Colli Real Estate

Real estate professionals and lawyers: My friend was cheated of a real estate scam investment.?

They made him sign on a house and the state must occupy the house, when in fact, will the rent. After a lot of arrears of the House form foreclosure. The house has 2 mortgages on it. The 2nd mortgage company has now sent the balance of the mortgage of 2 collections. Can they that? I heard that if the house is sold after locking allows two mortgages. Any real estate professionals and attorneys if you Please help my friend! Thank you!

The problem for secondary mortgages are subordinate to first mortgages. The house was not possible and the first mortgage was paid, but probably not enough to cover the second. In foreclosure, the creditor first obtain what they need to satisfy the debt, but the second is usually powerless. You'll probably have to pay. How is your credit is lost for the next 3 to 5 years if he missed payments, and now, especially if the collections are behind Depts. If she was going to rent the house should not have signed a document saying it was a primary residence. It is stupid and should have investigated as before agreeing to sign. Lenders to pay the mortgage, if they find a candidate has lied, and probably not asking the court, stating that convinced her to make a loan to owner-occupiers rather than investment lending.

Foreclosure Scam: Renters Beware

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