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Additional Details
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. | Isn't this against the law? |
My fiance and I moved into a house that him and his business partner bought a few years ago and had been renting out. We took over the full mortgage payments and had the Grant Deed switched to our names. His business partner is still carrying the loan, because our credit was not good enough to get a good loan. We have been giving him the money each month to forward to the mortgage company. Yesterday, we got a notice on our door that they have not received our payment in 3 months and they are going to start the foreclosure process! I have no idea what he has been using our money for and we don't have $6,000 to give to the loan company... Isn't this against the law, do we have any recourse? We paid him cash each month with no receipt, it was supposed to be a deal between friends... |
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Joker 1
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Friends or Family + Business = Problems
I don't do business with family or friends, for that very reason.
If you had done this deal with a total stranger, you would have insisted on proper paperwork at the start.
I learned this lesson the hard way, that lesson cost me close to $30,000 and an old friend. |
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AmericanHPTS-12
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Talk to a lawyer!!! To get a real answer!! Most people on here are full of it!!!!! |
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advgirl
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yes, i'm sure it is against the law, but unfortunately since you have no binding contract or receipts it looks like you've been duped. good luck with this. |
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A.Mercer
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I sounds like you are in trouble. You may be able to sue the guy for the payments but if you paid in cash you may have a hard time proving you ever paid him anything. It sounds like you did not have a written contract with the guy either. That will also make things harder.
The loan company is perfectly within its right to foreclose on you if the other guy stopped making payments. In fact, I kind of wonder how you were able to get the title switched over without the loan company getting involved somehow. Unless you can come up with the cash or other arrangement, you will probably lose the house. Also, I bet the the title of the house in a real mess as well. It will probably take a bit of legal wrangling to get that straightened out.
Be angry at the guy, but also be angry at yourselves for getting into such an oddball situation. You should never try to "own" a house that someone else has a mortgage on. There are too many ways that can fall apart. |
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ravensgirl
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if you have no receipt or contract you are basically screwed. there isn't really anything you can do at all. you should have made the payments yourself instead of handing them over to him. i am not sure how it will work though if the house is deeded to you and your husband. that may be a loop hole you can use. i would consult a lawyer, you may be able to get around it. |
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zmansgram@sbcglobal.net
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You need a lawyer FAST!!! If you don't have any proof that you paid him, you are in deep. |
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Dr. Deth
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Jeff is wrong - you can't just "switch" a loan. These peole would have to qualify for a loan, and they said they couldn't. You should have had a lawyer involved at least with the paperwork to protect yourself |
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ron197192064
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ouch, very ouch....the only thing that might save you is if you have bank statements that show any withdrawals, as far as showing that you paid that guy. but you should definitely be looking into a lawyer and suing that so called business partner.
Also, this is NOT a small claims court case because it involves $6000 dollars. I believe the cut off for small claims is $1500 and under. |
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falisrm
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it should have been a contract with you and him and had receipts and at least used checks. now it's near impossible for you to make a case when you sue him. that's the only thing you can do. |
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carmen m
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Isn't this against you?Call the loan co. and maybe they do something for you which I doubt very much. savings and loans are not to help you, but to make money, so good luck |
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jyconan
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Congrats! You just got robbed. Basically, you had a verbal contract, which he has broken. I would immediately contact the mortgage co. and see if they are interested in refinancing the home in your name. They hate foreclosures. If this doesn't work, you can call the police about your stolen $6k. It won't help you keep the house, but you can still sue him for fraud. |
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frankie b
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Deal with friends. This is always the worst scenario. This guy screwed you good, and with no receipts there is nothing you can do. Even with receipts it was his property according to the bank and he chose not to pay. You most likely have no recourse. I would hunt him down and beat his A%* |
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Jeff H
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It is time to end the partnership ASAP. As his partner has not met his obligations, your fiance is on the hook. That means a lawyer needs to be involved ASAP.
I would have a lawyer sue the guy for "specific performance" assuming your contract with the guy says he would pay the mortgage. If the whole deal was on a handshake because he's your partner, you have a big mess. It still may be possible to sue for "specific performance" depending on what the partner tells the judge.
This is why I don't like partnerships. IF the partner gets in financial or legal trouble, you get the dirty end of the short stick. |
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friskygimp
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this is sticky....you have the deed but not the loan.
