Second Mortgage Loan Foreclosed??

I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house, I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. The guy still hasn't done anything regarding the property. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I checked my credit report and 1 of the loans (80K) says foreclosed. Yet there is another company on my report which I believe is a collection agency and the outstanding bal. is 80K. Since I signed over the deed stating I 閳ユΞold閳?it to for 400K, in 2006, what happens with the mortgage loans in my name? What does it mean for 1 loan to be foreclosed?

Second Mortgage Loan Foreclosed??

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.

Second Mortgage Loan Foreclosed??

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

Second Mortgage Loan Foreclosed??

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 %26quot;Own%26quot; 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!

Second Mortgage Loan Foreclosed??

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.

Second Mortgage Loan Foreclosed??

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

Second Mortgage Loan Foreclosed??

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