Jump to content

HELP ANYBODY


nathan
 Share

Recommended Posts

I loaned my credit to my mother in law about for years ago to buy investment property 10 condos to be exact.She lied to me for a year and let all of them forclose i now owe about 120,000 to all the second mortgage loans.It has been about two years since the last payment was made.All the proerty was bought in AZ. bought i have always lived in CA.And to top it off my wife is in the same situation i am.Thanks for any help.

Link to comment
Share on other sites

Why on earth did you do that in the first place? Credit is something you NEVER EVER loan to someone. Especially an in-law.

1. Can you afford to pay current the properties and own them yourself?

2. This is borderline mortgage fraud. What you were is a "straw buyer". Have you seen the properties yourself? For all you know they could be facades created to get money out of a mortgage company and leave the lender holding the bag.

Link to comment
Share on other sites

yea i know i was young and dumb all the first mortgage loans forclosed so there is no getting them back. the money i owe is to the seconds which have all charge off's on them.i could never afford to pay back 120,000 so i dont know what they can get from me.I don't make much money.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.