Our family bought 2 properties in South Florida through a company called "Ownership is the Key Inc." where we would act as the mortgage company while Ownership is the Key helped the tenant repair their credit and consulted with them. The tenant signs a lease to own and agrees to buy it at a certain price by the 2 year mark.
We paid Liberty First Services (Bill Lange) $ 2900 to cover both houses in case of a defulted tenant - they would pay the mortgage and advertise for a new tenant for up to the 2 year term if necessary.in April we received a letter from Liberty First stating that the company will close their doors and the lease assignment program will no longer exist. They proised to have someone work with us. And mentioned that a collection company will help locate defaulted tenants with a 25% collection fee.
We got the run around from Liberty First Inc., since then as our tenants both moved out due their credit problems which were not helped by each company as promised. They could not afford the monthly payments and did not care about breaking the 2 year lease. The collection agency has not gotten anywhere yet. Ownership is the Key Inc. And Colleen McCarthy disappeared. The real estate agent Randy Goff won't return phone calls.
We finally signed an agreement in May with Bill Lange to receive the $2900 in a monthly check for the payment and it is now 1/1/08- not a penny received. They have been notified that since they did not fulfill our agreement that we will seek further action. This has placed our family in a great mess and incredible debt. We ran our credit cards up trying to hold on to the property and with the real estate market in S. Florida the homes are worth much less than when purchased last year. Our credit is being destroyed and we have to short sale both properties. If anyone has information to share with me or information on a class action lawsuit please email me (ROR removed for security purposes)
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