All Forum Posts by: Tess Vismale

:shock: I have learned from my mistakes and I am proactive by being here.

It was a part of a "system" to get money to pay the mortgage and invest in hard money deals. Once I saw the direction it was going I refused to go forward with the hard money deal. I just said the mortgage with the 36k I got back.

That money is gone now. With the fall of the sub prime market, the "mentor" is almost out of business and owes me money. He told me he can't buy it back.

I was told the Section 8 and the money from closing will cover the mortgage. Then when I did the hard money deals it would provide the cash flow.

Thank you REI & MikeOH for your blunt feedback. I did not intend to play the victim. I am very clear of my role/responsibility in this situation. I read information on http://ml-implode.com/ that referenced victims of sub prime loans and used this language to convey that I had a mortgage with New Century.

I used the money to pay the mortgage.

Yes, I am sure. The house should have appraised for 165k.

Thanks everyone for the warm welcome. I have posted my question under the Geral Real Estate Forum.

Have a great day!

Greetings,

I am a newbie and I wanted to see if anyone had any suggestions on how to get out of the deal I made. My loan is with New Century.

Last year I purchased a house through a supposed "mentor" for 198k with a Section 8 tenant. I get $700 total, and the mortgage difference is $1,100. I need to sell it because I can't afford the mortgage. The 36k I got back I ued to pay the mortgage. No repairs have been done to the 1950's house.

The appraisal was grossly inflated. It shoudl have been for 165k.

The tenant wants her boyfriend to buy it. He can possibly qualify for 95k-100k.

Now the market in the area has mostly foreclosures selling at 85k-95k. Some are for sale @ 145k.

I thought of a lease purchase but @ what price and how much down? At this point I can't afford to pay 98k out right to get rid of it.

Greetings Team,
I am a newbie from Altanta. I am glad this forum is here. I have a few quesionon a deal I was duped into.

Thanks