I'm going nuts here trying to figure out what to do with this mortgage nightmare. And I don't mean the foreclosure mess. About a year ago, my brother (who is a builder) approached me with a deal on how to make some quick and easy money. He did a condo conversion project on Davis Island in Tampa, FL. The deal was: I use my credit to buy one of the condos for $220,000.00 and then he would flip it at a price of over 300 grand. He would also pay the mortgage in the interim. I did it. At the closing, he walked away with over two-hundred grand and I walked away with a big balloon mortgage (which he was supposed to keep up until the unit was flipped). Unknown to me was that he did the same deal with 3 of my other family members. He NEVER tried to sell the units! He did keep up the mortgage payments for a while but then he stopped paying w/o telling anyone. The first time I found out he quit paying was this last May when I got a 30 day past due mark on my perfect credit report. I mean, my credit had zero negative credit history and a score of 768 when I got this hit. I already have a mortgage for the house I live in! I can't afford to pay this additional $1,712 a month mortgage. When I got the hit on my credit, my brother assured me he paid it and told me not to worry about the bank - that in fact, I should ignore the bank - because he was on top of the payments. What a freakin' liar my brother is! He didn't pay nothing and I got a 60 day past due on my credit! Now, its 90 days past due! Of course, all my creditors are jumpy now because of the change on my credit report. My credit has plummeted to 560 and is still dropping. I can't pay both mortgages and my brother is in the clear. He has made this deal with my other family members and he is not paying any of it. My mom, little brother and little sister all are having trouble paying their bills and home mortgages with this hanging over all of us. We all had good enough credit to get these additional mortgages (according to my brothers' shady mortgage originator). The lenders don't care how we got the mortgages, they just want their money. And the lenders don't care about anyones perfect credit history before this happened. This situation sucks. I don't know what to do. Anybody have any suggestions??? |