How late can a “loan-to-own” 5 year interest only mortgage payment be before going into forecloser?

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Same agents and brokers sold my home & with proceeds convinced me of buying four home assuring me it would be a great investment properties would pay off themselves  if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for information for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forged my signature, balance on my bank statement   made up false check stub stated i made a lot more,then at closing the numbers were not acceptable i wouldn’t sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and did for 2 mos. now in foreclosure and insurance says i committed mortgage fraud! what can i do?

10 Comments
  1. Reply
    wncan47
    January 29, 2011 at 12:18 am

    60 to 90 days.and it really depends on the bank.

  2. Reply
    John Adriaan
    January 29, 2011 at 12:52 am

    Foreclosure is dependent on the contract.
    Some contracts imply that if you’re one minute late, the house belongs to the bank. Don’t let it happen!

  3. Reply
    pseudo
    January 29, 2011 at 12:57 am

    Foreclosure laws also vary by state and if you live in the property as your primary residence.

  4. Reply
    Kelly
    January 29, 2011 at 1:23 am

    Get an attorney.

  5. Reply
    cheech11681
    January 29, 2011 at 1:32 am

    I can only tell you what NOT to do….Dont come to yahoo & ask a bunch of teenagers for advice. Get a lawyer.

  6. Reply
    john m
    January 29, 2011 at 1:35 am

    go to your local CAB (citizens advice bureau). they should know all about this kind of thing and what procedures to take. best of luck.

  7. Reply
    John Luke
    January 29, 2011 at 1:55 am

    I am not a teenager, but I would recommend getting some legal advice from an attorney. You could sue.

  8. Reply
    jd
    January 29, 2011 at 2:37 am

    Mortgage Banker’s Association for your state.

    AND

    http://www.stopmortgagefraud.com/report.htm

  9. Reply
    notyou311
    January 29, 2011 at 2:54 am

    Call the DA’s office.

  10. Reply
    Ceroulious
    January 29, 2011 at 3:25 am

    Call directory assistance and ask for the number for the “State Attorneys General office”. Prior to calling the AG, take some time to reduce to one page, at most, the most important parts about your complaint. In other words, they will not be interested in things that they “told you”. They will be interested in things that can be documented (like your bank records showing they payed you for two months) or the forged bank records you mention. I hope you saved both sets of contracts so that you can demonstrate they are different.

    There are clearly too many unstated issues for me to determine how strong a case you may or may not have, but the AG will give you some “sense” of how they acted without giving you legal advice. They may not offer you specific advice since they could ultimately represent the State should they deem laws were broken by the company.

    Unfortunately, you should seek the advice of a good attorney in your area who specializes in real estate law–make sure they specialize. You will likely spend $ 100-$ 1000 to get the answers you need, but that is money very well spent considering what you stand to lose.

    In the end, you are responsible for the contract you signed UNLESS it can be shown that the company broke existing laws, unjustly enriched themselves or committed outright fraud.

    I wish you the best of luck.

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