Beach Condo Lease Back - Going Into Foreclosure
I bought a condo at the beach from an investment company. I was given an appraisal of $625000
and When I bought this condo with teh intention of selling off fractions I was given a $77000 lease back.
I was told to keep half to maintain the mortgage and invest in other real estate teh other half which I did.
It has been 6 months and I used up the money and now cant make payments. In the emantime the condo this company was trying to help market fractionally has not sold any fractions of this unit. the idea was to sell 7 shares and keep one free and clear.
Since I ran out of the money I decided to try to sell it out right and found out from my realtor that the condo is only worth $400000 and when the person that sold it to me in October 2006 bought it he paid $375000 in 2004 and after I bought it in 2006 the market slowed and now it is worth $400000.
My realtor has suspicions that this wasnt appraised properly and found out the appraiser went 2 miles away to get the number to be $625000 when in hte same building there were condos of equal size selling at $400000.
I dont want to go into foreclosure and cant sell it fractionally or the whole thing for what I mortgaged.
Do I have recourse against the seller? what can I do?
J
Homebuyers,
Glad to meet you.
The following is an interesting web site and the Attorney who runs it maybe able to help you. It is worth a look see and find out what needs to be done to see if fraud was involved in your purchase.
http://www.mortgagefraudblog.com/
John $Cash$ Locke
[addsig]
I see you are in Texas. There is a gentlemen by the name of George Roddy who owns a company that has a pretty comprehensive list for your County.
Do a google search on his list of foreclosures
good luck
Also you can check your local news paper in the legal section. Foreclosures and Preforeclosures will be listed, have to wade thur the legal talk to get the names and addresses.
But like ed posted, the best thing to do is advertising, let everyone know what you do, and they will come to you.
Good Luck
Teddy