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  1. #1
    Join Date
    Mar 2006
    Posts
    3

    My parents lost our house :(

    Hi, I'm new here and I'm only 18 yrs old. I just want to start off that my parents lost our condominium home last year 2005. It all started when my parents were behind their mortgage payment back in 2002. (Since I'm young and don't know about money borrowing/loan, I'll try to explain it) So my parents found someone (Mortgage Lenders??) to help out with their late mortgage payment. My parenst did signed papers and contracts as my mom told me. So after this process was completed, they had lower the mortgage payment so my parents could afford to pay monthly and also they were granted to own our home (bad idea??). So this was a relief to my parents. But 2 years later, I came home from school and there was really bad news my parents recieved. Our home was sold by the mortgage lenders and fled somewhere else with the equity money. My parents wanted to sue them but our attorney said my parents signed the deed to them. So they said we have to pay monthly rent now but my parents didn't want to so we moved and now we are living in a apartment for now. My parents are now looking for another home and I think we'll learn from our mistake.

    *Correct me if I said something wrong. thanks.

  2. #2

    Re: My parents lost our house :(

    Bigpete87,

    Sorry to hear about your parents getting conned in this manner. Hopefully you can all recover and regroup and buy another house.

    Good luck and good fortunes to you all.
    Karma is a Biatch! :yelcutelaughA:

    Con artists revealed as the criminals they are! freakB:

    The IGNORE feature is the best answer for a FOOL!


  3. #3
    Join Date
    Mar 2006
    Posts
    3

    Re: My parents lost our house :(

    thanks. my parents are looking foward to buy a foreclosure home. Since I live in L.A., the house pricing are pretty much high.

  4. #4
    Join Date
    Apr 2006
    Posts
    7

    Re: My parents lost our house :(

    I am sorry for you and your parents. I'm a Loan Officer myself and right in the middle of brokering the type of financing situation you just described. The difference might be the current owner is signing a Lease Option to Buy at the same time the house is sold and all contracts have to be fully reviewed by the homeowner's attorney. I've heard many stories like yours and it has become a rampant problem in California because of the housing prices and appreciation.

    You have to be very very careful when in that situation. In the same breath, you have to be realistic. I see too many people trying to hold on to the "American Dream" of owning their home when the best thing to do is to sell. I've told clients before that I wouldn't help them because their best bet was to sell, pay off your debts and start fresh but they don't want to hear it.

    My wife and I left CA 4 years ago because it just cost too much to live.

  5. #5
    Join Date
    Mar 2006
    Location
    Colorado
    Posts
    12

    Re: My parents lost our house :(

    Pete,

    It sounds like some predator had your parents sign a "Deed of Trust" - Sadly there are many people out there presenting themselves as "help" when in reality, their true agenda is to "steal" the home & it's equity..

    The way it works is some scumbag reviews the "NOD" (notice of default) lists, and then contacts the homeowners offering a "solution" ... I could be wrong but from your posting it sounds like this is what happened to your Parents - The payments they made may or may not have gone to the actual lender (I'm thinking they were pocketed by whomever it was they dealt with) and that person put the house up for sale ....

    Things like this are the absolute peak of predatory lending & sadly many times goes unpunished

    Ed
    www.noscamshere.com

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