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Warranty Deed transfer

Posted on: 28th Oct, 2010 05:44 pm
Thank you in advance for any help.

This started Jun 9 of this year:

I sold (or so I thought) my house to an investor that asked me to leave the original mortgage in my name for a couple of months so he could get "his" investors together and do the "switch" at that time instead of switching to his name only to turn around and do it again when he re-sold. He would make my two (at the time) late payments, then later on go to closing when he "sold the house" to his investor prospect.

I learned a month or so later from my mortgage holder that his payments bounced. I also learned that he re-sold the house (to an individual) less than 30 days after I signed paperwork with him. I did sign a Warranty Deed to him.

In the paperwork "to the person he sold my house to", he acted as the lender, but no mention was made of the existing lein with my lender. He also put the deed to the house in the new owners name and collected a little over $10k in fees (down payment $8k + (2) $1K mortgage payments).

Another couple of months passed and he became harder and harder to get in touch with as I learned the details of what really happened after I moved out...to the point there was no communication at all.

No payments were ever made to my mortgage company that were not returned NSF.

He foreclosed on the people that lived there after they were 1 week late (or so I'm told) on one of their payments to him. They threw up their hands, moved out and left the state (supposedly). I have verified there is no-one living there now.

My mortgage holder is willing to do a work-out if I get the deed back in my name, even though we are now going on 8 months of non-payment...at least none that were not returned NSF.

The person that just moved out says he is willing to sign the deed back over to me just to be done with this whole thing. Tensions between him and the person that sold him the house (the one I sold the house to) have degraded to the point of restraining orders between the two.

I simply want to get the deed back in my name and begin to do a workout with my mortgage company.

I have no idea how to do this. I don't know if this complicates matters or not, but the person that was living there is no longer in Texas.

I have served the person I sold the house to a "letter of default" per the terms of "our" original agreement with the specified 10 days to cure clause....no response...now going on almost a month.

Any help would be appreciated. I am currently unemployed due to an accident on the job and cannot afford an attorney. I'm hoping this is simply a matter of getting a form (what kind?) signed and filed with (whom?) to begin my workout with BAC.

Thank You!
Hi thekrell!

Welcome to forums!

If the property deed is in the name of the buyer, then he can sign a quitclaim deed and transfer the property to you. This will make you the owner of the property and then you can negotiate with your lender and get a repayment plan for your loan. You can even contact an attorney and take legal actions against the investor who had duped you.

Feel free to ask if you've further queries.

Sussane
Posted on: 28th Oct, 2010 09:11 pm
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