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Hi,
I have a property that is appraised for $540,000. I have a bank loan of $350,000. Since I took a interest only loan, it's going to expire in Sept 07. I need to pay off the loan. I have an unofficial partner who has screwed me over and the loan is only in my name.
What happens to me if I decided to go foreclosure. I know they will take ownership of the property but will they file a lawsuit against me to pay them the loan. I know my credit is going to be ruined.
Help!!
Thks
Shine65
Why not try to sell the property before it goes into the foreclosure?
Unfortunately, my unofficial partner has turned down 3 offers and the deed is solely under my name. Besides the real estate market is very slow in Florida and I purchased the propertyQuote:
Originally Posted by shine65
At $380,000 and thethe last offer I got was $250K. So, I still have to pay the difference to the bank. At this point, I have already lost approximately $75K.
Something is very wrong if you are saying that the property appraised at 540K and are only getting offers of 250k! Also, if the deed is solely in your name, and the loan is only in your name, how is your partner able to turn down offers? Heck, what, exactly, is their involvement in this situation? Putting up money or being on the deed is the only thing I can think of.
If I were you, I'd be trying to sell the property. If it goes into foreclosure, you will still be liable to the bank for any part of the loan that the sale doesn't cover, so you will be facing the same situation either way. Get yourself a good realtor, consider staging the place if you need to in order to get some interest in the place. You have until September, so it shouldn't be impossible to sell for enough to at least cover the loan.
Yes, if your partner is "unofficial" who cares what they think, if their name is not on the deed or mortgage, if their name is not on the loan and they want to be a partner, make them sign papers making them liable for the loan also.
But next if the appraiser is actually real, not some false value. But based on real estate rules, based on similar property value that is SELLING in your area, there is no reason you can not get a offer in the 400's at least.
The market is not that bad, slow yes, but properties sell every day.
Unfortunately, I met my partner in a Bible Study class in 2004. I trusted him because he claimed to be a God-fearing Christian. At that time he was going thru' a divorce, financial and health issues. Out of compassion, he approached me to help him financially to partner with him to buy a investment property and to take the loan under my name because he has a bad credit and besides he could not afford to keep up with the payments by himself. So, the deed and loan are in my name. We agreed to sell the property within 1 year becos we took a interest only balloon loan. He is paying 50% of the mortgage all this time. However when I insisted so badly to sell the property after a year, he declined because he was greedy for more money. In Aug -Nov 2005, the property was selling for 650K-750K and I wanted out so badly. He developemnt did not allow outside realtors to sell the proeprty. The realtor that my partner hired his my partner's buddy. Both the realtor and my partner took away my right s when I cried and begged them to sell the property beginning Aug 2005. Because I am a Christian, I wanted to resolve it in a peaceful way and did not hire an attorney because I did not want to sever any friendships but I regret it so much because I don't need friendship from guys who are scammers. Even last Dec. 2006, we got an offer for $400K, he turned it down because the realtor who is his buddy has requested all contacts to go to my partner wrt to any offers. So, I feel very cheated. Even now, he is controlling everything with respect to the sale of that property. I am a female. He is just hunting for females who are in a stable financial situation and screw them up and now I am in a financial hole with no savings. They even lied to me that I have to buy golf membership in order to own a property and did not disclose the monthly golf dues. I just recently found out that golf membership is an option from the beginning and they lied to me so much.
I am so angry and frustrated for my stupidity to trust these scammers.
Shine
Hello shine:
Ok, you got screwed. Since you asked here, evidently you're ready to do something about it other than pray. It's about time. Hire the best lawyer you can afford and do what he says. Do it TUESDAY!
excon
Hi,
Do anyone know of a good real estate lawyer in Port St. Lucie Florida. I am a Texas Resident.
Thks
Shine
You are being lied to and scammed. So how do you know the facts are as you are stating them? Did you check with the development to see if they really don't allow outside realtors? The market hasn't dropped that badly that a home selling for over $600K would drop to $400K in 2 years.
So the first thing I would do is check with the development about the realtor issue. If you can hire your own, then do so. Since your name is the only one on the deed and loan, you shouldn't need anyone else's approval to sell.
Thks!! I just found out that I can list it with an outside agent and give them 30 days notice.
The following is the property agreement my partner prepared to protect him:
My partner's name is Andrea Bettio.
Anyway the following is what is worded in the property agreement from my partner:
1. BETTIO and GOVINDARAJU agree that the above described property is jointly owned by them as joint tenants even though the property
Is deed to GOVINDARAJU individually
2. BETTIO and GOVINDARAJU agree that upon the sale of the property that they will divide the net proceeds equally
3. BETTIO and GOVINDARAJU agree that all costs and expenses incurred regarding the real property described herein, including but not
Limited to the mortgage, insurance, taxes, and maintenance will be shared equally
I just realised that my signature is not in there. The only signatures I see his my partner, the realtor who is my partner's buddy and the lawyer.
I don't recall signing those papers either but I want my partner to take responsibility of the loan if the worst thing happens - foreclosure.
Thks to all of you for your understanding, support and advice. Appreciate it very much!!
Shine
If your partner doesn't have your signature on that agreement, she may be out of luck.
One thing you might do is see if the mortgage is assumable. If it is, have her buy you out if she wants to hold on to the property.
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