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gandi · Jun 3, 2008, 10:32 PM

We sold our 2 homes to an investor that has paid off our lender with a promissory notes backed by registered US treasury bonds. We understand that our lender must accept this form of payment under federal law but not state law. (California) So far they have not and they began foreclosing on us and suddenly stopped the foreclosure process in mid stream. The investor says he will fight the lender until the case goes to federal court. He is paying full price and then some. We have contacted several government agencies including the FBI and no one will say that this is true or untrue or even a fraud. Can anyone shed some light on this.
Thanks,
Gandi

excon · Jun 5, 2008, 05:05 AM

Hello gandi:

If your lender is going to let YOU off the hook, your lender wants to be paid in CASH, not a promissary note from somebody they don't know.

I don't know what federal law you're referring to. Please cite it.

excon

Fr_Chuck · Jun 5, 2008, 05:19 AM

Yes, I would say that the lender does not have to accept a "note" as noted they want cash and to be paid.

excon · Jun 5, 2008, 05:26 AM

Hello again, gandi:

IF your buyer really wants your house, then he'll cash in his treasury notes and pay off your lender...

Because he doesn't want to do that makes me very suspicious. After he buys your house, he can certainly get another mortgage and then buy the treasury certificates once again. Plus, you say he's paying full price, and then some... In this miserable real estate market, why would a guy pay MORE than a property is worth?? There are jillions of houses on the market selling for LESS than they're worth. Why your houses??

Nope, I think the guy is a scammer.

excon