These two people are scam artist. They owner finance you a home and tell you in a year you will be able to refinance the loan to get a cheaper monthly payment. Basically a land contract. They never give you a copy of the contract and after a year of struggling to pay their high intrest rated house payment, you are told by a mortage company they can not do the loan with out a copy of the land contract. We have tried for a year and a half to get a copy, and we just found out they are running a scam. They target credit challeged people that can not get a conventional home loan and offer to owner finance for CONTRACT FOR DEED. Don't sign the paper or your screwed! Because you will nevr get a copy and they deliberatly prevent you from getting a loan.
What Mr and Mrs. Thornton do is lease with an option to purchase is the most common home purchase scam. Suppose you want to buy a house but cannot qualify for a mortgage loan. The seller makes you a deal: pay the down payment up front, rent the house for a specified time (usually a year) and in the meantime find financing to purchase the house. Usually the rent is overpriced but you're willing to pay because you think you'll own the house in a year. When the time comes to exercise your option to purchase the house and you still can't qualify for a mortgage loan, the seller evicts you, keeps the house, keeps your down payment and goes looking for another over-eager, under-cautious homebuyer.
They say they report to the credit bureau, but they dont, but miss a payment then they report. Frances claims "SHE WANTS TO HELP PEOPLE" Dont trust her or him.
They tell you you can refinance the home in a year, but how can you refinance something to do not own with out proof of a contract that you will never get from them. They also do not have it recored with the court. They are supposed to.
They say you can claim the interest on your taxes, but you CAN NOT. They send you a Microsoft word printed up sheet of paper say you paid intrest, but it doesn't tell you what. The guys at Jackson Hewitt just laughed at us when we took it in there. They told us we couldn't use it. That was our second clue it was a scam.
It is a nightmare and if you have had unfair dealings with these 2 people, please contact me. We are starting a law suit and we know they have ripped people off, now is your chance to speak up and take action!
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