Mess of a situation on WE BUY HOUSES

This is a discussion on Mess of a situation on WE BUY HOUSES within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; About a year ago I needed to sell my house and had no buyers ready to move, so a We ...

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Old Jul 30th, 2007, 09:23 PM   #1
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Exclamation Mess of a situation on WE BUY HOUSES

About a year ago I needed to sell my house and had no buyers ready to move, so a We Buy houses company contacted me and said that they could help. The way the company worked was they would leave the mortgage in your name and set up a trust and assume all matters pertaining to the propety and in doing so find people with less than perfect credit to lease the house from them while they went through a credit rebuilding program that the company had and when they were able they would buy the house and then it would be out of my name. That way the company doesnt encounter any of the expenses of buying the home directly from me (i.e Closing costs, etc.) Well about a year has passed now and the state of the market obviously isnt good. So I came home to a letter on my doorstep stating that they would no longer be making payments and that the house would now go back to me as they would be dissolving the trust. This leaves me in quite a bind! Is this how this should happen? Is there anyone with insight into my situation?
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Old Jul 31st, 2007, 07:22 PM   #2
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Default Re: Mess of a situation on WE BUY HOUSES

can you sell it now? were you paid up until now enough to cover mortgage etc?
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Old Aug 1st, 2007, 07:43 PM   #3
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Angry Re: Mess of a situation on WE BUY HOUSES

I can sell it but the market here is horrible and how quickly that will even be able to happen is in question. Secondly NO they are almost two months behind on the payments and that has just come to my attention that it has negativley impacted my credit more than one time now, so that is a whole new mess that I have to figure out if I can do anything about. The worst part is that I leave for United States Marine Corp recruit training in January and this mess needs to be handled before then so I dont have to worry about my wife having to deal with any of this while I am gone.
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Old Aug 2nd, 2007, 10:16 PM   #4
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Default Re: Mess of a situation on WE BUY HOUSES

If your agreement allowed that then there is not much you can do; but if it did not then sue in small claims.
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