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Kai Lily · Sep 23, 2008, 03:12 PM

What happens if it is later found out that the person who signed the note at the closing was not the person named on the document and there is no title insurance? The deed had the correct name and so did the note but the signer signed his own name to the note.

rockinmommy · Sep 23, 2008, 04:37 PM

Was it conducted at a title company or lawyer's office. Someone should have notorized all of the documents and asked for ID - verifying that everything was property signed and executed.

What is your role in this transaction? I think you need a real estate attorney.

Kai Lily · Sep 24, 2008, 06:59 AM

This all occurred at the office of the seller, no title insurance- in fact money was lent by the seller to the "buyer". The notary notarized the signature of that signer but the document (note) was not in that signer's name.

If you think you are negotiating with A and B shows up--is there a way out? Deed is in A's name but the note in A's name is signed by B.

ScottGem · Sep 24, 2008, 07:03 AM

First, getting title insurance is up to the buyer. Second, to make sure I follow this:

A bought some property from B, but at the closing, C showed up and signed the note in A's name and the deed was recorded in A's name?

Kai Lily · Sep 24, 2008, 07:36 AM

ScottGem, thank you for clarifying my question, yes:

A bought property from B, but at the closing, C showed up and signed the note in A's name and the deed was recorded in A's name.
Is the transaction even valid?

... but, what was your second recommendation..
Thanks

excon · Sep 24, 2008, 07:46 AM

Hello Kai:

Apparently, you want OUT of this transaction. Or not. I don't know, because you didn't say. It would help if we KNEW what you want to do. You are providing too FEW details, and we're left to guess. You really don't want an answer that was GUESSED at, do you?

Tell us exactly what happened.

excon

rockinmommy · Sep 24, 2008, 07:52 AM

Why don't you also tell us your role in this whole scenario, as well as what it is you're trying to make happen.

Emland · Sep 24, 2008, 07:55 AM

If C holds a specific power of attorney for A that would be acceptable. I signed closing documents for my husband while he was deployed in the Navy.

Need more details.

excon · Sep 24, 2008, 08:01 AM

Hello Em:

I thought of that. But, I'll betcha your documents were signed by you "AS ATTORNEY IN FACT", for your husband. I'm sure it was clearly noted who you were and WHY you were signing.

Of course, it MIGHT be that... I don't know. More details, please.

excon

Kai Lily · Sep 24, 2008, 08:21 AM

More details, OK. Yes, I scream "get out of this deal"- The question is posed for a dear old friend who was toooo nice to her friend who gave her this buyer imposter. I did advise her to seek help and she is weighing her options at this point, so, I am trying to lay them out for her. The money was owed and she never saw a dime---it has been two years now and I hate seeing people get taken advantage of.
And as excon said, there was NO "as attorney/agent" etc. - she is just learning that an imposter showed up...

rockinmommy · Sep 24, 2008, 08:29 AM

Originally Posted by Kai Lily

More details, ok. Yes, I scream "get out of this deal"- The question is posed for a dear old friend who was toooo nice to her friend who gave her this buyer imposter. I did advise her to seek help and she is weighing her options at this point, so, i am trying to lay them out for her. The money was owed and she never saw a dime---it has been two years now and I hate seeing people get taken advantage of.
And as excon said, there was NO "as attorney/agent" etc. - she is just learning that an imposter showed up...

At this point I think she needs to hire a real estate attorney.

For one thing, it sounds like the whole transaction may be null and void if it was not executed properly.

For another thing, if she's the "lender" on this note (good or not) and the property is the collateral she can foreclose.

excon · Sep 24, 2008, 08:32 AM

Hello again, Kai:

Thanks. That explains it - or NOT. If money was lent to the buyer by the seller to purchase the property, she wouldn't "see a dime". She'd only see a promissory note. Plus, I thought the transaction was recent. It's NOT. That changes everything.

Look, I can see that you're trying to do your friend a favor. But, you too, lack sufficient details to give us. These matters are NOT as simple as they appear on their face.

The best advice I can give you, is to advise your friend to get online and ask us directly, where SHE can provide us what we need. And/or she should seek advice from a real estate attorney. That's probably going to be our ultimate advice anyway.

excon

ScottGem · Sep 24, 2008, 08:35 AM

I think we still need more details because I don't understand exactly what happened. Was your friend the seller or buyer? Who was this person that signed as buyer? What money was owed?

Kai Lily · Sep 24, 2008, 01:53 PM

You are right. I want to know the questions so that I can type in the answers for her. The money is due on the note, a private mortgage.

rockinmommy · Sep 24, 2008, 02:07 PM

Originally Posted by Kai Lily

You are right. I want to know the questions so that I can type in the answers for her. The money is due on the note, a private mortgage.

OK, so...

Person A was the seller
Person B was the buyer
Your Friend was the hard money lender

Then a separate Person C signed the note

Do I have it correctly?

I still stand by my answer in my previous post (in that scenario.)

Kai Lily · Sep 24, 2008, 03:00 PM

Hi, RockinMommy: Person A is the seller and the lender, meaning that she will be paid later. A's friend introduced her to B who has a twin and these two are con artists we learn... So while Seller/Lender A believes she is contracting with B, C impersonates B and nobody knows. Thank you for any help.

rockinmommy · Sep 24, 2008, 05:23 PM

Originally Posted by Kai Lily

Hi, RockinMommy: Person A is the seller and the lender, meaning that she will be paid later. A's friend introduced her to B who has a twin and these two are con artists we learn... So while Seller/Lender A believes she is contracting with B, C impersonates B and nobody knows. Thank you for any help.

OK, I still don't understand the "be paid later" part. What are the exact terms of the note? Were there not monthly payments due, or yearly at the very least? Why has she not foreclosed?

Kai Lily · Sep 24, 2008, 05:46 PM

The property was sold for 200,000 and the note required monthly payments of 20,000 for ten months. That was two years ago. Back then, when she threatened foreclosure, she was told by one sister of the other sister's impersonation and thought she had no recourse. I told her that her contract is not valid or enforceable since she was dealing with an imposter. She wanted to know all of her options...

ScottGem · Sep 24, 2008, 06:38 PM

Ok so your friend was selling a property. At the closing the buyer's twin showed up and signed the note.

The seller can certainly foreclose and regain the property on the basis both that the note hasn't been paid and that it was fraudently executed. She should also be contacting the police about this fraud. She really should have done so immediately after the fraud was uncovered.

rockinmommy · Sep 25, 2008, 06:41 AM

TODAY she needs to contact a good real estate attorney and call the police.

She may be dealing with some statute of limitations issues, so she needs to not wait ANY longer to move on this.

I honestly cannot fathom letting someone steal a $200,000 property from me and just sitting back and not doing something / anything about it. That is preposterous. Are you sure there's nothing more to this story?