Reader seems oblivious to what could be mortgage scam, identity theft

Q: Back in 2007 I was offered a great deal, to purchase a $1,500,000 house with only $10,000 down.

One month after sending all my information (social security number, driver's license, etc.) I got a call from the person who was helping me, saying the mortgage did not go through, and my deposit was returned. So far so good.

Then this June I received an e-mail from that company stating that they will be mailing me a deed to transfer back the property that I own, and for me to sign, notarize and send it back to them.

I called them and complained that there should not be any property under my name because the sale did not go through. They said the owner of the property gave you the house as a gift!

I thought it was some kind of philanthropic move. Then after doing some research, I found the house actually has three outstanding loans to the amount of $1,150,000.

In the meantime, this company keeps harassing me to sign the deed and return it so they could remove the house from my name.

It looks like they miscalculated something, the value of houses suddenly are going up again, so now they want the house back. But I'm not going to give it to them.

Anyway, my question is: There is someone living in this house. Can I evict this person by law and sell the house? -- S.

A: Good grief, man! Are you still trying to get something for nothing?

You don't seem to understand you're in hot water. And anyhow, do you really believe that house could sell for enough to pay off more than 1 million dollars' worth of loans?

Do you really think there's any place in this country where values are suddenly going up right now?

You did get something for nothing all right, but what you got was trouble -- much more than you seem to realize.

Here's a possible scenario: The original owner, who had financial problems, signed the house over to "rescuers." Perhaps he even paid something for the promise that they'd take care of everything. Then he was allowed to stay on as a rent-paying tenant.

Meanwhile, someone stole your identity, put the house in your name and forged your signature on those inflated loans.

Then they made a few mortgage payments while preparing to run off to Brazil with all that mortgage money.

Well, maybe not all of it. Some was probably shared with an obliging appraiser and a crooked loan officer.

That doesn't explain why they want you to sign a deed. But whatever is going on, you'd be crazy to try getting involved.

You're in enough trouble already. Talk to a lawyer right away. At the very least, your credit rating and all your assets are already at risk.

The whole business must be reported immediately to the attorney general's office, and if the house is located in another state, there as well. Your lawyer will know who else should be involved.

You're going to have quite a time before this mess is cleared up.

Time for a change

Q: I know the market is slow right now, but my home has been on the market since February with only two lookers. Is it time for a Realtor change? -- K.

A: No, it's time for a price change.

Seller wants to advertise

Q: My broker doesn't want me to advertise my property on Craig's List, saying it's illegal. Is it? I thought as long as I followed advertising rules, it was OK. -- J.G.

A: Of course it's not illegal.

You're the client, and what you say goes. I can understand your broker might not like you going off and advertising on your own, but the only restriction I know of on Craig's List is that you must not violate fair housing laws. And of course you must be truthful. I think, for instance, that if you post you must mention that the property is listed with a broker.

Job change should not affect pre-approved mortgage

Q: I have been pre-approved for a mortgage and am looking at houses. I have been with my current job for six years. If I change to another job in the same field how will that affect my mortgage approval? -- F.J.O.

A: Mortgage lenders do get nervous when they see frequent job changes. One in the same field, though, shouldn't bother them. There's no harm in asking, though, before you decide when to make the move.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.