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Can I get out of this house and purchase another for less?


Three years ago my mother passed away.I had no place to live our landlord wanted to sell the house.A customer of mine was a real estate agent told me he could get me a approved for a loan to buy a house The loan was interest only but he said he'd refinance me after 2 years.After showing me 3 houses he talked me into one. A month after I received the summer tax bill it was much more than I was told.I called both him and the broker and was told they would take care of it but after a few months the broker told me Id have to pay the taxes and Id get a refund from the city for the overpayment.I chose this home because with the payment and taxes I could still afford it.{They never set up an escrow account} After a year a "friend" Told me he could refinance me get the taxes paid and have my payment dropped. I didn't think that could be done but I told him to see what he could do. Well he called me and it sounded great Well he called me and it sounded great lower payment taxes paid and it woould not be interest only!!A week later I received what I now no is the good faith estimate I called him and he told me to disregard it, that was just the banks way of knowing I lived at that address.So we went to the signing. When we sat at the table the my friend told me to sign the papers and if there were any problems with it he would correct them or he would "flip" the refinance in two months free of charge. So I signed how stupid was I. Two months later I try to get a hold of him with no luck business phone, cell, email .I received a text message from him telling me his phone was not working and he was in grand rapids for a conference and would get a hold of me when he got back. He called me and we met at a new building were he had me sign a few papers and told me to use my house payment money to pay off all my bills to help my credit score cense id be skipping the next house payment and said Id be hearing from him soon.When I didn't I called his company were I learned he had been let go months earlier I told them of the situation and the next day his x boss told me they dident do anything wrong and they could not help me. The broker than called me a few days after and told me not to contact them anymore as he was not supposed to take my loan with him to his "new" business. Well he soon stopped returning my calls and now im a !/2 month behind on my loan. I just want to sell the house and start over can I get out of this loan without ruining my credit? I cant trust another broker and I dont want to owe anymore on this house. (that I know feel is my black cloud) Can anyone help?

yes, u can sell the house
it a memmory of ur mother, but i think she would want u doing well, so sell the house and start over

You need to take RECOMMENDATIONS from friends who have actually used professional people, and not someone that hands you hogwash like these people did.

You need to call the banking commission in your state and file a complaint.

let me get this straight ... after two or three fast talking salesmen all took you to the cleaners, you're looking for someone to "help"??

***
do you have any equity left in the house or is it a complete zero?

equity = current appraisal value - amount owed

if the equity is negative, you'll have either pay cash in at closing to get rid of the house, or get the bank to approve a "short sale", or do something very creative like lease-option the house to someone else for enough to make the payments, insurance, and taxes. {The someone else would almost certainly have poor credit or unverifiable income or some similar reason why they can't get a mortgage.}

if you have some equity, but it is less than 10k or ~8% of the value, you can't sell through a regular agent as you'll be negative at closing due to the sales fee. [again, unless you can put cash in]

if you actually have equity in it, you'll sell the fastest way possible.

***
i hope you'll read all agreements in the future before you sign them and refuse to sign them if you do not understand what you read.

***
btw, all agreements relating to real estate must be in writing as must any agreement that will require more than one year to complete in the ordinary way [a mortgage, for example].

thus, all verbal "promises" of every mortgage broker and RE salesperson are completely worthless. Further, they know this so if they're still "promising" you something, be sure you are about to be scammed.

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