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LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37855
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I owned a golf course and sold it in 2003. My bookkeeper embezzled

Customer Question

I owned a golf course and sold it in 2003. My bookkeeper embezzled $75,000 from us. In order for her to keep from going to jail she quick claimed her house us. Big mistake...we took it. It maybe had $5,000 of equity in it. We were in Florida. Three days after we signed the papers, the house collapse because they were digging out a crawl space to put in a full basement. They had it supported with 2x6"s.. Before my son could get someone in to put up a block wall , it flooded , started a fire etc. Bot***** *****ne ,it costs me another $60,000 to put a new basement under the house. Through all of this melee, we thought we were assuming her mortgage ( countrywide). Eventually, the mortgage ended up three banks later. We fixed the house up and rented it out. We've been paying on the house since 2004. We owe approximately $43,000 and it's worth approx. $116,000. It was appraised twice before in the $150,000 range. We lost all of our money in Florida on a 1031. Had to invest all of our money and couldn't sell within 2 years. We realized four years ago, the mortgage wasn't in our name ,but still in the original owners name. Because we make approx. $42,000 a year, and I'm 78 and my wife is 71, we couldn't get a mortgage if our life depended upon it. We lose about $150 a month on the rent. I'd like to sell the property
but have no idea how to maneuver the mortgage mess. An alternative would be to refinance and get a lower rate than what I'm paying (6%). Either one. Any suggestion as to what course of action we should or could take. Thank you. Monte
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good evening Monte,I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. If you are the holder of the deed, then all you need to do is sell the property and pay the mortgage off in the sale. You won't be able to provide clear title to the property if you don't do that. But there is no reason that you cannot sell the property. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.I wish you and yours the best in 2016,Doug
Expert:  LawTalk replied 1 year ago.
Good afternoon,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug