Everything You Need To Know About Mortgages

I have a friend who was a victim of mortgage fraud. I want to help but who will I contact?

The title company was closed due to fraudulent transactions. What happened was the title company did not payoff the old mortgage. So, my friend now has 2 outstanding mortgages instead of one. The Insurer of the title company said they have limited access to the title company’s files thus delaying the process. Meanwhile, my friend has submitted all the closing documents to the Insurer of the title company but still they did not honor that and they did not pay yet the old mortgage company. My friend now is paying 2 mortgages. Instead of expecting a lower monthly payments, he is now paying double the amount of his original mortgage monthly payments. Any help please?

First, the short answer to your question is CALL THE POLICE. This is a crime.

Second, this is not just your friend’s problem. The mortgage company (who represents the investor or owner of the mortgage) also has an interest in resolving this fraud. The mortgage company (I assume) is the one who engaged the title company in the first place. If the title company screwed up, they should pay. If the title company doesn’t exist anymore, then the mortgage company would be at least partially responsible for not doing a better due diligence on the title companies they use.

I also assume that the previous owner of the property is the one whose name is on the previous mortgage. If your friend paid the money to the previous owner, then what happened to that money if it didn’t go toward paying off the original mortgage?

Finally, your friend has no legal obligation to pay the old mortgage since his name is not on the loan. If the previous owner does not pay the old mortgage, then this will reflect on his credit report. I understand that your friend wants to pay to avoid foreclosure. However, this is as much the investor/mortgage company’s problem as it is your friend’s. I’m sure that you received the loan based on a primary lien (first lien) position on the property. If your mortgage is in the second lien position, then that is a problem for the investor/mortgage company. THEY need to do something about that; they can’t just leave it to your friend as the borrower.

Another thing to check on is whether this is an error with the county recorder’s office. When a property is sold, the old loan is paid off, the lien for that loan is “released” from the property in the county recorder’s office and a new mortgage is put into place (and a new lien recorded in the county recorder’s office).

Your friend should have plenty of help from BOTH mortgage companies and BOTH investors involved.

Good luck!

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