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Old 11-21-2009, 06:43 PM
 
3 posts, read 6,482 times
Reputation: 10

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I purchased a piece of property in May through an auction for the down payment. Right after I won the auction I realized I would soon be laid off and tried to get out of it but was told I couldn't. In August I asked for the land to be auctioned off and was told that couldn't happen, I asked for the pictures they used in the ad and was told they weren't available. I am now unable to make the payments and they are threatening foreclosure which will effect my credit score, here's where I have questions. The land was never transferred into my name (that would happen upon payoff) and I never gave a birth date or social security number, so how could they a) truly foreclose on it and b) do anything with my credit score?
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Old 11-21-2009, 08:19 PM
 
Location: Southern California
79 posts, read 196,284 times
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Do you complete the down payment? Have you made any payments? What documents were signed? Loan docs, Deed of Trust, Purchase Agreement, etc. What was executed?
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Old 11-21-2009, 09:58 PM
 
3 posts, read 6,482 times
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Quote:
Originally Posted by Leavethetable View Post
Do you complete the down payment? Have you made any payments? What documents were signed? Loan docs, Deed of Trust, Purchase Agreement, etc. What was executed?
All that was signed was an agreement on the terms of the loan (when payments were to be made, how much, etc), I've made the down payment and two payments (the last one being in August).
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Old 11-24-2009, 02:57 PM
 
Location: New York
2,251 posts, read 4,315,640 times
Reputation: 1610
Quote:
Originally Posted by rvoyles View Post

purchased a piece of property in May
through an auction for the down payment.
Right after I won the auction I realized I would soon be laid off and tried to get out of it but was told I couldn't.
In August I asked for the land to be auctioned off and was told that couldn't happen, I asked for the pictures they used in the ad and was told they weren't available.
I am now unable to make the payments and they are threatening foreclosure which will effect my credit score, here's where I have questions.
The land was never transferred into my name (that would happen upon payoff).
I never gave a birth date or social security number, so how could they a) truly foreclose on it and b) do anything with my credit score?
When I was a loan officer - on a home (piece of property). When you walk away from the closing table. The property was yours.

Now you are saying the property was never transferred into your name?

If I was you, since you made a down payment and made a couple of payments, I would claim fraud. You never took title to the property, so you have no obligation.

You should turn around the story in your favor and demand any payments and your deposit be returned or your are going to take them to court.

What were they trying to do scam you? You need to be firm, the loudest cry wins...
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Old 11-24-2009, 03:13 PM
 
3 posts, read 6,482 times
Reputation: 10
Quote:
Originally Posted by Modification Specialist View Post
When I was a loan officer - on a home (piece of property). When you walk away from the closing table. The property was yours.

Now you are saying the property was never transferred into your name?

If I was you, since you made a down payment and made a couple of payments, I would claim fraud. You never took title to the property, so you have no obligation.

You should turn around the story in your favor and demand any payments and your deposit be returned or your are going to take them to court.

What were they trying to do scam you? You need to be firm, the loudest cry wins...
Ok thank you. It's through a company (OnlineLandUSA.com - Land for Sale Online) and I felt unsure but went through it anyway against my best judgment, I'm not even allowed to do anything with it until I pay it off. They are now saying they are going to foreclose but I don't know how they could. I emailed them some questions and they haven't responded so I'm not sure whats happening...
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