do i own this house or not?
Date: Thu, 08/09/2012 - 10:33
Their fee was 1% of my unpaid mortgage loan balance, Now the bank is saying that this company owns the DEED but not the responsibility of the LOAN. Any suggestions? I am exhausted, sad, angry, grieving the home that I am losing, along with over 200 points on my credit-& the mortgage is my ONLY debt.. I don't know what the heck happened here.
I am so incredibly up-side down in this loan. I owe approx. $146,000. The town homes in my complex are selling for $25,000 up to $60,000. ONE person sold his for $133,000--I have NO idea why someone would pay that now with none of the surrounding homes worth anything. Most are going for the $35,000-$40,000 price.
Should I make a deal with B of A? Should I sue the company that "bought" my home? They say they (company in Florida)are in fact legally responsible and the bank doesn't want me to know that. Please help--any suggestions welcome.
Did you read the paperwork before signing it?? Go back and read
Did you read the paperwork before signing it?? Go back and read it now.
RE: reading the paperwork
yes, I read it over at least 4 times over the last couple days. I have a page that discusses the transfer of the deed, a page that discusses the responsibility of this company regarding "any all debts, liens, etc" related to this property, it then gives the legal address, lot number, physical address, etc.
It states that for an amount of $1,455.00, I am giving the legal ownership of this town home to this company. (he told me it covered the paperwork, mailings, notaries) I am responsible for any consumables-power, gas, phone.
He gave me the addresses for the 3 main credit reporting agencies, and suggested that I write to them explaining what I did, and that I ought to not have anything posted negatively because of this townhome, that I no longer own. He said that my legal status is now as a "house sitter". He went on to explain that once he no longer owns it, I will be notified and given ample time to find a place to live.
I felt desperate at the time and still believe I did what I had to. I had my 6 month "cushion" (thank goodness, but that goes fast!) I paid January's mortgage payment and knew that unless I found a job, fast, I wouldn't be able to pay February's. We closed on our deal in the first week of February, 2012.
Ok...you no longer own the home but the mortgage is still your r
Ok...you no longer own the home but the mortgage is still your responsibility. Did they not explain this to you???