into my name. I just trusted him. He was a friend at one time. Lawyers cost money and beings these are in my name, I just don’t know what I can do, if anything.

**A; you already know lawyers cost money so pay to hire a lawyer. You need one since 2005.