Second Mortgage Loan Foreclosed??
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I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house, I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. The guy still hasn't done anything regarding the property. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I checked my credit report and 1 of the loans (80K) says foreclosed. Yet there is another company on my report which I believe is a collection agency and the outstanding bal. is 80K. Since I signed over the deed stating I 鈥榮old鈥?it to for 400K, in 2006, what happens with the mortgage loans in my name? What does it mean for 1 loan to be foreclosed?
Second Mortgage Loan Foreclosed??As stated in a previous answer, a deed to a property simply signified who owns that item. It's the same as a title to a car, simply proof of ownership.
You have taken out a loan to purchase the said item. This loan is completely separate from the deed. The agreement is simply between you and the lender. The simple process of a mortgage to purchase a property is you going to a lender and saying please loan me money, I want to buy something. I promise that I will pay the loan back, but if I don't, you can have what I bought and try to sell it for what I owe you. As a note, technically if they sell for less you still owe the difference between the two amounts. Many times banks will forgive this amount, but is not required.
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