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  1. #1

    default on investments a acam or fraud?

    my ex-boyfriend purchased 2 investment properties about 6 months ago, he is now missing payments and has told me he is giving them back to the bank, which i think means he is going to foreclose on them. I think he received money when he did the sale, so is he doing a scam? or is it legal to foreclose on a investment property so soon. I am concerned becuase he quit claimed me onto the title 3 months ago? Since we have split he wont discuss this with me, so i am not sure what is going on.

  2. #2
    Join Date
    May 2005
    Location
    West of the Pecos
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    Re: default on investments a acam or fraud?

    Quote Originally Posted by goingcrazy
    my ex-boyfriend purchased 2 investment properties about 6 months ago, he is now missing payments and has told me he is giving them back to the bank, which i think means he is going to foreclose on them. I think he received money when he did the sale, so is he doing a scam? or is it legal to foreclose on a investment property so soon. I am concerned becuase he quit claimed me onto the title 3 months ago? Since we have split he wont discuss this with me, so i am not sure what is going on.
    I think there's some confusion on your part, but there is also a potential legal issue you need to discuss with a local attorney because of the alleged "quit claim" situation which may have some interesting property-tax implications if he defaults on those. Again - a lot of that depends on your state and you need real legal advice from someone familiar with the local laws.

    Your ex-boyfriend is not going to foreclose on them. He has no standing from which to do so. The lender/mortgage servicer will foreclose on them and depending on the note and the state you're in, the property may be auctioned to the highest bidder and he could be left owing the difference between what they get out of the auction and what is still owed.

    It's unclear what you mean by saying he received money when he did the sale on something he bought, but the note and mortgage and again, local law, will determine how soon a foreclosure can be executed.

    This is not legal advice for him, or you, but from a credit-report history standpoint, he can avoid having a foreclosure on his record by simply selling the properties. Hopefully, they're worth more than he owes on them. If not, he may be able to work something out with the servicer's loss-mitigation department.

    And FYI - this happens hundreds of times a day all over the country.

  3. #3
    Join Date
    Sep 2004
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    Reality
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    947

    Re: default on investments a acam or fraud?

    If he quitclaimed them to you, they're yours now.
    Call your lawyer....NOW.

  4. #4
    Join Date
    May 2006
    Posts
    5

    Re: default on investments a acam or fraud?

    If he "Quit Claimed" you on to the title, then you both own the property but that does NOT take him off of the loan and this does not put YOU on the loan either. The payments are still HIS and only HIS responsibility. You never signed the loan documents or mortgage at closing did you? The Quit Claim Deed only puts you on as an owner...not borrower. Consult a Real Estate Attorney in your state for clarification.

  5. #5
    Join Date
    May 2005
    Posts
    871

    Re: default on investments a acam or fraud?

    The only thing that could possibly happen is that a foreclosure is showed on the title, which you are a part of. But since you are not a part of the loan, it should not affect your credit.

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