I am new to BP I haven't even complete mt profile I apologize to all for the unprofessional approach but I'm in a difficult situation.
I am a new investor I have a decent income no wife no kids trying to build wealth.
I found out yesterday my parents are loosing their home due to an unfortunate mortgage lender scam
Long story short they've been paying the mortgage, so they thought however the mortgage Co sold to another bank without their knowledge so the bank hasn't been recieving their payments and now the house is listed in a forclosure auction to be sold
They aren't as educated on these processes and I had no idea until last night
They now have no means to get a loan or keep the house
They worked with an attorney that apparently wanted nothing to do with the case and they waited too long to take action now it's too late
The online auction ends tomorrow and I would like to bid on the house
Buy it under my name lease it to my parents until they repair their credit enough to buy it back from me
They were making 1700 a month payments
So I know they can pay at least that
I can get the house for less than 150,000 fees and all
I need immediate help getting a private money loan for either the full amount or for a 20% down payment
Let me know of any ideas you may have or any more information you need
Please help in anyway forward to anyone you know that wants to lend money on a sure thing
Sorry again for the lack of professionalism but I have no where else to go and have no idea what to do.
If they have proof of all of the payments that were made to the loan servicer, and they did not receive a notice telling them of the change in servicer (the company to which payments are sent), then they have a reasonable defense.
Thank you for the response,
That's what I thought as well. I do not live local to them but according to the real estate attorney it wasn't worth his time to fight it and my parents dont have the upfront cash to pay a lawyer.
They went to another lawyer and he's "working on it" but the auction ends tomorrow and they have 30 days to vacate now
It's a bad situation
I or someone could make a great return if I could get the funding
What does the former mortgage company say about all those checks that went to them?
This sounds like something for the courts ?. The only thing you could probably do quick to buy it is get something like a 401k loan. I don't think a HML is going to do this and if you have other family I would try to band together on buying it if you think it is the right thing to do.
Might want to find out where the money they were paying went. In my experience when the loan is sold they return your payments if they aren't against a valid loan. Where did that money go? I assume it could be used for a lawyer. If the bank has it your parents should be able to stop the foreclosure.
They haven't been able to communicate with the mortgage servicer
They were supposed to be sending the money to the bank but obviously never did and they didn't find any of this out until it was too late Like I said no lawyer would take the case.
They aren't very educated on how this all works and I'm sure someone targeted and took advantage of their volnurablity
Now the process has gone so far that there's nothing to do
There's no family to help I'm basically their last resort
It's a shady situation oand I don't know the details of the leagal side all I know is the house is selling to someone tomorrow
Thanks for all the responses
I'm still looking for a HML or line of credit for a down payment
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing