I am in desperate need of your help. I recently found out that an investement property that i purchased in Atlanta GA, was sold to me with false appraisal, and the home is worth nothing close to what it was sold. The guys that sold it to me are no where to be found, and now i am stuck with the huge mortgage, and a home that is worthless. Please help i don’t know what to do. This was an investment property that has turned to a nightmare
How do i go about getting my self out of this mess. Someone please advice.
a similar thing happened to my sister, except she didn’t buy property, but some bloke got 4 mortgages in her name on two properties, at values way over appraisal. she didn’t find out until she got the foreclosure letters. surprise!
short story: she sued the guy, title co, notary, and a few others for fraud and forgery, won a judgement and the judge set aside the deeds (reverted the property back to him). the banks were left holding forged loans to her on property that she didn’t own. she beat the banks to the punch and foreclosed her judgement on one of the houses (now his) before the banks could catch up and ended up with a nice $$. the banks caught up before the other one sold and she’ll probably settle with them. turns out this guy had done this to at least 13 other people in Dallas and Houston.
of course, her credit is screwed and she has hives from the stress.
you need an atty asap, and about $15,000 to cover the legal fees and maybe in two years you can get out of this mess. sorry. you certainly have my sympathy.
and to everyone else: ALWAYS DO YOUR HOMEWORK.
First (for all investors reading this post): YOU are responsible for knowing what something is worth. As an investor, you MUST know FMV of what you are buying. Trusting others to do your homework is unwise.
Second: I do not know the facts in the case. You might have a case for fraud, fraudulent misrepresentation or deceptive/unfair business practices…BUT litigating, winning and collecting on such a case will add significantly to the existing burden on your time and money. Talk to a few litigators & see if they think it’s a good enough case to pursue. If you get a pattern of turn-downs…then you are stuck. Sorry to be the bearer of bad news.
who is the lender? and who did the appraisal?
track back through the title company (if one was used) - if you didn’t use one - that’d be your first BIG mistake.
use all the avenues you have to figure out INFORMATION. forget emotions. it sucks, but this is life. you got F***ed.
GET A GOOD ATTORNEY.
also, by “worthless” you mean…it’s burned to the ground? it’s a sump? i dont understand this portion. “worthless” is a relative term - expand on this.