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Arizona homeowners should be careful about mortgage arrangements

Owning a home, for many people, is both their most personal investment and their biggest one. After all, their home is where they spend each day and where they raise their family, along with being, for many, the most valuable thing they own. Unfortunately, the money that it takes get and retain a home draws sharks who are looking to take advantage of current and prospective homeowners. Homeowners who find themselves hurt financially by those sharks may need to engage a Phoenix, Arizona, business litigation law firm to protect their money and their home.

One homeowner owed a lot of money on his house. He wanted to avoid defaulting or selling it at a loss, so he sought out a third option. It looked to him like he found that option in a Phoenix, Arizona, company called Mortgage Relief Solutions. That company, according to the homeowner's attorney, had a program that was supposed to accomplish three things.

First, the company was to start making the homeowner's mortgage payments. Second, the company would secure a tenant for the property who would be interested in buying it down the line. Third, the tenant would buy the house, which would let the company pay the outstanding amount of the original loan.

However, the homeowner told his attorney that those things didn't happen. Instead, he said, Mortgage Relief Solutions only paid the mortgage for two months and then failed to do so for the following five months. The homeowner had to cover those payments himself in order to prevent foreclosure. His inquiries to the company went unanswered,

The homeowner wanted to collect rent from the tenants living on the property, and sued the company for breach of contract. Other homeowners have come forward with similar complaints about the company. Situations like this illustrate how careful homeowners need to be and how important it is for them to get excellent attorneys.

Source: ABC15.com, "Homeowners want answers after losing homes, money," Courtney Holmes, Joe Ducey, May 24, 2017

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