Hi... in Dec. 04 we were facing a foreclosure on our home due to my husbands employer failing to pay due wages... We responded to a flyer that was placed on our door to stop foreclosure... Upon doing so we made an appt. With a representative he came to our house and stated they would buy our house and we could lease it back for a few months and we would have first dibs on buying it back... He filled out what we believed was a contract to sell our home... We were instructed to go to a title co. And sign the paperwork... We signed the 1st piece of paperwork and my husband asked what this was and she stated it was a warranty deed... So thinking the next paperwork was to follow the (sale contract) we signed the warranty deed, she said thats all we needed to sign... We got suspicious... We received a phone call from the 1st mortgage co. Saying our payment wasn't received I told the mortgage co. We sold the house... I contacted the # given to us... By the buyer... He said the loan would stay in our name which is not what we thought was to happen... We thought we were out right selling it... Now the 2nd mortgage people stated they were never payed off... We have been paying rent to the supposed buyer we feel we have been scammed in a sense... Can you help us figure this out... We have all the documents that was signed and presented to us at the time of the supposed sale... Also the pay off for both loans was a total of 132,000 they offered us 149,000... It is now a year and a half later the house never closed... And we never received any moneys we still live in the ome... The mortgage is in our name but through research on my own... I found out the deed and taxes are in their name... This is an alert scam on the bbb.org site I have contacted the county attorneys office they say it is out of their jurisdiction due to the fact they are from Henderson Nev. The property is in East Mesa... The transaction took place in East Mesa... I have contacted the Department of real state they say to send them the info and they might look at it... I have talked to a lawyer he said to move out and go after them later... I have made several calls and I'm not getting anywhere... ACORN can't do anything for us... I also contacted the Nevada County Attorneys office and the Department of Realestate in Nevada they are sending me some forms to fill out... His license for realty is out of Nevada supposedly employed by Merit realty but doing this for AZ 05 holdings LLC which is not listed anywhere in Arizona or Nevada... If this is a scam why won't anyone help us.
Also this Company only wants cash for payments of rent... Also we have been threatened with an eviction... Here is what the alert says on the bbb.org site down below. I would really like to know if we have any rights to the home... Beings the mortgage is still in our name, and it never closed a year and a half later. Leo called us and wants us to see if we can qualfy for a 200,000.00 loan to buy the house back
Foreclosure 'Rescue' Scams on the Rise Are you facing the threat of losing your home? Be wary of individuals and companies offering to "help" you out of your difficult financial situation. Consumer advocates report an increase in complaints about foreclosure "rescue" scams. These scams specifically target homeowners who are in financial distress. Scam operators advertise over the Internet and in local publications, plaster posters on telephone poles and at bus stops, stick flyers in people's front doors or contact people whose homes are listed in public foreclosure notices. Sometimes they direct their appeals to specific religious or ethnic groups.
In one scenario the scam operator offers to "buy" the homeowner's property by paying off the amount that is overdue on the loan. He convinces the homeowner to move out and deed the property over to a third party. The homeowner is given the option of renting the property with the option to buy it back later. The rent payment on the home is often higher than the homeowner can afford. Often times, the original homeowner cannot make the rent payment and is evicted from their home. Or, if the homeowner expresses a desire to buy back the property, the scam operator usually sets the price of the home higher than the homeowner can afford.
The hapless homeowner can lose his equity and his home. Sometimes, the homeowner's troubles go even deeper.in many cases the initial mortgage has not been paid off and the deed was never transferred, as promised. Not only is the homeowner faced with eviction from the home, but they still owe for the original loan amount.
The Better Business Bureau advises consumers who are tempted by such offers to recognize that they are at real risk of losing money, equity, their home or all three. Carefully consider the following if your mortgage is in arrears or you are facing foreclosure:
Talk to your lender. Ask about how to restructure your loan payment or refinance. Some foreclosure "rescuers" will offer to "negotiate" with your lender or lawyer. Know that such an offer is likely to involve a significant fee. If you are hesitant to talk to your lender yourself, engage the assistance of a trusted family member. If that proves to be unfeasible, try selling the house on your own to pay off the lender. Signing over a deed in no way releases you from your mortgage responsibilities! Some schemers will offer to complete paperwork for you, or ask you to sign a stack of documents, supposedly to secure a new mortgage. Victims have later learned that they signed a quit-claim deed to their home. Beware the personal approach. Some less-than-ethical businesses will stuff a handwritten note in your front door or mailbox that implies that "help" is available from someone you know or who has your interests in mind. Foreclosure scam artists know exactly what neighborhoods to blanket with their offers.
If a foreclosure "rescuer" instructs you not to contact your mortgage company or your attorney, beware. Your mortgage company is the very business that you should be in touch with! Furthermore, why would you agree to cease contact with your attorney when dealing with complicated financial matters that involve perhaps your biggest investment, your home? You should never sign a contract under pressure and never sign away ownership of your property. Ask a trusted family member, your attorney or a financial professional to review any paperwork you may be asked to sign. Before signing any deals with a potential buyer, contact your BBB to request a report on the company and check with your state Attorney General and state Real Estate Commission.
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