Upcoming Foreclosures

Can a lender select a buyer of his choice before foreclosure of a loan?

We have got documentary evidence to prove that the lender's asset realisation officer and our real estate agent were colluding to sell our home to a phantom buyer. After feeling suspicious, we enlisted another agent and he managed to get a buyer with a higher price. The lender's officer initially allowed the sale to go through but back-flipped after the first real estate agent informed the lender's officer that I would be given the option of a lease-back by the other agent's buyer, which I could ill-afford. The lender's officer forced me to sell to the phantom buyer with a promise of a 'loan' (approximate value $100 000.00) for settlement purposes only. The advance or 'loan' would be recovered from me after settlement. If I did not agree to their shrewd plan, the lender's officer would foreclose on our property and arrange for a mortgagee in possession (mip) sale. They very well know that I have no money to engage a good lawyer to sue them for damages (financial and mental). Initially our auction was sabotaged. Agent forced me to sell to phantom buyer, far below market price. I told agent, if I could not get my price, I could refinance. A week after, I was black-listed by the officer, blocking this opportunity.. The officer sent a valuer, agent influenced valuer to lower price of property, thus diminishing equity. Agent said no one was interested in my property except the phantom buyer. I managed to get a document, showing the officer asking agent to oversee my eviction and also keep the keys in the agent's office. Also, I managed to get hold of an exclusive auction agency agreement signed by the agent, ready to be executed by the lender's officer. My lender is a huge organisation, not a one-man operation. The agent and lender's officer had built a good rapport. Eventually, I managed to refinance with lenders of the last resort with high rates, caused by my first ever bad credit rating. It was listed with intent by the officer to corner me.

Public Comments

1. I'm sorry, but the way you explain this isn't very clear and it doesn't show how you're "damaged." In any event, it's possible the lender's officer and your agent are conspiring to defraud the bank as well. I suggest you contact your State's mortgage broker licensing office or real estate commission with your documents. I also suggest you pay for a consultation with a real estate lawyer, to find out if you have a valid legal claim and what it might be worth.