Posted on: 29th Jan, 2009 04:01 pm
I recently sold my home to a financial group with private investors. I have a signed agreement for a 5- year lease with an option to buy back within those 5- years. This Financial group turned out to be a scam. I have paid them mortgage payments for over a year. I then received a visit from the private investor who told me to now start paying him the monthly paments under the same 5- year agreement. I paid him 4- months rent . I then received notice from his mortgage company that he has not paid the mortgage for 3- months. This transaction cost me $27,000 at start and what happens to all the equity in the home?
Hi Neely,
If you paid the rent to the private investor, he is liable to pay it to the mortgage company. As he has not paid the mortgage, you should immediately get in touch with him and resolve the issue. I guess, this private investor is also a scam and thus he is not paying the mortgage. You need to consult an attorney who is expert in dealing with fraud and take his advice in resolving the issue. As far as the equity in the property is concerned, if the mortgage dues are not cleared, I think the equity in the property will be lost.
Thanks
If you paid the rent to the private investor, he is liable to pay it to the mortgage company. As he has not paid the mortgage, you should immediately get in touch with him and resolve the issue. I guess, this private investor is also a scam and thus he is not paying the mortgage. You need to consult an attorney who is expert in dealing with fraud and take his advice in resolving the issue. As far as the equity in the property is concerned, if the mortgage dues are not cleared, I think the equity in the property will be lost.
Thanks