Facing Forclosure Bought the house in Inlaw's Name

[jjo789789]

I bought the house in my wifes mother s name with inflated income well she has no income
i have been told by my agent that i had poor cradit and she told me to buy in he name
after about 2years of paying 3500 per month interest rate went up to 9%
i couldn't pay 5500 per month , i just recived trusty sales notice and i am about to loos my house please please help i need every help i can get

[Andrew]

Everything you said is fraud. And its like you knew exactly what you were doing. I would just face the music. Better hope they dont have a undated IRS 4506 cause you can be in some big trouble. And the fact that your mortgage payment is so high you had to have claimed a lot of income.

[Moe Bedard]

Jjo,
If you bought your house in a person's name that has no income that is knowingly deceiving the lender and both you and your agent were a party to the Fraud..........and the sad truth is if she still doesn't have any income, she won't qualify for a loan modification either.......

What you did so many people did, and it has caused the situation to be all that much worse. We have the collusion of the Broker aiding and abetting you the home buyer to knowingly reflect information that is not true and by its very nature is actually against the law. Now I am going to assume that you also realize that under the circumstances that the Broker could possibly go to jail for that behavior. Without income she will not qualify for the modification and the best you can hope for is that if you do contact the lender they are willing to let you off gracefully.

[JacMac]

I think what everyone is saying is that there is nothing that can be done . . . other than let the house foreclose.

Hopefully you will not have to learn a very harsch lesson, but what you will come out of this with is experience.

Experience is what we get when we don't get what we expected. Learn from this mistake and come out wiser, which means: Don't do this again.

Good luck to you.