Totally Screwed

Tom_O

Late last year and early this year I obtained a 90k+ mortgage on a property under the advice of a investor who owned a letting agents. and my uncle they fronted the deposit and gave me a small sum for doing this they also paid the rent from the lettings agent into my account monthly from the tenant and were trustee's on the mortgage. I agreed to do this as I didn't have a great amount of money at the time and I needed to increase my credit rating as I am only 23 years of age and was looking to get a good deal on my first house when the time came to buy one.This was fine for 8 months all the money went in my account a chunk from the lettings agency and a small top up from my uncle. Then it all went wrong the investor and my uncle disappeared overseas as their business had failed. Leaving me with this burden and to make matters worse I did some research on the property and found that its in a terrible area and is only worth 46k but their is an 85k balance left on the mortgage. I have been assured that the tenants have been advised to pay me directly into my account but no sign of anything. the mortgage is just shy of 650p/m and the value of the house gives it a 200p/m rent. I am in a state of panic and turmoil as I cannot even dream to afford the mortgage and feel scammed. Alot of the paperwork I left with my uncle and the investor because I thought I cold trust my own family. plus I am supposed to be enjoying myself on a gap year in Australia. I cannot even sleep at night....I dont have a clue on what to do...

g_attrill

You really need professional legal advice, somebody needs to go through all the paperwork (the mortgage company and solicitors should have copies) because it's possible that offences of fraud are involved. If the property was indeed only ever worth £46k then it would need a dodgy surveyor and possibly a dodgy solicitor to get a mortgage approved for nearly twice its true value.

If you have nowhere to start then call your mortgage provider and tell them everything, they might take it on because they are a victim too - although I don't know where it leaves you.

ILW

Looks like you will have to get a job.

Blobby8_2

Totally Screwed
Yup, looks like it

Reactor_2

I agree with g_attrill, you need to get professional legal advice. Expect the very worst and it's going to be incredibly stressful and frustrating.

Unfortunately, you can't trust anyone, including your own family, especially when large sums of money are involved.

Good luck.

Tom_O

does anyone have anymore in depth advice. this has ruined my life

sleepless_saver

Tom_O wrote: »

does anyone have anymore in depth advice. this has ruined my life

As other posters have said, the best advice is to see a solicitor (and definitely not the one who dealt with the house purchase). That's where you will get the in depth advice you need.

opinions4u

Tom_O wrote: »

does anyone have anymore in depth advice. this has ruined my life

Start with a solicitor. Investigate the pros and cons of bankruptcy.

You need your depth from the legal people, not a message board.

Senior_Paper_Monitor

OK then ....

Get on the next plane home.

Gather together whatever papers you can.

Visit property to establish where/what it is.

See what else you can find out about uncle/letting agent/investor etc.

Find a solicitor (see if family/friends can recommend).

Contact mortgage company (via solicitor) - assuming solicitor agrees that course of action (but anything else would be madness in my opinion).

Contact police (via solicitor) - assuming solicitor agrees that course of action (I bow to his/her jusdgement on that one).



..... and follow ILW's advice (you'll need the income).

diable

Looks like your Uncle had screwed you over big time. Any family that you can get involved to lean on him?

FraudBuster

Visit the bankruptcy board on this site.