Scam Investor Took Over Mortgage Payments But Not Keeping Deal. Long Story But Please Help!?

We were in foreclosure in 2006, the house had been for sale for 9 months and nothing. This company came and said they could help. Here was the deal. They would take over the payments and rent the house out, then sell the house and we would get at 10k profit. the 10k was like this: 6 up front and 4 on sale. the first 6k were paid in small amounts for 6 long months of stringing us along. also they only paid on time a few months and they've paid 30 days late for a 17 months and counting. the house is not being rented or sold because the only advertising they do is free ads at craigslist and a free do it yourself website they set up. my credit is shot and i can't afford the mortgage plus my rent and i don't know what to do. if i take the house back, can they sue me for the money they've already paid? i need to solve this problem and i don't know where to start. i dont have a lot of money, what can I do? please help me with some ideas!

I should be more clear, sorry. I didn't sell anything to them. The house, the title, insurance, mortgage, taxes etc is all in my name. Can they be considered like renters who paid 6k to move in and are now not paying in time? is that possible? as i said, everything is in my name.

Its comes back to the old adage, if something sounds too good to be true then it probably is.

have you made up or signed a contract to say that the house would be taken over by them, then sold to you, if not then basically they have no rights over your house and any money given too you, could be taken as rental from that company to you.

As the house is still in your name this cannot be taken from you.My advice move back into your house and only deal with genuine buyers not flyby night cowboys.

Get the company investigated, then contact a solicitor to make sure you have yourself properly covered

you were in preforeclosure right. you sold your house to them for ten K well duh. and no lawyer!

Anytime you don't directly sell the property and you are released from BOTH the title and the mortgage note: They are scams.

Unfortunately, you have no choice but to call a real estate attorney to file suit and get the house back in your name

They cannot sue you for the money they gave you because they are in breach of contract, didn't keep the agreement, and what they did was 100% illegal.

You essentially...SOLD the house for $6,000 in title only and are also on the hook for it....that's practically the same as giving the house away.

The reason they paid you in small amounts is because they were probably paying you what they were renting it for.

Call an attorney, there is no other way to fix it.

First thing to do is go to the court house and see if they recorded the title for your property. If they did, then they have control of the house and they can sue. This means they can put a lien on your house for payment to them.

If they have not recorded the title in the court house then if I were you I would just sell it yourself.

Question ? How long is the contract for ?

The other thing you can do is file foreclosure proceedings on them because of late payments. Talk to a Real Estate Attorney on a free consultation and ask him/her to advice you on your rights.

You can ask the investor nicely to see if they would step out of the contract. If they don't want to do this then you know you have a jerk. At this point you can tell them that you will foreclose on the property for late payments. As I see it he does not have the money to do anything either.

It's investors like these that give the good legitimate investors a bad name. Obviously this investor doesn't even have the capital to do effective advertising.

If you have anymore questions feel free to contact me.

Good Luck

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