Second mortgage before?

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I have two mortgages in my name for a house that I was misled to sign. I’ve never lived in this house, I have a favor to someone who is supposed to repair and sell the house that had never happened before. I signed over the deed in 2006 to a man who was a friend of the lawyer, who I was and who was still with the Bank shortpay not interested. I was told about the crime to help me for signature. I had no knowledge of mortgages, houses, etc., at the time. The guy did nothing on the property. I received a notice of sale would be off, indicating the property will be auctioned in July 2007. I have not received any information on the property since. I checked my credit report and one of the loans (80K) hereby excluded. But there is another company that my report, I believe a collection agency and the unpaid balance. is 80K. Since I signed over the deed said, I “sold” it to 400K in 2006, what happens to the mortgage in my name? What it means to be excluded for a loan? The lawyer I since the beginning of this nightmare was a friend of my boyfriend at the time. I hit a document transmitted. She did not ask the bank if I could do it, they feel that if I could. There was no help for me either. I was only on the two mortgages. I do not understand what is happening. If a loan is excluded, namely, the property has been excluded? Does it mean someone other than the person that I transferred the deed to the new owner? Why there are no other loans excluded? What happens when I file my taxes 2007? I’ll go to jail or pay back of $ 400K? I do not want the property. The whole problem started because a friend told me that I trusted his friend a deal where we get the money using my name to buy this house would do, he does to repair then sell them its profit would. I’ve never lived in this house, nothing. None of this should be done. So now all I had ‘help’ me is gone. I have no one to contact to find out what happened on the property, what happens to me when I went if I have trouble with the IRS or go to jail. I do not have rent money for a real estate lawyer, so I do not know what to do. I know the importance of credit and I promised not to my credit card. I’ve been used and lied and trust someone, I should not have. I just want to know what to do to this house, mortgage and enjoy my behalf and at the end of Alptraum.Ich think I should have used the word is not fooled, because I did not. I was very under-informed, misled, used, and shrugged his shoulders. Do you think I get sued or go to jail? How do you think of a lawyer cost? Thank you all for your help and contribution. I transfer only the fact, because the lawyer had “helped me” when do I hit him because he could help me. She said that person would be to negotiate with the bank, around the house for a lesser amount agreed to purchase. As I said before, I had no knowledge of the mortgage, houses, etc. All the people I ‘help’ me clearly did not. Seems they got me into more trouble.
There are no guarantees, as the house will be their next move.Also sold.What if they sell my second loan to a third party, which is the average that simply is?

7 Comments
  1. Reply
    Hayley
    February 16, 2011 at 9:02 pm

    ok the bank let you sign over the deed knowing there is a mortgage???

    where you the only one on the mortgage?
    You can call thebank but you are liable if you signed a note

  2. Reply
    DakB
    February 16, 2011 at 9:12 pm

    Call the bank and explain the story. Do it now! If you can try to get to the loss mitigation department and try to workout a plan. If you don’t want to keep the property ask them if they will let you try to sell it. Never ever do this again until you understand the impact. I wish more people were taught how to use money in school! Then you wouldn’t have had to go through this. Your credit is one of the most important things you can “Own” in your life! It can affect the jobs you get and whether you can ever buy your own home! So next time treat it as gold and don’t share it with anyone unless their risk is as big as yours!

  3. Reply
    TheMom
    February 16, 2011 at 9:39 pm

    The deed and mortgage are not related.

    You still owe on the mortgage. The mortgage company is trying a collection agency to get their money before taking more drastic measures.

  4. Reply
    John G
    February 16, 2011 at 10:15 pm

    Should a police report be filed? Sounds like you feel your were duped and involved in a scam situation. I would consider a police report to at least show your on the up and up that YOU were duped and scammed.

    If it turns out that YOU were just un-informed and are at risk here… then let the cards lay where they end up.

    I go to the bank and discuss with them…
    I might even discuss this with another lawyer.
    I investigate a possible police report.

    Your butt is on the line here. If your boat is sinking… its always nice to have as many people in the boat panning water then just yourself.

    Good luck

  5. Reply
    Patrick
    February 16, 2011 at 10:48 pm

    As stated in a previous answer, a deed to a property simply signified who owns that item. It’s the same as a title to a car, simply proof of ownership.

    You have taken out a loan to purchase the said item. This loan is completely separate from the deed. The agreement is simply between you and the lender. The simple process of a mortgage to purchase a property is you going to a lender and saying please loan me money, I want to buy something. I promise that I will pay the loan back, but if I don’t, you can have what I bought and try to sell it for what I owe you. As a note, technically if they sell for less you still owe the difference between the two amounts. Many times banks will forgive this amount, but is not required.

    I am afraid that signing the title over to someone left them with the property and you with the loan. The person you signed the property over to has no relationship with the lender. You were the middleman between the lender and the guarantee for the loan. If you got rid of the loan guarantee then you need to get ahold of the lender asap to try and straighten it out.

    Go back to the cat title example. A car loan is very similar. You get a loan with a lender to purchase an item. In the loan agreement you basically say that you will pay and if you don’t they can take the car to use to try and pay off what you owe. If they sell the car for less than what you owe, they will come after you for the rest of the loan, as you agreed to borrow and pay back a certain amount. If you were to turn around and sell the car (as in this case, you gave someone else the deed to your property), the bank still has a loan agreement with you and wants their money.

    Good luck in this whole situation.

  6. Reply
    grandma of 5
    February 16, 2011 at 11:27 pm

    ask a lawyer or call the company personally find out what the laws are call consumer credit counseling agency

  7. Reply
    ronimg
    February 16, 2011 at 11:34 pm

    Collection agencies will sometimes settle for 50% but that usually means one lump payment. And they usually don’t offer that settlement upfront.

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