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Bluejeanbabe · Apr 10, 2009, 07:33 PM

I have a real (I think) unique situation. I sold my house to a "Property Management" company in Dec of 2005. I was going to lose it to foreclosure, and they offered to buy it from me to help me out of the foreclosure. They gave me $60,000 and I walked away. In 2006 I tried to apply for another apartment, and the landlord told me that I had a $180,00 "glip" on my credit report. I found out that it was due to the house I sold the previous year was still on my report. I called the company that bought my house, and they said that until they re-sell the house that I would remain on the mortgage, and that the house was only in a "trust" with my name still on it. All this time the guy keeps saying that with the market the way it is he can't get rid of the house unless he short sells it. That will only get his name off the house, and I will still be responsible for the amount left, and I have to claim it as income in 2010. A real estate lawyer said that if this guy in the last 3 1/2 years hasn't been keeping up with the mortgage enough to keep it out of foreclosure, then I should just go and change the locks and move back in. I live in Florida, and I am unsure what to do with the family that is living in the house. They are (by law) not under any month to month lease with me (owner) they are under a month to month with the property management company. Do I have to give them a notice to move? Or do I have the right to get rid of them right away. And am I truly the real owner of the house because I am on the deed and mortgage? HELP ME... Thanks

ScottGem · Apr 10, 2009, 08:23 PM

Did you sign a contract with this firm? If so, what does the contract say? That will determine what you can and can't do.

Bluejeanbabe · Apr 10, 2009, 08:31 PM

I signed a piece of paper that said that I would not have anything to do with the property and I gave them all the rights to the house and so forth, but they can't just take over the house etc and not file paperwork for 4 years, and not pay the mortgage and allow the house to go into foreclosure, and then work out a deal with the mortgage company to "refresh" the loan, and then again not pay the first payment when due, and make this all come back to me and runin my credit. They should be responsible to pay the mortgage whether the property is rented or not, and not allow foreclosure. Or I should get the house back. Isn't there a statute of limitations on filing a deed? They expected to sell the house right away, but they didn't, now I've been the sufferer for 3 1/2 years.

ScottGem · Apr 10, 2009, 08:34 PM

Did you get a copy of that paper and what does it actually say? Take it to a real estate lawyer and have him tell you what your rights or responsibilities are.

Bluejeanbabe · Apr 10, 2009, 08:36 PM

A real estate lawyer said that if this guy in the last 3 1/2 years hasn't been keeping up with the mortgage enough to keep it out of foreclosure, then I should just go and change the locks and move back in. I live in Florida, and I am unsure what to do with the family that is living in the house. They are (by law) not under any month to month lease with me (owner) they are under a month to month with the property management company. Do I have to give them a notice to move? Or do I have the right to get rid of them right away. And am I truly the real owner of the house because I am on the deed and mortgage? HELP ME... Thanks(from original post)

ScottGem · Apr 11, 2009, 05:44 AM

Did this real estate lawyer see the contract you signed? If not, then I would not act on his advice. I suspect his premise is that the buyer agreed to keep up the mortgage and by not doing so, violated the terms of the contract making it void.

But without seeing the wording of the contract I can't say whether that would fly. Also you don't know if the mortgage has been paid or not. If the mortgage is in your name you should be able to find out.

But I am very hesitant to advise that you just take possession of the property. Without a court order authorizing it or at least firm legal grounds, you could find yourself in big trouble.

excon · Apr 11, 2009, 06:04 AM

Hello Blue:

Take your piece of paper to a different lawyer... No lawyer, who is worth his salt, is going to tell you to change the locks on the tenant and move in... YOU will be subject to a big lawsuit if you did that.

Plus, when you talk to that lawyer, HIRE him to fix your situation. Don't just get some advice...

excon

Fr_Chuck · Apr 11, 2009, 06:08 AM

You signed basically a contract with them having power of attorney over the house, this is common in these types of sales and we warn againt them all the time on here when it comes up.

You are obligated to every term in the contract.