Okay guys, hold your breaths on this one cuz its long and involved.
Let me start from the beginning: My wife & I have been living in a rented house here in Phoenix for almost 2 years with our friends. When we originally moved into this house, the owner (part of an investment firm that will remain unnamed) informed us that he had intended to rent this house with the intent to turn it into a half-way home after we left. At the time, we had only planned to stay a year but economic constraints had forced us to renew the lease. After that lease had ran out, we were almost ready to buy when we had talked him into a month-to-month due to a few things in our inability to achieve a decent loan.
Fast-forward to yesterday: My wife gets a call from a loan modification officer informing her that they would be foreclosing on the house but had the option to restructure the loan. However, this person had been assuming my wife was the landlord. He went on to inform her that they were the bank that was responsible for the loan on the house the landlord (only a small person in a much larger investment firm) & to expect a letter regarding the matter at the first of next month. The bank also said not to give him the keys because they would pay 4k for them. He was also surprised that our landlord had not informed us of the matter.
This information took us by surprise to say the least. Detecting a scam, I decided to do a parcel look up on my property. To my surprise, property taxes had not been paid on the lot for nearly 3 years and amounted in the thousands!
"What kind of investment firm lets a property default on it property taxes?" I wondered. I will not disclose the research Ive done getting to the rest of the story for obvious reasons, but a long story short; further investigation revealed that a tax lien had been sold on our property...8 months ago!
So does this mean that we have been paying the original investment firm for a property they technically did not even have ownership of? Not only that, the reason for the sale has something to do with Chapter 18 Taxation laws. The wording in the actual laws was too thick for my blood but we have reported this to the state & they concur that something smells bad about this whole situation.
We are really inexperienced at this kind of ordeal and would really appreciate any insight as to the possible outcome of such a matter & what course of action we should take to reclaim our money in the event of fraud. I know we have some really smart cookies on this site & your knowledge will not go unrewarded.
-=ThE DeaD RaVeR=-
"What!? NO! We can't stop here! This is bat country!"