Wow, I just got off of the phone with a "seller" who is feeling very confused and does not know where to turn.
From the beginning:
2004, preconstruction condo purchase as an investment, Husband on the note and deed, wife on neither
2008, Husband deeded to wife, (ex-wife) by this time, husband still on mortgage
2009 Lis Pendens filed
2010 Judgement filed
2010 Foreclosure, deed transferred back to lender
Should be over, correct?
2011, Seller's (previous owner) attorney files a mortgage with the clerk of courts on this property, seller is the borrower and the sellers attorney is the note holder on this particular transaction
2011 Seller forms a trust and Quit Claims the property to the Trust from her personal name.... Did I mention that the bank was awarded the property in foreclosure and a clerks deed had been filed?
What in the heck is the sellers attorney trying to accomplish? I would sure like to know and now the seller would like to know?
Sellers attorney told her that she needs to short sale the property/
Anyone else feel dizzy?
Tags:
So basically with the sellers attorney filing a mortgage on the property if they can get the foreclosure overturned they can pursue the shortsale and the attorney can get paid as a second lienholder out of the bank proceeds. This seems illegal or at the very least highly unethical and I would be wary of how deeply you are involved in the transaction.
As for quitclaiming the property into the trust I am not exactly sure what the point of that is.
That is how I think it went down, of course I and the seller have tried to contact the attorney and he won't call either of us back. It looks to me like the attorney placed himself as the second lien holder and most likely is going to want paid to release the mortgage.
I am treading lightly, very lightly
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