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Albuquerque, New Mexico

Customer Question
Albuquerque, New Mexico
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
6/27/2010
Real Estate Lawyer: C.Fortunato, Lawyer replied 8 years ago
C.Fortunato
C.Fortunato, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,023
Experience: Expert in Landlord/Tenant Law. Licensed Real Estate Broker.
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Is there a mortgage, or a deed of trust on this property?
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Customer reply replied 8 years ago
This was a mortgage on raw land, a huge amount of equity was built in do to inflation, payments based on a 30 year note, all interest. I was going to build on it using the equity as the down payment I opted to wait a year to build my payment went from 900 hundred to 1700 dollars a month .Now i'm ready to build, house plans, site plans, qualified for the builders loan, ready to sign this bank stopped communication, went to another one, we're to go in and sign then they said they were getting audited and stopped all paper work. The crash hits. So now the bank loan goes up to 2100 then later to 2500. Ccards went up too like everyone elses, it was too much . the head lady at the bank wouldn't work with me. We did agree to do a deed in lieu of foreclosure she bailed at the last moment lied about it so i quit making payments,after six months of no payments and my credit ruined, we foreclosed in court. Sometime after that the feds took them over. So I get a letter last week say ing they are asking the court to reinstate the case.
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