I'm going to try to explain this as best I can as it's quite complicated. Long story short my mom purchased a home about 10 years ago and was approved by the bank to buy the home minus 10,000 that she didn't qualify for. The seller offered to "loan" her the 10,000 so she could be approved. And it was to be paid back in a 5 year term (kind of like a private second mortgage) she agreed. They were pretty persistent that they use their lawyer to finalize it (which the lawyer was a member of the family) my dad agreed. Unfortunately. After months of mailing them the cheques they all got returned. Turns out the law firm moved. They found the new address and went to the door to give them in hand the cheques, we'll the lawyer wouldn't accept it unless they were mailed. So they mailed them. A year later a years worth of payments have not been withdrawn from their bank. Now the seller 10 years later calls and says if she doesn't have the 10,000 by Thursday the house will be foreclosed. Problem is they don't even have half of that. She can't sleep and is crazy worried. Something doesn't seem right. Any advice or opinions are welcomed. Thanks everyone!
Read more: Is this a case of mortgage fraud?
