I sold property in Florida, hold 2nd Mortgage for buyer, 1st mortgage filed foreclosure! My credit is ruined?
I sold property in Florida and hold the 2nd mortgage for deadbeat buyers that going into this was not told they had bad credit.
Now 1st mortgage holder who is a private party (not a bank) has filed foreclosure against buyer.
His attorney and the attorney I used in closing the loan told me that it would go on my credit as foreclosure and I have perfect credit. How could this be? I am not the buyer, I am the seller and I never agreed to pay the 1st mortgage
The attorney told us before closing they had good credit. That is something we harped about the entire time is to have the credit report and their name and ss #. We never received any of it and was assured their credit was good. I did not want to sell to a dead beat. Now when we filed our taxes we were told we need their ss # and we were suppose to have those too and the lawyer refused us the credit report and their ss #’s.
Small town and every lawyer you talk to there is good friends with all the rest. I am going outside the area to hunt a real attorney