I would talk to the business partner and find out what his story is. I would then try to get the loan under your names and set up a payment plan with the bank for the 6000.
this is a lesson to always use contracts and always get receipts, even between friends!!
good luck!!! |
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teran_realtor
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This is exactly one of the problems with "rent-to-own", or contract for deed, or "buying subject to". You move into the house and the mortgage is still in somebody else's name. What you did BTW is violate the lender's Due on Sale clause of the loan. The lender actually has the right to foreclose on you EVEN IF THE PARTNER HAD BEEN MAKING ALL THE PAYMENTS ON TIME!
You might be able to salvage the house though. Do talk to the lender - they really don't want to own houses - they want payments. See if they will give you a loan. It will be at a higher interest rate, so therefore probably a higher payment. If it ends up being better than renting, or buying some other house (with a high interest rate and big down payment...), then go for it.
Good luck with it.
To everyone within the sound of my typing.... don't do rent-to-own, contract-for-deed, subject-to, lease-purchase, etc. Either buy or rent - don't try to combine them! |
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CJKatl
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You may be in luck...
The lender is about to lose money to foreclosure. Call them. Let them know you've been paying this money and offer to buy the home if they let you take out a loan with the same monthly payment. Ask them to tack the missing payments on the end of the loan. The lender will probably at least be willing to listen, because they'll keep from losing even more money in foreclosure. |
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A_Kansan
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Teran Realtor has got it in for poor people.
Guess what? If you are RENTING any place, you are BUYING IT. You are just buying it for the landlord. DUH!
There is nothing wrong with purchasing a property under contract. I have done it and have sold them as well.
Often it is a way to get into a property without a down payment and at lower cost than renting.
The seller needs to be trustworthy, everything should be in writing and (my suggestion) make the check out to the bank. That way he uses it to pay the mortgage. He can explain it that you are the renter and want to be sure the mortgage gets paid so you won't loose your place.
It works. Trust me, I'm a landlord. LOL
In your case, the partner has committed fraud, but it might be hard to get a prosecution on the count. That is why they invented litigation.
You can sue for fraud, but you have to prove the agreement. Verbal agreements are open to misinterpretations from both parties. If there wasn't a meeting of the minds, the courts will declare that no valid contract existed.
Previously someone suggested going to the bank. Well the bank cannot discuss the issue with you, or they can get sued. However, you can discuss it with them if the owner will allow it.
Facing foreclosure, your partner may allow you to take over the loan. Now, the bank would call the loan, but would put you in the owner's seat on a new loan. Your partner would simply give you the equity he had built up prior to his delinquency, in return you wouldn't sue him for fraud.
Good Luck, you'll need it. |
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Danny P
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that must be against the law.
did you ask him what hes been doing with the money?
maybe you should take him to court. |
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Ciara O
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Take him to small claims court!!!
If you withdrew the cash from a bank account or cashed a check, you should be able to get records of that from a bank and use this as evidence.
Usually in these cases it's hard to prove, but hopefully you will get a sympathetic judge...good luck |
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Mr. Knowitall
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I would consult an attorney, but the short answer is no, you have no recourse unless there is a written agreement between you, and it sounds like there isn't. |
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dkarlsenyh
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If you have a dog, you could take it over to the partner's house and have it poop in his front yard. Give the dog an extra serving with its meal before you go. It won't solve your problem, but it will probably make you feel better temporarily. |
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mrfunny
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Unfortunately, you may be out of luck -- what I know is that in a typical rental agreement, you're legally required to pay rent even if the landlord isn't paying the mortgage (as long as you're occupying the house). The flip side of that is that it's not illegal to collect rent if you're not paying the mortgage. Your situation's a bit unique though since the deed is in your name. I'm not sure how you were able to do that without telling the mortgage company because it sounds like technically your friend is on the line for a mortgage for a property he doesn't even own... hopefully others will have better answers. Good luck. |
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Mo_Joe_man
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You had better see Judge Judy QUICK! |
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Felicia
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nothing you could do about it. You should've been smart/responsible enough to pay the loan yourself. |
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Jeff R
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Take him to small claims court - then switch the loan to your name. |
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