Need advise

Posted by Axel on August 08, 2006 at 17:01:32:

In March of this year I was approached by a Mortage broker with a proposal to help a lady get out of foreclosure. They would pay me to purchase her home for six month and she would get here credit repaired and she would buy it back. They would put enough money in escrow to pay the payments for the six months. Ends up they only put three months in I asked here for the money and she does not have it. I like a fool only read the appraisal and the paperwork and did not see the house until the neighborhood found out I purchased the house. they wrote me to ask what I was going to do about the condition of the house and the transient renters. I was unaware of any such problems and I would look into it.
The lady is an animal collector and had over 50 cats in the home and maybe 25 dogs. The house is maxed out in loan amount and needs $75,000 to $100,000 in repairs. I could possible float the house for six months, but ultimately I Don't have that kind of money to repair the house and wait for it to sell. I was misled by the mortgage broker who set up the and the seller. I don't know where to turn. Any advice?

Follow Ups:

• Re: Need advise - Greg 14:37:29 08/09/06 (0)
• Re: Need advise - NJDave 06:18:05 08/09/06 (0)

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: In March of this year I was approached by a Mortage broker with a proposal to help a lady get out of foreclosure. They would pay me to purchase her home for six month and she would get here credit repaired and she would buy it back. They would put enough money in escrow to pay the payments for the six months. Ends up they only put three months in I asked here for the money and she does not have it. I like a fool only read the appraisal and the paperwork and did not see the house until the neighborhood found out I purchased the house. they wrote me to ask what I was going to  do about the condition of the house and the transient renters. I was unaware of any such problems and I would look into it. 
The lady is an animal collector and had over 50 cats in the home and maybe 25 dogs. The house is maxed out in loan amount and needs $75,000 to $100,000 in repairs. I could possible float the house for six months, but ultimately  I Don't have that kind of money to repair the house and wait for it to sell.  I was misled by the mortgage broker who set up the and the seller. I don't know where to turn. Any advice?


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