I have a mortgage on my name but house is not on my name anymore, person responsible for paying the mortgage?

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person responsible for paying the mortgage is not paying on time, he dosnt want to put the mortgage on his name nor he wants to sell the house. ,what are my options, should I tell mortgage bank that they should call him and take off my name from mortgage, what are my legalities and rights since deed his on his name and he doesnt return my calls. he is a mortgage officer and he knows everyone in real estate proffession from attorney to agent, I am getting very scarred as I m getting calls every month from mortgage company that my mortgage is due, as he is already one month behind.
Month of april alreday shows on my credit report as a late payment. please someone help me with a professional advice.

well, he is an investor not living there (mortgage officer), he is the one approved my loan for this house, his friend find me this house (real estate agent), the house is in NY, and both are in NY . I have nothing to do any thing with NY, I am from NJ, this Mortgage officer is my cousin !!! , initially he told me that you have nothing to do but sign the papers and i will get you good chunk of money in 3-4 months, i dont know what comes to me and i signed the papers.
I dont know how can I go about and what to do, initially he forge the papers to approve for loan (he put his address as I am living there in NY, my income level is also showed as 10 times which i make, thats a long story), I didnt take any money from him matter of fact I have paid 3 mortgage payments from my pocket, he promised me orally that he will give me back my money once He sold the house, we didnt have any written contract. It is a 2 family house and both floors are rented. rent is not covering the mortgage.
he puts his name on deed, but the mortgage is on my name, i dont know if deed and title are the same papers.

  1. Reply
    January 28, 2011 at 11:21 am

    Call Len Tillem, a lawyer that gives free advice on weekends between 4 and 7 on KGO. Or go to KGO.com and then find Len Tillem, and send him an email. He loves to answer this kind of stuff. I’m pretty sure you have some legal recourse.

  2. Reply
    January 28, 2011 at 11:48 am

    Get an attorney.

  3. Reply
    January 28, 2011 at 12:43 pm

    Consultant a Real Estate Attorney. If you dont you will ruin the highest and best Fico Killer in the Credit Buisness. I would get a real estate agent and put a FOR SALE SIGN on the home. You pay the mortgage why not. See what he says than when they quitclaim his off. If you want sell it for the note you are currently paying for to some investor and get out. Better to make no money than kill your credit for the next 10 years. Best of Luck!

  4. Reply
    January 28, 2011 at 1:25 pm

    Wow! What a mess!
    The deed is title to the home.
    You need legal council….seriously!
    In the meantime, you are legally responsible for the morgage. So if you don’t want a “foreclosure” on your credit, then I suggest that you continue paying the mortage until you get this resolved.

  5. Reply
    January 28, 2011 at 1:37 pm

    You need to call the New York Board of Real Estate and report the problem. He is in big trouble for lots of reasons, one is forging information. The entire deal sounds fishy. If you took out the loan for the house- Then why isn’t your house? You need to tell him that you are going to the real estate board or a lawyer.

  6. Reply
    January 28, 2011 at 2:26 pm

    if YOUR name is on the mortgage, YOU are responsible for making sure it gets paid in full each month.

    the deed does nothing but convey ownership interest.

    talk to a real estate attorney right now!

  7. Reply
    K M
    January 28, 2011 at 2:42 pm

    Sadly, this type of thing happens more often than people realize. It’s important to trust your instincts from the beginning. If something doesn’t seem right – ask questions, and if in doubt, get out.

    I’m sorry you’ve found yourself in this situation. It will not be an easy one to get out of. I would do as these other fine people have suggested and retain a lawyer, then report this guy. A similar thing happened to my brother-in-law and he wound up losing tens of thousands of dollars plus having a foreclosure on his record that prevented him from buying a house of his own for a few years and also will cause him to pay a higher interested rate due to the impact on his credit, and who knows how much that will end up costing him. (BTW, it was also a relative that did this to him.)

    I hope you can take this as a lesson learned that if it sounds too good to be true, it probably is.

    I don’t live in NJ and I’m not a lawyer, but I’ll give you this advice. Keep track of all of your paperwork (including any correspondance and e-mails.) It may be a good idea to send a certified letter to him wherein you explain the situation and detail the oral agreement you had. I’m sure a lawyer can give you advice on this, but anything you can do to get him to sign something in writing will be to your advantage, such as a contract, IOU or a promise to pay.

    Good luck and best wishes to you.

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