What is the name of your state? New Jersey
Ok, here is my story. I hope someone can help me with this. I was laid off right after Christmas of 2005. Even with unemployment, I was unable to afford my mortgage payments. I was approached by someone who said they could do whats called a "buyback" loan. Well, feeling like we had no choice, my wife and I decided to go through with it to save our home. We agreed in May 2006 that the person who would handle the transaction would take 10,000 from the equity of the home. This person sat on the loan for nearly 3 months. Our sheriff sale was to take place in late August 2006. Between May and Late July, every week the amount he wanted to do the loan kept rising and rising. We felt like we were getting the runaround, and by the time he got something done, it would be too late to back out and sell it outright. So now, when everything is said and done, he is taking 70,000 as his cut for doing the loan. Our Loan amount went from 53,000 to 132,000. We took out enough money to make the payments for the entire year. Now this person insisted on taking that money as well, and he would make the payments, which he did, only after we had to make several requests to him to pay it all in 1 bulk, and not do it monthly. we also had 2 extra months worth of payments on top of the 12 just in case something went wrong. This guy would not let us have any access to the account this money was in, saying, he would hand it over to us in June of 2007 so we could have something to put down that is sourced and seasoned when we bought the house back. The money was put (so we were told) into an interest baring ING account. We have never seen that money as of today's date 7/30/07. This person has not contacted us since January of 2007. I have been trying to contact him since January, and all of his phone numbers are disconnected, his emails I have are bouncing back as undeliverable. The only way I know I can find him, believe it or not is on a myspace account. His profile is private, but it now says he lives in Florida. I have made 5 separate requests to add him to my friends list, which he has declined, and 9 emails asking him for the money, and why he would skip town without leaving us forwarding information to contact him for that money he owes us. All 9 still say sent and not read in my sent folder. This man has between 3-4 thousand dollars, not counting the interest accrued over the year. Has anyone ever heard of someone suing in a case similar to this, and winning? This is Predatory lending, and grand theft in my opinion. I want to sue him for the predatory lending, for taking 70,000 dollars from the equity of my home, when it was originally agreed that it would be 10,000. I have been worrying myself sick over all of this for about 8 months now. Is there anything I can do, whether for the Predatory Lending or for the money he has skipped town for? Any advise on these matters would be appreciated. Thank you.
Ok, here is my story. I hope someone can help me with this. I was laid off right after Christmas of 2005. Even with unemployment, I was unable to afford my mortgage payments. I was approached by someone who said they could do whats called a "buyback" loan. Well, feeling like we had no choice, my wife and I decided to go through with it to save our home. We agreed in May 2006 that the person who would handle the transaction would take 10,000 from the equity of the home. This person sat on the loan for nearly 3 months. Our sheriff sale was to take place in late August 2006. Between May and Late July, every week the amount he wanted to do the loan kept rising and rising. We felt like we were getting the runaround, and by the time he got something done, it would be too late to back out and sell it outright. So now, when everything is said and done, he is taking 70,000 as his cut for doing the loan. Our Loan amount went from 53,000 to 132,000. We took out enough money to make the payments for the entire year. Now this person insisted on taking that money as well, and he would make the payments, which he did, only after we had to make several requests to him to pay it all in 1 bulk, and not do it monthly. we also had 2 extra months worth of payments on top of the 12 just in case something went wrong. This guy would not let us have any access to the account this money was in, saying, he would hand it over to us in June of 2007 so we could have something to put down that is sourced and seasoned when we bought the house back. The money was put (so we were told) into an interest baring ING account. We have never seen that money as of today's date 7/30/07. This person has not contacted us since January of 2007. I have been trying to contact him since January, and all of his phone numbers are disconnected, his emails I have are bouncing back as undeliverable. The only way I know I can find him, believe it or not is on a myspace account. His profile is private, but it now says he lives in Florida. I have made 5 separate requests to add him to my friends list, which he has declined, and 9 emails asking him for the money, and why he would skip town without leaving us forwarding information to contact him for that money he owes us. All 9 still say sent and not read in my sent folder. This man has between 3-4 thousand dollars, not counting the interest accrued over the year. Has anyone ever heard of someone suing in a case similar to this, and winning? This is Predatory lending, and grand theft in my opinion. I want to sue him for the predatory lending, for taking 70,000 dollars from the equity of my home, when it was originally agreed that it would be 10,000. I have been worrying myself sick over all of this for about 8 months now. Is there anything I can do, whether for the Predatory Lending or for the money he has skipped town for? Any advise on these matters would be appreciated. Thank you.