Does This Sound Right?

Kathleen in WI · #21 06/19/10, 09:15 AM

I actually researched the company before we we signed any papers. Nothing negative with the BBB. Nothing negative anywhere. Like I said, they have been around a long time. So I would think I could find something if they were crooked.

We do have a contract and I have saved every invoice and email from them. I've been careful to keep good records.

Nothing with the county records that I have been able to find. I'll see what he says Monday since no one will be in the office until then. Will keep y'all posted.

Thanks for all the advice. I do appreciate it.

Beeman · #22 06/19/10, 09:19 AM

Did you have a survey and title search done on this property? Do you have a deed of trust registered in your name at the county courthouse?

**Terri** · #23 06/19/10, 09:36 AM

I am glad that you are taking this seriously! A co-worker of mine lost a house this way: they were making their payments but the person they were making payments to wasn't!

sgl42 · #24 06/19/10, 01:00 PM

Quote:

Originally Posted by Kathleen in AR

The lease-purchase is through a company that buys houses and sells them this way. They have numerous properties and have been in business a long time, but that doesn't mean they aren't having financial issues (like everyone else is right now).

I did ask them what was going on and they told me what I posted above. "the account on your home is current so there is no need to worry about a foreclosure.

even if the payments for your individual property are being paid by the company, it's possible that the overall company is not paying some bills somewhere, in which case the company's creditors may be taking over. the creditors would then own all the properties. however, i don't know that that would mean they can cancel contracts, altho during a bankruptcy process, certain contracts are allowed to be cancelled, but you'd have to talk with a lawyer to know which ones.

you might also try checking public records in whatever jurisdiction the company is headquartered, as i think that's were any bankruptcy claims against them would be filed.

i'd keep digging, as it seems like something is afoot. perhaps it's innocuous, but there's a reasonable chance it's bad news of some sort, so better to find out ahead of time what's going on.

--sgl

Patt · #25 06/19/10, 01:48 PM

Quote:

Originally Posted by Harry Chickpea

Mortgages through major banks are generally shown in county records as a lien on the title of the property. Go to the tax assessor and get the details of the property plat # and check at the courthouse for any liens against the property. I agree with Tonya, and think the owner of record of the property may be banking or using your money and not paying the mortgage he has on the property. If you have any contracts in writing about the property being a lease to buy, bring them down to the tax assessor and courthouse. Chances are they may know where you have to start to protect your interests.

I agree! Either Chase has a lien on your property that is not being paid or the guy with the pictures has the wrong address. Was there a name or address in the paperwork he gave you?

Patt · #26 06/19/10, 01:51 PM

One other possibility is that Chase has the wrong address, it does happen from time to time. I have read news articles on people getting foreclosed on who had made their payments their mortgage company had the wrong address.