Hello Everyone,
I am so blessed to have found this site.
Ok here's my story.
I purchased a house in 1/07 for $660,000 from a friend, well I thought he was a friend. When I filed my taxes last year I learned that I had two mortages on this house.
CW at $528,000 and National City at $228,000. There were documents that my tax accountant needed that I didn't have. So when I contacted the mortgage broker they began to send me hud and closing statements. I didn't leave the office with these docs. A friend advised me to contact both banks and have the banks fax me all the closing docs to make sure I had everything
Too make a long story short. I found out that National City had an appraisal and contract forged in my name for 1.2 mil dollars and
CW had an appraisal for $660,000 and contract forged in my name.
I knew the house was $660,000 but knew nothing about a 1.2 mil dollar appraisal or contract. Also later found out that the attorney that I thought was for me, was the banks attorney.
I informed NC as soon as I found out that there were docs that were forged in my name. They advised me that the mortgage broker was under ivestigation because a lot of people were now in foreclosure and stated that the same mortgage broker had them signed blank docs etc...
NC told me I still had to pay my loan until the investigation was completed. I continued to pay my loan from April-August 08. In August NC calls me and told me that they charged off my loan in April and the full amount was now due. I had a panic attack. They made me seem like I was part of some scheme. They flipped everything on me. They sent attorney letters trying to claim the outstanding balance in October. In Jan 09 they send me a debt forgiveness letter stating that they will accept 25% of the balance on or before Jan 31st 09. Of course I could not pay $71,000. I continue to pay my option arm min payment with
CW, but the loan is now 571,000 instead of the original borrowed $528,000. Im in a mess and don't know what to do. I contacted attorneys who said I have a case but they need $15,000-$20,000 retainers fees and said my legal fees will probably estimate to $50,000-$60,000 once the case is completed. I don't have this type of money to fight this case.
I decided to short sale the home, but the realtor Im working with decided to low ball
CW at $250,000 and
CW declined the offer.
Any suggestions. Should I stop paying
CW. I really don't have the money to continue to pay this mortgage along with heating, water and electriciy bills that average around $10,000.
I never try and walk away from anything, I'm a fighter...but I think I just lost the battle. I'm tired