advice needed… - Posted by Steve
Posted by Steve on October 22, 2003 at 22:22:03:
I sold a house on a land contract using a POA from the previous owners. After 10 months my buyer decided to refi with Ameriquest. Ameriquest called and said to back date the VOM to say they had been there 12 months. I had 20k profit on the back end so I was willing to do this and also forgive 2 months mtg payments to make the payoff look legit. I also forgave a few grand in late fees etc. All together I forgave 5k to get my 20k. So, after cutting fees, I find out the previous owners took out a 20k equity line of credit against the property (obviously could not have done that had I recorded the deed, so lesson learned). So, Ameriquest funds the refi and I never sign anything. After paying off the 1st and 2nd they call me to transfer deed (using poa). After reviewing the HUD i realized my buyers had received cash back at closing. I decided that I would no longer be willing to lose 5k in fees owed to me while they are able to cash out. I thought they could not get the loan to go through without dropping the 5k because there was not enough equity. So, since they blatantly lied, I will not sign the deed until I get my money.
In the mean time, the equity line of credit was paid off by Ameriquest and the previous owner went to the bank and took out 20k on the equity line of credit, which should have been closed but was not. So now I have my 20k that was owed to me, but am missing the 5k. I have told the title co. that closed this that I would not transfer the deed until I get my full payoff. My attorney says I am clearly in the right because the 1st payoff (vom) I signed was given based on fraudulent statements by Ameriquest and a couple other reasons.
Has anyone ever been in a situation like this? If so, or even if not, I would be interested in hearing feedback. Thanks!!