How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Legalease Your Own Question
Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16289
Experience:  13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
20355756
Type Your Real Estate Law Question Here...
Legalease is online now
A new question is answered every 9 seconds

I have a house that was quit claimed deeded to me by my

Customer Question

I have a house that was quit claimed deeded to me by my friend. She was awarded it through a legal seperation. Her husband signed it and gave up interest to the property. The property was in his name only. He had a existing HELOC still open on the property that that my friends attroney did not close in the seperation agreement, but my friend thought it was closed. I had the property for 4 years. I recoreded it with the state and have the taxes and deed of record in my name. Recently, at the end of the the 10 year draw period on the HELOC, her ex, the person who open the loan originally, took almost $100,000 out, using the open loan. Since all interest was transferred to her and then to me and he knew this, is this criminal and is there anything I can do? The home is now worthless and that is all the value...
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Legalease replied 1 year ago.

Hello there -

-

I am not sure why the police would not assist you but there is a definite fraud charge here against him if he knew the collateral for the HELOC loan (the house) was no longer his property to issue any additional liens on and to take money from. My suggestion here is that you contact the nearest office of the state police and ask if they have an investigator who can speak with you about a $100,000 fraud situation because your local police do not seem to know what to do with this (sometimes that happens with smaller police departments where they would rather not get involved). Other resources to bring criminal charges are a call and/or a meeting with someone from the local district attorney's office and if all else fails, my suggestion to you is to contact the Attorney General's office in your state and tell them everything that happened and that this is a matter of criminal fraud where this ex of your friend should be criminally charged but you are not getting any assistance from the local authorities (the Attorney Generals office in every state is the supervisory arm over ALL local law enforcement agencies in your state and they can bring pressure on the local and/or state police to pursue this on your behalf).

-

You can also pursue this civilly and you will need a civil lawyer if the bank decides that they are going to try to foreclose if and when the ex of your friend does not make any loan payments (which is what I suspect will happen). Your attorney will have to show that the bank was negligent in not performing a new title search of the property before letting out any money on that loan -- otherwise you just might lose the property. What you need is a real estate lawyer experienced in lending and foreclosures and you can find one locally by contacting your local county bar association (they have a referral service and can give you the names of a few local attorneys after you describe your situation to the intake paralegal).

-

I hope this helps. You should pursue the criminal angle as aggressively as you can and be prepared for any civil action in this matter. Please let me know if you have any further questions. If not, can you please press a positive rating in the ratings section above so I will be paid for my time. THANK YOU VERY MUCH !!

-

MARY