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03-11-2013, 07:07 AM
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5,699 posts, read 6,499,931 times
Reputation: 4472
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A family member sold his deed under duress. The person who bought the deed is renting out the property and profiting. However, my family member owns the mortgage and can't pay the debt. His credit is in the toilet and does not know what to do. What can I do to help him?
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03-11-2013, 01:57 PM
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3,763 posts, read 11,344,448 times
Reputation: 6787
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Lawyer.
There are a lot of scams like this, where the deed gets transferred, but the debt on the house does not - and someone (like your relative) ends up holding the financial obligation but without any rights to the house.
If you can prove duress, you may be able to get the deed transfer invalidated, but seriously - this is not something to do on your own. Invest in a lawyer, if your relative is low income - find a community law bank where lawyers are willing to for reduced (or no) wages.
Good luck!
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03-11-2013, 02:14 PM
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4,567 posts, read 9,277,117 times
Reputation: 6663
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Quote:
Originally Posted by goodlife36
A family member sold his deed under duress.
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Duress is typically defined as forcing another person or party to do something against his or her will, usually with a threat of violence or other harm. Do you have written proof of harassment or threats?
Typically duress is not the reason in situations like this. They probably needed the money or loan modification and made a terrible decision. Its not illegal to make bad decisions.
That said.... he needs to talk to a lawyer to see if something can get worked out before time runs out. |
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03-11-2013, 06:26 PM
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5,699 posts, read 6,499,931 times
Reputation: 4472
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It seems hopeless. I know that he should see a lawyer but he does not have any money. I suggested that he contact Acorn. Thanks.
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03-11-2013, 06:38 PM
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4,787 posts, read 10,213,129 times
Reputation: 12691
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Acorn has not existed since 2010. Gone, bye- bye.
Contain Legal Aid or take advice of poster above for another low cost lawyer option.
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03-11-2013, 11:59 PM
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Location: Scottsdale, AZ
2,115 posts, read 4,424,061 times
Reputation: 3181
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He needs a lawyer. Bankruptcy may be an option, and since his credit is a mess already nothing to lose. Foreclosure will wipe out the mortgage, but the house will be lost forever.
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03-12-2013, 06:51 PM
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7,639 posts, read 9,543,478 times
Reputation: 13859
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A contract truly signed under duress may be voidable, however, I rather doubt that was the case. What type of force or unlawful threat was exerted to obtain the contract?
Regardless, as others have noted, this is the time for a lawyer. Check with a Legal Aid Society or a similar group in your area. You could also check to see if a local lawyer would offer his/her services pro bono--many will do so. You could also see if someone might take on the case on some type of contingency basis.
If you're willing to share more info, how much was the sale price and how much was owed on the mortgage? Do you know what type of Deed was used for the transfer? Who prepared the Deed? Has the Deed been recorded? Is your family member competent to enter a contract?
Obviously, no attorney or title insurance company was involved in the sale. This is another example of why people should get appropriate legal advice--and have the title thoroughly reviewed--before entering into any real estate transaction.
EDIT: Is the person who bought the property licensed in any way--such as a real estate agent?
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04-01-2013, 01:23 AM
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4 posts, read 7,744 times
Reputation: 10
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A deed in lieu of foreclosure is going to vary somewhat depending on your state and depending on who your loan is through. In some cases, there are specific programs and guidelines in place designed to streamline the process of a deed in lieu of foreclosure. You can contact to kolberlegal.com. Kolber legal lawyer provide all property tax solution.
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04-03-2013, 05:50 PM
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Location: New York
2,251 posts, read 4,537,305 times
Reputation: 1611
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Quote:
Originally Posted by goodlife36
...... he does not have any money....
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I agree this is a "Big" scam, people signing (deeding) on their titles.
I see another problem - he can no longer afford the property.
Instead of looking for a remedy - searching for a dream to good to be true. If it sound's good, it probably is a dream.
Focus on the future - look at what he can afford, so he can live comfortably.
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