We were sold a house based on owner finance, poor credit, no credit. When we signed the paperwork, no title search had been done, this was discovered later. We made payments over the course of one year, and then we received a notification from bank of america that they were curious as to why people who were no longer living here were two months behind in their mortgage. When I contacted our "owner financer" he didnt answer.
What we found out is that, this man, and his company, never had proper ownership. He took a 40K deposit, financed the house at 197,000, only owes 157,000 and took money off the back of the loan.in addition, he has been late on the payments over the past year. He now threatens to evict us. He has done this to other people and he is probably guilty of predatory lending.
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