LENDER AND OWNER MADE AGREEMENT-WITHOUT ME?
I sent the disclosure form in to lender and they made a agrement with the owner without me-IS THERE ANYTHING I CAN DO? I ALSO HAVE A SIGNED CONTRACT TO SELL FROM THE OWNER? I ALSO HAD THE LENDER TO TELL ME TO SEND IN A LOT OF FORMS AND ALL-a little misleading or can i sue--IF SO FOR WHAT?
What is a disclosure form? Presumably a document that gives the lender permission to discuss the loan with you?
What type of agreement did the lender enter into with the mortgagor? Was it an agreement to restructure the loan?
The Contractual language will indicate if you have a case for SPECIFIC PERFORMANCE.
yes to restructure the loan-i did send a consent form--i thought they was suppose to discuss anything related to the mortage with me--RIGHT?
I HAD A CONTRACT TO BUY FOR $65K AND A AFREEMENT TO SELL FOR $90K--CAN I LOOSE IT ALL AND FORGET ABOUT IT OR? THANKS
What agreement did the lender and borrower enter into?
he is going to pay back payments out of his paycheck-have u ever heard of them doing this with someone 22 months behind? THANKS
It stinks when this happens. It is great for the homeowner that they can keep their house. I always look at it this way, if the homeowner can save their house then I will step aside and let them. No matter if I have a signed agreement or not. I would rather them work things out and be able to save their house. Just set it up so they come to you first if for some reason they get behind again. Seems to me that you have a pretty good chance that they will get behind again. Now if you go on about sueing them they won't come to you later.
Good Luck,
Tom
If you have an intent to purchase contract in place then you might want to talk to a lawyer about it. You may want to settle out of court for a second on the property, or a lesser amount though. Just make sure you arent throwing good money to bad. I agree with the last post in that if they screwed up before they will more than likely do it again. Given that, you may just want to talk to them and agree to a second lien against the property for your amount that you were going to get. When they sell the house, or scew up you will get paid then.
Hope that helps,
Kyle
i did file a lien (in lousiana a recoreded purchase agreements will put a cloud on the title)BUT I AM going totalk to someone/lawyer-i had the house sold with a $30+k profit-what would you do--like me i bet!!
If they were that far behind, what makes you think they can go forward from here and make the payments?
Maybe your state is different but you have got to get a signed deed to the property before you do anything else. When you go to do a deal and they agree, get them to sign a deed to you. If the deal doesn't work out for you, just sign the deed back to them.
Get control of the house first, then talk to the bank and keep the owner out of it as much as possible. That is how I messed up. You have to controll it.
Quote:
On 2003-10-14 00:28, RALPHN504 wrote:
i did file a lien (in lousiana a recoreded purchase agreements will put a cloud on the title)BUT I AM going totalk to someone/lawyer-i had the house sold with a $30+k profit-what would you do--like me i bet!!
I would do exactly what I said in the other post. I would congratulate them on saving their house and give them a business card telling them to call me if anything changes and just walk away. But that is just me. I always tell them if they are capable of saving their house then I will not stand in their way and help them as much as possible.
Good Luck,
Tom
I'm a hard money lender in Arizona and not even I would do something as obnoxious as suing someone because they worked out a deal with their lender. Get over it. Give them a card and be the first one on their doorstep when they default again...and they will default again.
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Quote:
i did file a lien (in lousiana a recoreded purchase agreements will put a cloud on the title)BUT I AM going totalk to someone/lawyer-i had the house sold with a $30+k profit-what would you do--like me i bet!!
[ Edited by cas5 on Date 10/14/2003 ]