Mohamed S. Camara and his company are real estate predators. I have located over fifty properties that he has used the 'Subject 2' scam on. The typical sub2 deal involves having a seller deed the property to you while leaving the existing mortgage in place. There is no formal assumption of the loan, you just start making the payments.
My job had been lost and the rental receipts were not enough to sustain the mortgages, taxes, and insurances on the subdivision I was trying to build. Through a 'Headhunter' financing group, I was trying to unload the properties and salvage what was left of my life savings. Mohamed made contact with me after hearing about the situation through the grape vines.
We made the deal where he would get the rental funds, make the mortgage and escrow payments, and keep the rest. I signed over the warrantied deeds and kept the mortgages in my name. Yes, I know what you are saying to the screen. He was to make the payments for six to eight months to seed the loans and then buy the mortgages out right into his name.
This all worked great until the eight months went past, he started missing the mortgage payments and I started getting the calls. You see, I was trying to do all this out of my back pocket, that is the subdivision. Sell everything after a couple years and take my wife to a warmer climate where she could be retired from the cold NW Indiana weather.
After several attempts to get him to start paying the mortgage companies, I finally got an attorney. She really told me what I mess I had gotten myself into because I tried to do everything myself. Currently I have three properties in foreclosure and one pending. I lost my job and had to get a lower paying one, and spent 3/4 of my IRA trying to stay afloat.
I have been informed by my Attorney that we will probably never receive any compensation from Mohamed S. Camara for damages to our credit and our sanity because of were he lives and how he does business. I even wrote a letter to Senator John McCain to get action to close the loopholes these guys hind behind.
Well, this is a quick summary of what happened to us in our real estate adventure. Beware of the 'Subject 2" scam artists out there folks. Don't be a fool like I was, get yourself a good attorney before signing any documents.
Thanx
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