Legal Question in Real Estate Law in Texas
Foreclosure Scheme?
My girlfriend was dealing with an investor and trying to sell a house, which she could not afford. The investor told her he would take over the payments and buy the house. He suggested to her that she stop paying the mortgage to stimulate the bank into accepting a lower offer.
The house ended up going into foreclosure and he (the investor) was one of the first ones to bid on it (against the bank), therefore getting it at a low price. My g/f ended up getting a foreclosure on her credit, and the bank lost money.
Is this a normal thing to happen? Was there a breach of the law somewhere here?
1 Answer from Attorneys
Re: Foreclosure Scheme?
Sounds like there may be some culpable wrongdoing by this investor. The big question is, did he tell her to stop paying in writing, or in front of witnesses? If not, there will be a big proof problem -- a he said, she said situation.
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