Legal Problems - Not Sure What To Do

Yhagood profile photo

I bought my first property in 2004. At the time, I was renting an apartment and purchased the home owner occupied. I used the property as a rental. After having two bad tenants, losing my job and suffering medical problems, the house has been foreclosed on.



Now the lender is suing the Mortgage company stating that they wrote the loan knowing that I did not intend to occupy the house.



I provided the lender with mail in my name that was sent to the address and water bills that I paid because the water remained in my name. However, the lender is asking for more bills which I do not have.



What do you think will happen? How should I handle this?

Comments(2)

  • JohnLocke28th January, 2006

    Yhagood,

    Glad to meet you.

    Unfortunately at this time mortgage companies are cracking down on Loan Fraud, no matter all the advice you may see on the boards about you were going to live there but changed you mind, etc., the courts are upholding the "owner occupied" portion of a buyers commitment in making the loan.

    You need an attorney quickly to guide you on this one and I understand your current position, however "almost" what ever it takes to get the money to pay an attorney you need to.

    This should be a lesson to those who think Big Brother is not watching what is going on with all the fraud involved in our industry they are paying special attention to Loan Fraud and Prosecuting those who do.

    Wish I had better news, but this is my advice. This is how serious it is getting.

    http://www.mortgagefraudblog.com/

    John $Cash$ Locke
    [addsig]

  • bgrossnickle28th January, 2006

    More than likely they will not come after you, it is the mortgage company that will pay the price. So provide documentation and maybe write a nice letter stating why you had to move from the property. But basically, just stay out of it.

Add Comment

Login To Comment