Based on my limited knowledge of contractual laws dealing with deeds to property I was misled into signing over the deed to my financed house. The property is now in foreclosure due to nonpayment even though the renter is making timely payments to the deed owner. The deed owner was a trusted and respected business man as well as a personal friend.
Even though one could argue I legally signed over the deed I did so due to my lack of knowledge and my trust in a friend. Since the threat of foreclosure, I have begged for the return of the deed so I can fulfill the obligation to the mortgage company as well as salvage my credit. This is the second of three properties that he manages and holds the deed to that has threatened foreclosure.
The first property he mishandled was left unlocked without my knowledge. He did so in order to show the property without being physically there. During this time the house was vandalized with over $11,000 dollars in damages/repairs. After the vandalism he decided to have no more interest in the house. I offered to take the property back and asked him to claim the damages on the rental insurance policy. He refused to claim the damages, make proper repairs or bring the mortgage current.
In order to save my credit and not foreclose to the bank I made all necessary repairs out of pocket. We discussed all properties at that time and he would only agree to deed back the 1 damaged property. He then ensured me that the two reaming properties would be maintained and kept current neither which has happened. While I realized there may be no legal recourse for his actions I do not want anyone else to fall victim to his schemes.
0 comments