In March of my brother Joe was struck by a car in Dallas Texas sadly it was fatal. Joe had no insurance & the funeral expenses were extremely high since we live in Jersey we had his body transported for his final resting place.
I used my mortgage money to help pay for the funeral, This led to Foreclosure on my home. I was promised refinances by a lot of companies in the end they were all rejected. The sheriffs sale was nearing & i really wanted to keep my home I worked very hard to have a home.
In October of I received an advertisement in the mail from Demarco, REI the ad stated that they had SAVED 1000'S from foreclosure & there were pictures & statements from individuals explaining how Demarco helped them.
I called DeMarco & spoke to a loan officer Saul Freedman, Saul explained I would get a cashout based on the equity in my home, Demarco would buy my home & in 1 year I could purchase back. An appointment was made, Saul agreed to come to my home with his manager Eric Hovkin to discuss the rent & also the lease contract had to be signed.
Saul along with his manager Eric arrived at my home, Eric asked me what my mortgage was, I advised $2052. Eric said i would get back 25,000 & my rent would be $2300 a month. I QUESTIONED THE RENT & Eric said it was better than a sheriffs sale & any day a sticker would be put on my door. He also said the cashout may even be a bit more than 25,000 which would be determined after the property was appraised.
I signed a lease contract for 12 to 36 months, Eric advised I would be out of foreclosure within 3 to 4 weeks, a couple of days went by & Saul the loan officer contacted me, DeMarco was going to use the appraisal report from a company that had recently appraised my home.
The month of November was almost over, I called DeMarco inquiring when the closing would take place Saul said any day. We are now in the the second week of Dec & still no closing. I was getting very nervous I did not want the sheriffs sale to occur or have a sticker on my home especiallly at the Holiday season.
I contacted Demarco & jason a manager spoke to me, Jason said my home had to be apprasied again, it was a while since the last apprasisal, THEY WANTED TO MAKE SURE MY HOME HAD NOT DEPRECIATED.
On Dec 13 the appraiser came to my home. Mr Vollenberg was quite professional, after appraising the property he asked if I had any?'S.
I explained my situation, he mentioned there were other options & urged me to be very careful.
I called Demarco a week following the apprasisal, they were apologetic, the closing would not be until Jan the underwriters & auditors were very busy due to the Holiday season.
On Jan 04 I called Demarco in the morning, there was no answer & the machine was not picking up this was very unusual. After several attempts I reached them at 4: pm on jan 4, the associate advsied the phones were not working properly & a repair tech was there.
Saul my loan officer was off, but would be in on Jan 5.
I received a call from Eric Hovkin on Jan 5, Eric advised the office had moved to Phila (previously they were in Marlton, N J) the secretary never mentioned the comapny was moving, the phones were broke!!!
Eric said " I have great news for you the closing will be on Jan 14" he said that Saul my loan officer would bring me to the closing. Saul Freedaman drove me Garden State LAND & title Company on Jan 14
in Marlton New Jersey.
I arrived at closing the first thing I noticed on the closing docs was the rent had escalated from 2300 to 2900. I told Christaian the associate at the title company I was'nt signing because I was advised the rent would be between 2000 & 2300, she immediately contacted Demarco.
I spoke To Eric Hovkin the manager he advised 'the taxes in Union City had went up, that is why the rent escalated" " due to this I would be getting a larger cashout to cover the 900 & an additional 6000 to help get me on my feet don't worry "
Saul Freedman seemed most distracted, Christian the associate ' had a big headache & wanted to get the day over with" I signed the docs.
On the drive back I? Saul regarding the rent Saul advised they told him I would be getting a larger cashout. To cover the additional 600 rent.
Jan 15 the day after closing I received a call from Eric Hovkin, Eric advised Saul had been dismissed because he had said very negative things about me & Saul was claiming I owed him money, Eric asked me to sign a statement staing I would only be dealing with Eric. This was most disturbing how coud Saul say I owed him money.
A week later I received a wire from Garden State for 20,000 I called Eric & asked when I would be getting the additional cash ; Paying 2900 rent I wanted to verify I would be getting the extra funds. Eric advised his boss would be signing for the wire anyday.
This scenario becomes more complex, it is now mid February I paid the Feb rent 2900. I called Demarco & eric advised the wire went out 2 days ago.
I was being patient becasue I am thinking they have time & at least i got the 20,000. I would wait a few more weeks.
IT is now the beginning of March, I receive a call from Central Svcs Company 215 560-1859. The gentleman advised he is from the wage & hour bureau & Saul Fredman was disputing DeMarco because they fired him & refused to give him his commision, I was advised I was on speaker phone & They HAD A FEW?'S regarding Saul.
They asked if Saul took me to the closing & if it was fair to say he did the leg work thru the entire deal, I advised yes. I mentioned to them that Eric hovkin had advised that Saul was stating negative things about me & that Saul had made accusations I owed him money.
On about MARCH 5 I received a very distubing letter from Demarco. The letter stated if you do not immediately send your contact info we will have no alternative but to assume you have abandon the property & we will not hesitate to take legal action!
I was furious, I called Demarco & demanded to speak with Eric. Eric was not available, I tried to get a manager, no mgrs. Were available. I sent them a fax stating I would not hesitate to take legal action if i did not get a call back.
Eric called me back, I? The letter, Eric said unfortunately a lot of the clients they helped were not paying the rent, it is company protocol to send these letters! I asked Eric where the additional funds were, he advised due to unforeseen circumstances I would not be getting any more cash, he said I was only suppose to get 17,000 but as a courtesy they woud give a 1 time credit of 2500, i could deduct this from the 2900 rent. I told Eric it would be very hard to pay 2900 a month I am working part time, This is a mortgage payment not a rent payment.
Eric suggested I get a second job, he also asked me why I said Saul took me to the closing.
I have paid Demarco 6200 in rent already. I will not be able to afford 2900 rent for long. They have stripped me of my equity & now own my home. I realize you cannot live rent free, they are taking back the cashout they gave me to pay the rent.
They are constantly calling me & it is despicable what they have done to me & most likely other clients.
I want to be able to get my home back. How can they get away with this. Demarco Rei is a company that lies & Scams.
I need assiatnce with this so I do not lose my home. I am only working part time & cannot afoord almost 3000 a month rent.
This company must be exposed many americans are ging thru similar tragedies & pitfalls an investment comapny like DeMarco comes along & in the long run they make your life worse &try to get your home.
A word to all do not deal with this company; aka IRIS Associates, Dvr properties.
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