Approximately 2 years ago my firend of 12 years and I purchased a duplex together. We had an arrangement that he would collect the rent payments and make the mortgage payments, that we would make up the difference together when short and all repairs needed would be a joint effort. For a period of 7 months the mortgague went upaid by my "business partner". I can only assume he stole the money.
The Lender, ASC DID NOT NOTIFY me once of default or notify me of foreclosure. I found out the circumstance when pulling my annual credit report.By then it was too late, the property had foreclosed in may.
When asked why they didn't notify me as the cobarrower and named on the title, their reply was, "we are only required to notify one person, if there are two people on the loan one could call up and have the other person's contact information removed... It happens all the time and that must have been what happened with you because we do not have any of your information on file. My reply was, "you must have had some information on me because it is all over my credit report".
Even after I put my contact information on file, which was a month prior to foreclosue, they still didn't notify me.
Do barrowers not have any rights?!!!
I would like to press charges against my friend (ex-friend) and take him to court. I would also like to take action against the lender, however not sure if either is possible.
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