I meet with my attorney to discuss my legal options. Over the course of a 2 hour meeting, he lets me know that our real estate laws are set up to favor the sale and ensure that the transaction takes place, but offers no real protection for home buyers. He tells me that finding the responsible parties and getting a court judgement against them might be possible, but the likelihood of collecting any compensation from them is slim to none. Those responsible took great care to run the transaction as a 1031-Exchange through the IRS, and they provided outdated contact info. My attorney also suggests that the Seller knew exactly what they were doing, that they had performed this type of fraud before, and that they probably used offshore bank accounts. I am told that my options are:
- Abandon the house, forfeit my mortgage and ruin my credit for another 8 years.
- Pray for some kind of disaster, such as a fire, that would be covered by my insurance.
- Prepare to pay tens of thousands of dollars on the repairs out of my own pocket.
It’s at this moment that I realize I have been utterly ruined. I am devastated, can barely manage a phone call with my stunned parents, and spend the entire night awake and sobbing.