California | Real Estate Law
Legal Question
Alameda County Foreclosure
About a year ago, I was approached by a man in Alameda County (who is currently facing criminal prosecution)to help a woman avoid the foreclosure of her property. Here is what happened: The title of the house was transferred to my sister's name, she received 12 months worth of mortgage payments (about $21,000) and an additional $10,000 for her agreeing to do this. I received about $6,000 as a type of referral fee. The homeowners continued to live at the property while we made the mortgage payments out of the funds that were given to us. We were told that after 1 year we would return title to these people because they will be in a better situation as far as credit and finances go. What we did not know is that the man who was in charge of all this was taking the equity for himself during the course of this transaction. There have been many other cases like this he is involved in. What I want to know is, have I done anything wrong? I sincerely thought I was helping this woman while making a few dollars, I thought it was a win-win situation. I had no idea they would lose all of their equity.
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