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Remember that house I sold with seller financing then the buyers asked me to switch to a Warranty Deed in just the “daughter” name so she could refinance. But instead of refinancing her plan all along was to sell the house. Some how, she convinced the Title company that my recorded Lien with the property as collateral was really a personal loan and she would just pay it outside of closing. But she took off with my money and never had any intentions of paying me.
To make a long story shorter, I filed a law suit to get my money or get the house back. Both the person I sold to, the title company, and the new buyers are named in the lawsuit.
The process server has been trying to serve the lady i sold to but there is only a guy at the property and he says she is not there. The process server has been back many times and even waited overnight.
Yesterday I got a report from my attorney that they would have to file some other kind of document since the lady I sold to cannot be found. In the report from the process server, they listed the phone number for the lady and said they have called her several times but she just hangs up on them.
I did a google search for the number to see what else I could find out. ( do lawyers do this?) What I discovered is that the lady is really a GUY and offers SHEMALE escort services. I won’t go in to details about what other stuff and photos I saw and explicit descriptions…
So, when you are involved in a lawsuit, perhaps it is a good idea to say mr. and/or ms – just to cover all the bases.
As real estate investors we run across some STRANGE stuff – but this is just about the weirdest thing that has ever happened.
For a long time I have had the domain name http://www.EveryHouseTellsAStory.com with the intentions of writing a book about the stories and strange things I have discovered doing real estate investing.
Eventually I will get my money and/or the house.
If a buyer skips out, you foreclose to get the house back. Some states it is fairly quick and easy but some states it is a long process and expensive.
Originally, I sold this house with seller financing by selling the beneficial interest of a trust so I could simply evict if there was a default. Then the buyers asked if they could switch to a warranty deed so they could refinance.
In this situation, I’m foreclosing on the house, have put a lien against all assets owned by the person who owes me money (including other real estate) and going after her/him for fraud too.
Plus I’m suing the title company who caused all these problems by not contacting me for a payoff – this will fall under their error and omission insurance. They acknowledge that they knew about the recorded lien against the property yet, allowed my buyer to sign an affidavit that she would pay me outside of closing – without even contacting me for permission or for a payoff. The problem all started with the title company not doing their job.
Unfortunately the people who bought the house are caught up in the mess too. It’s not their fault unless they were in on it. They have title insurance that says they have clear title except for the mortgage they took out to buy the house. So, either their title insurance company pays me or they lose the house when it is foreclosed on next month.
It’s a big mess. In more than 20 years of real estate investing, I have never run in to such a mess.
In the end, I will probably make much more than I would have if my lien had simply been paid off. But it takes time to go through the legal process.
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