What to do if we closed on a house with a defaulted mortgage that is now going into foreclosure?

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What to do if we closed on a house with a defaulted mortgage that is now going into foreclosure?

We closed on our house and a week later the realtor called to let us know there is a lien on the house and now its not ours; its going into foreclosure. She is going to try to push it back and the seller is negotiating with the lender’s attorney to try and see if the amount is okay that he needs to pay on it and if the attorney doesn’t agree with the seller by the end of this month then we have to re-due everything again and get pre-aproved again. We haven’t even lived in our house a month yet. was wondering what we can do about this?

Asked on September 23, 2011 under Real Estate Law, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

This question is making me both nervous and infuriated for you at the same time.  I am going to assume here that you did NOT have an attorney in this purchase, correct? And that you relied on the broker here?  Well some one did not do their homework and if the broker in your state is considered an agent of the seller then I think that you may have a case against her for fraud.  If she is considered an agent for the buyer - you - then I think that you have a case against her for negligence.  Please seek legal help in this matter NOW.  Do NOT speak with the broker any longer on the matter.  Good luck.


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