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So there was a Guy named Adam A who has a house(purchased in 2006) which he sold the house to Brian B in 2011, which means the TITLE OR DEED OF THE HOUSE IS NOW IN BRIAN B.'s name. They had worked out a scam that Adam A would inflate the price of the house and sell to Brian B, or in other words Appraisal Fraud. They ended up getting into a fight. The mortgage was not being paid for a good 2 years, but the taxes were being paid by the bank. The original loan was from one bank, and than changed hands between two other banks, then finally purchased by Green tree servicing (debt collectors). Assuming Brian B. was in default, we ran Brian B. credit, and found he has 740+ credit and no history of any loan. Which means the loan may still possibly be in Adam A.'s name. Upon further investigation, it seems that Adam A.'s may have used a straw buyer(someone who first took out the mortgage for the house on they're name) when he FIRST purchased the house. Now we know who's name the title is on, but have NO idea who the initial loan holder is. Now Brian B. wants to sell the house to Charlie C. If Brian B. signs over the title or deed to Charlie C., what will happen to the original loan? Who is responsible? I'm sure in NY, the law is the name on the title should match up with the name on the mortgage, correct?
Upon further investigation, it seems that Adam A.'s may have used a strawman buyer when he FIRST purchased the house. Now we know who's name the title is on, but have NO idea who the initial lien holder is.
The lien was not recorded at the time of sale and loan origination?
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Now Brian B. wants to sell the house to Charlie C.
If Brian B. signs over the title or deed to Charlie C., what will happen to the original loan?
That all depends on how the contract is written...
but if a bank is involved (see the RE tax comment) you can be reasonably sure they'll know
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Any advice would be highly appreciated!
Get down to the County Records office and READ the whole file.
You need to check what is recorded in order to determine the condition of the title. Was that not done when "B" purchased the property? Merely receiving a deed to a property does not guarantee that good title is being conveyed.
THANK YOU VERY MUCH!! ANY IDEA WHAT TYPE OF ATTORNEY EXACTLY I SHOULD BE DEALING WITH?
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Originally Posted by jackmichigan
You need to check what is recorded in order to determine the condition of the title. Was that not done when "B" purchased the property? Merely receiving a deed to a property does not guarantee that good title is being conveyed.
Issue was that Adam A. was a long time so called "friend" to Brian B., who is a Naive foolish single women. Me being Charlie C., trying to help Brian B. out.
So there was a Guy named Adam A who has a house(purchased in 2006) which he sold the house to Brian B in 2011, which means the TITLE OR DEED OF THE HOUSE IS NOW IN BRIAN B.'s name. They had worked out a scam that Adam A would inflate the price of the house and sell to Brian B, or in other words Appraisal Fraud. They ended up getting into a fight. The mortgage was not being paid for a good 2 years, but the taxes were being paid by the bank. The original loan was from one bank, and than changed hands between two other banks, then finally purchased by Green tree servicing (debt collectors). Assuming Brian B. was in default, we ran Brian B. credit, and found he has 740+ credit and no history of any loan. If there was no new loan, how is this fraud?
Which means the loan may still possibly be in Adam A.'s name. Upon further investigation, it seems that Adam A.'s may have used a straw buyer(someone who first took out the mortgage for the house on they're name) when he FIRST purchased the house. So, which is it? Is the mortgage in Adam A's name or someone else (straw buyer).
Now we know who's name the title is on, but have NO idea who the initial loan holder is. Now Brian B. wants to sell the house to Charlie C. If Brian B. signs over the title or deed to Charlie C., what will happen to the original loan?
The original loan is still a lien against the property.
Who is responsible? I'm sure in NY, the law is the name on the title should match up with the name on the mortgage, correct?
I don't know about NY, but in my area, mortgages typically have a "due on sale" clause. They are the ones concerned about the name on the title, not local law.
Any advice would be highly appreciated!
Advice about what?
Last edited by thebigW; 09-13-2014 at 11:38 AM..
Reason: to bold
Mo 3gunz, with a name like that you sound well able to negotiation in some respect. But, I assume for these purposes, you mean totally legally.
NYAnnie may come back with the atty info because NY is one of those areas that is kind of a different animal where real estate is concerned.
I know atty's used to do settlements there, as many many places. Many places add on settelement companies and title companies now for places to conduct settelement and all the lots and lots of work that goes into bringing them about. They are not just places where the papers are signed.
So, good solid places that do settlements is what you need. A good title search. I know other areas have people that are really good at searching titles and deeds so extrapolate that and your area should have these too.
Or I can stick around, sue the debt collector and have them prove that the loan is not mine (me being Charlie C.) and walk away with a 500,000 house for pennies
Last edited by mo3gunz; 09-13-2014 at 02:15 PM..
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Very confusing
