I sold property contained by Florida, hold 2nd Mortgage for buyer, 1st mortgage file foreclosure! My credit is ruined?
I sold property in Florida and hold the 2nd mortgage for deadbeat buyers that going into this was not told they have bad credit.
Now 1st mortgage holder who is a private party (not a bank) have filed foreclosure against buyer.
His attorney and the attorney I used in closing the loan told me that it would run on my credit as foreclosure and I have perfect credit. How could this be? I am not the buyer, I am the hawker and I never agreed to pay the 1st mortgage
Answers:
That's what happens when you don't run care of business.
Huh? What documents did you sign that said that?
Get a new attorney - One that know what they are doing.
The foreclosing attorney is trying to strong arm you into taking the house back & paying out the first mortgage in direct to preserve your credit. They are doing anything they can to get their client money!
So long as you did not in any passageway secure the first mortgage, then you should own no issue. If for some reason your former attorney guided you to sign an unusually unfair agreement, you may be capable of sue him.
Also, so long as you made no misrepresentations on the property.
Why would you carry a 2nd for someone with bleak credit? You were a creditor & didn't do a credit check? Did your attorney take attention of those things --- sue him/her --- they were an awful attorney.
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Now 1st mortgage holder who is a private party (not a bank) have filed foreclosure against buyer.
His attorney and the attorney I used in closing the loan told me that it would run on my credit as foreclosure and I have perfect credit. How could this be? I am not the buyer, I am the hawker and I never agreed to pay the 1st mortgage
Answers:
That's what happens when you don't run care of business.
Huh? What documents did you sign that said that?
Get a new attorney - One that know what they are doing.
The foreclosing attorney is trying to strong arm you into taking the house back & paying out the first mortgage in direct to preserve your credit. They are doing anything they can to get their client money!
So long as you did not in any passageway secure the first mortgage, then you should own no issue. If for some reason your former attorney guided you to sign an unusually unfair agreement, you may be capable of sue him.
Also, so long as you made no misrepresentations on the property.
Why would you carry a 2nd for someone with bleak credit? You were a creditor & didn't do a credit check? Did your attorney take attention of those things --- sue him/her --- they were an awful attorney.
Related Questions: