What happens after forclosure
In september of 1997 I purchased a mobile home.
A land home package with a mortgage broker arranging
the financing. In order to make the loan. The mortgage
broker had a mortgage company to accept the loan.
Heres the kicker the mortgage company would only go 75% of the asking price. The seller (a mobile home dealer) then took out a (imaginary 2nd mortgage of 25%) thus after raising the price 25% the seller got their full asking price the mortgage which was never even supposed to be recorded was. And after I moved in I was supposed to sign a covenant(never mentioned before. this was all to be taken care of at refinance
after 1 year but was not because mortgage broker Now
couldnt get re-finace accomplished mobile home dealer
got money 100% of asking price mort broker got money
2600.00 at closing and eventually i had home foreclosed on 2 years later. It has been over a year
since we moved out and it still hasnt sold for mortgage company is demanding judgement after all said and done… What are my options I would love to
dig in their pockets like they all did mine. Bear in mind this is the short version thank you..
Re: What happens after forclosure
This type of thing seems to be an epidemic in this part of South Carolina. Everybody gets paid and you get left holding the bag. These imaginary second mortgages are really called thowaway second mortgages. Also, there is probably an inflated appraisal to go along with it. After foreclosure, if they got a judgment against you for more than what the property sold, then you may be responsible for that. One recourse you may have is to file suit against the mobile home dealer for fraud, unfair trade practices, negligence, and a host of other theories. There is usually a three (3) statute of limitations. You may also be able to file suit under the Federal Credit Repair Organizations Act which gives one a civil action for inducing one to commit fraud in order to get a loan or to enhance one’s creditworthiness. This seems to be a pretty good statute for these things. It allows for damages, attorney fees and has a five (5) year statute of limitations. You can also file a complaint with the South Carolina Department of Consumer Affairs and you can also file a complaint with the Federal Trade Commission (FTC). If I were you, I would get busy and get an attorney before the three (3) years runs out on you.
Charles Griffin
Law Offices of The Griffin Firm, LLC
136 North Main Street
Anderson, SC 29621