Posted by 1lessday on 3/2/11 4:43pm
Msg #374824

stewardship fund

Has anyone done business with stewardship and sunshine signing services? Friend of mine bought house that they financed in the next town over. They apparently never fully purchased home to begin with from city. There are $$$$ back taxes due. City has put the house on the foreclosure auction list to be sold in 3 weeks. Stewardships reply....oh well, you gotta move!! Beware folks!

Reply by Linda_H/FL on 3/2/11 5:02pm
Msg #374828

If they bought the house..AND financed it...

I'd suggest they contact the lawyer who conducted the closing. Someone missed something somewhere, and I hope it's not your friend - has he not paid the taxes since he bought it?

How can you not fully purchase something that you've financed? Those taxes had to have been brought current prior to or at closing. And a house doesn't go on the auction block in 3 weeks without the property owner knowing about the foreclosure.....

Reply by meganPA on 3/2/11 5:23pm
Msg #374831

Was the home purchased during a tax sale? Did they pay cash, or was it financed? From your post it sounds like they didn't pay cash, so a title policy would have to have been issued and that should cover them.

Reply by 1lessday on 3/2/11 7:26pm
Msg #374873

It was purchased by Stewardship per say..haha right...they talked to the city and was to purchase it and pay back taxes. They didn't do either one and sold it to my friend on contract, shady deal all around.

Reply by Linda_H/FL on 3/2/11 7:32pm
Msg #374875

Too much of this story missing...

too many pieces of a standard purchase/sale/financing transaction..

Did your friend have an attorney represent him at the closing? He should get in touch with that attorney. IMO, as I said previously, someone missed something somewhere...

Reply by BrendaTx on 3/2/11 8:52pm
Msg #374888

Sounds like a wrap around note...

and the original note holder wasn't paying the taxes.

I saw a lot of that in the late 80's and early 90's.

Reply by Doris_CO on 3/2/11 11:16pm
Msg #374896

Re: Sounds like a wrap around note...

At any rate, your friend should be doing whatever they can to raise the money to pay the taxes. If not, not only will they be out of their house, but the mortgage company can demand full payment of the mortgage loan immediately once the security for the loan is lost.