SCAMMED: I came to the conclusion that my relative was ripping us OFF!

blahblah99

Platinum Member
Oct 10, 2000
2,689
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My relatives are screwing over my parents BIG TIME. My parents don't have the income or credit rating to get a mortgage in their own name but make enough to pay the monthly mortage, so they need to rely on a relative (my aunt) as the principle mortager. This was where they made the first mistake. They allowed solely her name to be on the paperwork.

Tonight, I was talking to my mom tonight about how many more payments they need to pay off the house, and she tells me they just refinanced a couple of years ago! Seeing how they've been in the same house for over 10 years, I thought a few more years and the mortgage payments are done. WRONG. I started to wonder why the house was re-financed... well sure enough, I found out it was refinanced twice over a span of about 12 years. Now, normally one would think this is done in favor of lower interest rates, but not in this case. Each time the house was refinanced, I think my aunt did a cash-out mortgage and walked out with who knows how much (I'll have to find out). Now they're stuck with a new 30-year mortage with almost the same principle as when the house was first mortaged in 1992.

My jaw just dropped when this finally hit me. Now, from a legal standpoint, I know she was entitled to do whatever she wanted since everything was soley under her name, but if she coerced my parents into having just her name on the paperworks, then its a different story.

What should/can I do? I'm definately going to confront every relative that's involved, and if I find out that my parent's payments have been going directly to the mortage lender instead of my aunt, then SHE'LL BE IN BIG TROUBLE as she has no proof of payments on the mortgage.
 

Yossarian

Lifer
Dec 26, 2000
18,010
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81
I think you should get some proof before confronting relatives and causing a big mess with your family.
 

Shockwave

Banned
Sep 16, 2000
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I think your parents should be smart enough to not be getting screwed. And you should stay the hell out of it.
My opinion.
 

bleeb

Lifer
Feb 3, 2000
10,868
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This is a very touchy sitation. Get proof. Find a lawyer. Read the contracts. ARM yourself with evidence. Don't fall into the same trap that the Bush Administration has done with their phony evidence of WMDs.
 

SweetSweetLeroyBrown

Senior member
Oct 16, 2003
849
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if you don't mind losing the house, you could threaten to stop making mortgage payments, risking the property to forclosure, and thus ruining your aunt's credit
 

AgaBoogaBoo

Lifer
Feb 16, 2003
26,108
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81
Get a lawyer and try to see if you can get her to say something you can record or something as proof to use against her
 

blahblah99

Platinum Member
Oct 10, 2000
2,689
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I can't do anything currently, but when the house and mortgage is transferred over in my name, I'm going to have a talk with everyone involved. By then I should have all the ammunition I need.
 

v3rrv3

Golden Member
May 26, 2002
1,826
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Originally posted by: bleeb
This is a very touchy sitation. Get proof. Find a lawyer. Read the contracts. ARM yourself with evidence. Don't fall into the same trap that the Bush Administration has done with their phony evidence of WMDs.

Fall into a trap? You mean get caught up in lies :D

On topic: Hope it works out, looks like a shady situation but like others said get proof first.

- Kevin