4 years ago I bought my home. At closing, the company I purchased it from contacted me to tell me not to be suprised as I was going to be asked to sign a 2nd mortgage. I was told ';this is not a real 2nd, but only on paper as the mortgage company will not fund without the 2nd';. This is due to the home being a manufactured home on an acre of land which finance companies do not feel are solid investments as too many people foreclose on them and thus they can only fund 75% of appraised value.
So, it was done and no, I haven't been aske to pay a dime. Now, I am trying to refinance, and the former company is stating they will not sign off on the 2nd but they will reduce it by $15,000.00 which the mortgage company says No way. The mortgage company has had dealings with this company before and states it is a shady company.
Now the mortgage company is taking 7 months to close, my ARM is going up to $950 Sept. 1st and I am working my hind end off to make ends meet.Need Legal Advice on a Fradulent 2nd Mortgage?
You should contact a local real estate attorney and discuss this rather than seeking answers here. I'd note, though you may not want to hear it, that if you had been represented by counsel at your original closing, you most likely would not be in this position.
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