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My wife and I purchased two rental houses as an investment in August 06. After we signed, we found out the builder, appraiser, and loan officer all screwed us. The appraisal was inflated, the size of the houses are not even the size the appraisal states and the loan officer lied about all of our info on the app (including that they would both be primary residences). We found all this out after we had a high ranking person in USBank Mortgage look at everything they did after we got suspicious. We confronted the builder and loan officer, the builder signed a contract for deed agreeing to buy back the houses for the loan amounts. Of course the agreed date has come and gone. Everyone involved is now out of business. Since both of our credit scores are appoaching 800, we have tried to stay afloat. To take the cake, we got a summons to pay for all of the builders unpaid subcontractors plus interest and legal fees since summer 06. What are our options at this point? Please help.
We knew the broker was saying owner occupied. We asked numerous people the consequences of doing so and everyone, broker included said absolute worst case senario is the lenders would refinance. No fines, jail etc. Believe me, we asked NUMEROUS times. Even family members we trusted told us not to worry about it. They said the broker is the one who would face the consequences. As for everything else he fabricated, we were unaware until a trained eye looked at our documents. Second the appraisal was off by more than a few feet. The stated size was 1415sf and the actual is 1125sf. The rooms are accurate, but it says 2 patio/deck, which there are none. When the house was empty for a short time we found the original build blueprints stuffed in a closet and of course have them now. Last, like I said none of the three parties who bent the rules to make this happen are in business any longer.
First I hate to hear anyone having trouble with their mortgages there are a lot of good people doing a good job,.First I am curious what the person at US Bank had to say about this scenario. Probably what I am thinking there is not much you can do. First all appraisers are licensed, report this to your state dept that regulates them. Second builders are licensed, so I would go to the state and report them there. Next the mortgage person probably is not registered however, the company he worked for is and I would report them. Next, after reporting all of them, ask to receive updates from the respective regulatory agencies about their investigations. After all is said and done if any of these agencies find wrong doing then you may have grounds for civil action. I am not a lawyer but these are the steps I would take. Lastly, it sounds like you have a good credit score but are having difficulty making your payments. I hate that keep working and you will make it. As for the subs coming after you, they have no bearing, I pray you had title work done for the closing. The title company conveyed clear title. Another reason for ALWAYS buying owners title policy. I hope this helps a little.
Non owner occupied home have VERY different protections. You are going to have to prove that they defrauded you. Being that you were SPECULATING it is going to be very difficult to prove to a judge that this isn't just an investment gone wrong. An appraisal can always be a few square feet off. If the appraiser added bedrooms and baths....then yes you have a serious case against his E&O insurance....even then that appraisal didn't influence your decision to buy. You are trying to prove "Fraud in the inducement". You need to prove: Damage That their fraud is the REASON you bought - doesn't sound like it is. That they committed fraud That they had intent to commit fraud.
Hi: Sorry to hear about your predicament. Unfortunately it is too late to do any due diligence which should have preeded the transaction. It is reluctantly suggested that you refer this case to the LEGAL mississippi GOVERNMENT areas. CHAUD K
Did they forge your signatures or change documents after you signed them? If not, then you signed documents stating that these houses would be your primary residences.