Foreclosure in Roselle Park>Question Details

Saved One, Home Buyer in Roselle Park, NJ

I RECENTLY SIGNED A CONTRACT AND DID USE AND OCCUPANCY FOR TWO MONTHS SO I THOUGHT BUT THE SELLER HAS LIENS ON THE HOUSE IM LIVING IN THE HOME AND

Asked by Saved One, Roselle Park, NJ Thu Feb 25, 2010

HAVE BEEN SITTING FOR 5MONTHS NOW WAITING TO CLOSE AND NOW THEY STOPPED COMMUNICATING WITH ME AND I FOUND OUT THAT THE HOUSE IS NOW UP FOR FORCLOSURE PLEASE WHAT TO DO

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Good for you! Also, thank you for your reply. Regards,
0 votes Thank Flag Link Thu Feb 23, 2012
Ok sorry for the late update but I finally closed on the house I had to get another realtor this lady was a God sent,,, she went through my information and told me some things I needed to do, yes I had a trust account which at the end of the day had to b used to pay off what she owed, and the things she was supposed to fix per inspector that since its obvious she wasnt I had to do it.

I closed in may of 2011 and i'm now looking forward to fixing up my new home.
She wasn't supposed to sell her own house for a profit, she didn't even have a real u &o she fabacated one, and once we closed she got fired from her job, but not before she harassed the new realtor for a finders fee, this lady was clearly tryn to get money from any and everybody, thank God I pray and believe in God cause with all of this mess stress, and bull she put me and my children through anyone could have snapped.. And my lawyer was excellent as well as patient...
0 votes Thank Flag Link Sat Feb 18, 2012
After two years how did this turn-out? Regards,
0 votes Thank Flag Link Sat Feb 18, 2012
ALSO THIS IS A SHORT SALE AND A TITLE SEARCH WAS DONE AND THATS HOW WE FOUND OUT ABOUT THE LEINS ON THE PROPERTY, SOME OF WHICH SHE DID CLEAR UP BUT OTHERS ARE NOT AND SHE KEPT TELLING ME HE HAS THE CLOSING PAPERS, BUT MY LAWYER STILL WAITING ON A SHORT SALE EXTENSION LETTER WHICH THE FIRST ONE SHE PRESENTED HAD A CLOSING DATE ON IT WHICH WAS FOR THE DAY AFTER SHE TURNED IT IN AND HAD THE OTHERS MAN NAME ON IT WHO SHE TRIED TO SELL THE HOUSE TO. SHE WORKS FOR CARLDWELL BANKER, CAN SHE DO THIS AS A RELTOR??? CAN I REPORT HER...
0 votes Thank Flag Link Fri Feb 26, 2010
OK i used the seller as my realtor and i do have a lawyer but seem like neither is helping the rent money i payed for the first couple of months went to the seller who is also the realtor.we did a letter to force them to close, they are now in default and still not answering my lawyer or me, and my lawyer told me to stop paying rent until we hear something. i also found out she(the seller/realtor) tried to sell the house to another man in south carolina who does tax service triangle is the name, and my mortgage company intercepted it and i believe thats the hold up i think they now have to wait until the title clear up back in her name-something sounds fishey about this entire matter. i think i messed up when i listened to the seller of this house and used her as my realtor... is that even legal??? but nethertheless.... i dont know what else can be done,
0 votes Thank Flag Link Fri Feb 26, 2010
Wow James, talk a bout the right hand not knowing what the left hand is doing. Amazing that the bank didn't know what happened to their potential liability.

What I meant about not being a tenant is that he really is a "contract Purchaser" and altho a U & O outlines everyones specific responsibilities, it isn't really a lease as was mentioned.

Just curious Saved, but who are you paying each month? Is the money going into an attorney trust to be turned over the the sellers once you close? You really really need an attorney of your own.

Let us know how this works out, not only for us to see how you make out, but because it will be a great leaning experience for us realtors who have never come across this situation before.
0 votes Thank Flag Link Fri Feb 26, 2010
Mary technically Saved is a tenant up until closing. Saved you need to contact an attorney. A lot of the time different departments in a lender have no communication and proceed at different paces.
I had a short sale that closed and the lender agreed to hold off 6 months on filing forclosure. I managed to get the home sold and we closed on the property in October. January I received a call from the legal department at the lender. They wanted to know if the property was occupied. I told them that it was and why did they want to know. They told me that they were getting ready to start the forclosure process.I told the legal department that the property had closed and the new owners were the occupants. They checked with loss mitigation and found out that I was telling the truth but there was no internal process in place to notify them when the property had sold!
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Feb 26, 2010
Fran and Mark.

Technically Save is not a "tenant" but apparently signed a purchase contract for the home he is now occupying, while waiting to close on it as it's rightful owner.

The mere fact that he's been in the house for 5 months with the U & O in place, only to find out the seller has leins and is facing foreclosure is something a Realtor cannot and should not get involved in, and getting a Realtor at this late date to explain the "process" isn't going to help his situation.

Save, again you should get an attorney ASAP if you don't have one already to help straighten this out.
0 votes Thank Flag Link Thu Feb 25, 2010
What is your agent suggesting and if you don't have one consider contacting an attorney who specializes in real estate--have him/her review the contract and all other documentation involved and check out all your options.
0 votes Thank Flag Link Thu Feb 25, 2010
Saved One

You need to get representation. You should have done a Title Search. That is what will uncover leins and other obstacles to trasfering title to you. A use and Occupancy inspection will only verify that a given property meets the minimum standards of habitability of the local municipality. Knowledge is Power. Get a good realtor to help you understand what is required and what each step in the buying process means. If you are now a tenant in the property verify that you have a valid lease and that your rent payments are on time and seek legal advise as to your status as a tenant with the bank doing the foreclosure.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
215-504-7500
215-321-3307 DIRECT
http://www.FranandMark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Thu Feb 25, 2010
Save,

I would suggest if you didn't have an attorney review your contract, and write up the use and occupancy that you hire one ASAP and have him go over this immediately !!!!!
0 votes Thank Flag Link Thu Feb 25, 2010
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