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Shawndria · Aug 9, 2006, 12:45 AM

Hi I was late on my mortgage payment and I explained to the guy that I was trying to refinance and would be paying him out of that money. But he sold my home out from under me, to some one that works at his company.CAN THAT HAPPEN??

Cvillecpm · Aug 9, 2006, 06:58 AM

Most states have a time for you to REDEEM your home - you need an attorney ASAP who can review your loan documents and paperwork on the sale.

RickJ · Aug 9, 2006, 07:06 AM

Originally Posted by Shawndria

Hi i was late on my morgage payment and I explained to the guy that I was trying to refinance and would be paying him out of that money. But he sold my home out from under me, to some one that works at his company.CAN THAT HAPPEN???

No, it cannot happen with a typical mortgage. Only the owner of a property can sell it.

Is this a rent to own situation? If so, then look at your contract very carefully.

brooks · Aug 9, 2006, 10:14 AM

Are you sure you own it? Is this one of those lease with option to buy?

ScottGem · Aug 9, 2006, 10:20 AM

You need to seek the advice of an attorney immediately. But some points of info might help you understand this. A mortgage is loan used to purchase real estate. The mortgagee owns the property with the mortgagor holding a lien on the property securing the debt.

If "the guy" can sell the home, then you don't have a mortgage. If you do have a mortgage he can't sell it from under you.

So take what documents you have to an attorney who can explain to you what rights you have or don't have.

Shawndria · Aug 10, 2006, 11:39 AM

Thank you for your advice.

ScottGem · Aug 10, 2006, 11:49 AM

Don't leave us hanging ;) Do you really have a mortgage or what?

clover23 · Mar 16, 2007, 03:27 PM

Consider your mortgage like a title to a car: Can someone legally sell ANY thing you have documented ownership of? Are you the sole owner? What are your ownership rights if you are NOT the sole owner (mortgagor)? I cannot give legal advice, so I would encourage you to become intimately familiar with your (mortgage?) papers and consult an attorney! Contact this "guy's" management - is this a registered mortgage/ banking/ or lending institution?! I'm a 5-year mortgage professional, struggling to get clients to trust in me to complete a complex, important transaction, then I read of people who seem to do business with whomever sounds like they can do a mortgage! Not trying to be harsh, but who is this 'professional' and how did you come do conduct business with him? Were you referred by a trusted friend or relative who was familiar with this person's business practices? You must ALWAYS keep your wits about you - this is why I emphasized the word TRUST...