Hi Regina I am not too sure about this company that you are looking into, but I do know that i did a short sale back in July with a company called MCB Realty out of Escondido and they were real great! They had actually given me a percentage from the sale. I believe their number is 760 580 5621 ask for Alex they'll help you out if they can.

Regina,
Check this link out.
http://www.hud.gov/offices/hsg/sfh/hcc/fc/

Regina,
You will need a real estate attorney to review the purchase/lease to buy back contract.
These terms never work out, they are usually a scam. Scam artist have you sign over the grant deed and the distressed owners think that the mortgage transfers as well. But, the mortgage stays with the distressed home owner instead. The buy back company has to satisfy the deficiency and pay for the full mortgage.
If it's too good to be true, then it must be. Also, they cannot charge anything up from, I was talking to a distressed home owner yesterday and they paid a company $4,000 up front.
Seek legal advice.

Hope everything works out for you,

Jes Sierra, B.Sc., Realtor®
Your top source for buying or selling real estate.

Hey there Regina....

I will tell you honestly that I'm not a big fan of Lease Back deals. The only way I would approach one would be for me or my partners to purchase the house (probably via short sale, or straight purchase) where the deed would change hands, then....depending on your ability to make your monthly lease payments, would lease option the property back to you or sell via Contract For Deed. (((Playing Devil's Advocate))) The only issue an investor may have with this is...What makes me think that you will be able to make your payments now, since you couldn't make them in the past and how long will that take? Has there been a substantial change in your income or circumstance? And will the numbers work for me to acquire the house at $xxx amount then sell it back at $xxx amount?

Now....that being said..... I WILL NOT leaseback a property to the original owner UNLESS I GET THE DEED through a completed sale. There is toooooo much legislation out there regarding leaseback properties/equity skimming where the investor comes in and takes over the property "Subject-to" the existing financing or Lease Options' the property and then offers it back to the original seller. These type deals would get/have gotten very controversial. Depending on your state's legislation, Judges may not take too kindly to either side when doing it this way.

My personal business philosophy is this (it may be different if I'm working within the arrangement of some partners)....... once I'm acquiring the property....the original seller has to get out and there is no more recourse for them with this particular house. If they would like to move into a DIFFERENT house, then i'll treat them just like all the other people who I will be screening to see if they have a legitimate possibilty of purchasing in the future.

If you do decide to have someone purchase the house from you and then agree to sell it back to you....I would make sure that the Option Agreement is recorded at your local courthouse. This clouds the title so that the new landlord/seller can't sell the house without your name popping up in the title search.

I personally have not heard of Samaritan Partners, but that does not mean they ARE or ARE NOT a quality company. Please do as much research as you can and retain the services of a KNOWLEDGABLE Real Estate Attorney. The more transparency there is .....the better. I will do some research on my own to find someone I would trust to help you....and IF I CAN find someone to assist you, I will post the information again on this question.

Darin
Investor

Regina: What ever you decide to do, when entering into a contract that is as complicated as this, you should have an attorney look at whatever you will be signing. The Curtis Law Group has free consultations and specializes in loan modifications and all areas concerning home ownership. Here is their website: http://www.curtislawgroup.com/

Especially if you cannot find any reviews for a company. Take whatever they give you before you sign it to an attorney such as the one I recommended. They offer free consultations.

Good luck to you!

I have not heard of this company. Is this company a Real Estate company or do they just do lease options.? There is also the question of legality if you are doing a short sale meaning you owe more than what your house is worth as a short sale must be an arms lenght transaction. Would you be doing a short sale on your home? Be very careful as there are a lot of companies and people out there who take advantage of seller's in your situation. I am referencing a recent blog I wrote in the web reference below. It tells about different schemes home sellers should be aware of . If you have more questions please feel free to email or call me. I specialize in short sales and I can also refer you to a real estate attorney should you decide on going forward with Samaritan Partners so that you can make sure that this company and their practices are legit.
I hope this helps... Good luck