Situation: United Development Group (UDG) is an equity investment company. They solicit to homeowner/s who are on the brink of foreclosure.
When the defaulted homeowner/s make contact with the company, they send out a representative to meet with the homeowner/s to complete the necessary paperwork.
The company basically takes the homeowner's equity and has them sign over the deed of trust. The homeowner/s lease the property for a year, and at the end of the lease, they will be given some money to use as a down payment to buy back thier property or they can take the money and walk away from the home.
During the lease term, the home is assigned to an investor, like myself, who has a good credit history and will qualify for the loan. The company representative presents the investment in a spread sheet of what the leasee will pay, what the investor pays, and the equity the investor is owed.
When the home was transfered to my name, the tenant paid for 1 month then vacated the property. I received the checks owed to me from the equity but when I deposited the checks in my account, it would not clear.
Basically, I did not get the money as promised on the contract, the home was over appraised, completely thrashed, not liveable, and I am stuck with a mortgate payement that I cannot pay. Total fraud!
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