Never sign over your deed! You have many, many options to handle your home in this situation, but none of them need to be giving over your deed. There are even situations where investors may "buy" your home and resell it, but you keep the deed until you or your bank is paid what they have settled for. And you never need to move out of your home unless you choose to unless the bank forecloses. There are scams out there that also require that you move out of your home during their "processing" time thereby incurring even more expenses and risk. This and signing over your deed are extremely risky to you. As was said before, you can get a reputable Realtor to handle your sale, negotiate with your bank and explain the various options you have. You can also contact a HUD counselor as there are a few right near Palm Harbor that can explain options and help you explore what you can do and help you decide what is your best course of action. And often, when you are going through a short sale, if that is what you choose to do, this HUD counseling may be required. Do this under the guidance of a licensed Realtor that has a good track record of helping people with distressed properties. Please let me know if I can be of help in your situation.
Gwen & Doug Campbell
Keller Williams Realty
35095 US Hwy 19 N Suite 100
Palm Harbor, FL 34684
727-939-1515

See an Attorney.

DO NOT SIGN ANYTHING.

This company may be legitimate, but it is also a new trick used by Scammers.

Best wishes,
Fred
--------------------

I agree with Don, this is a valid investment stratagy for the investor and I have seen it used to help speed up the shortsale process.

I would still caution you to be careful.

It is also part of a take your sh%$ campain, as a backdoor way of buying a property, whereas the people buy. get or take the following items:deed, contractor liens, tax liens, second mortgage and then beat up the first mortgage.

Excellent answer from Bibi Zanella! Speak to a Professional Realtor that has experience with Short Sales... That is the key. List your home and get it sold quickly and avoid foreclosure. Bank will pay commission and seller related charges. DO NOT sign over the deed. Please do not hesitate to call if you would like a consultation on what options you may have. Best Regards,

My answer differs somewhat from the others provided.

True, you have to be very careful. However, in some instances this strategy can work.

What the company is proposing to do is called a "Subject To." They buy your home "subject to" the existing mortgage. Your name remains on the loan. They own the house. And, yes, that's very risky to you. At some point in the future, they will sell or refinance your loan, and you'll be off the mortgage. Their argument--and it's accurate for the legitimate companies out there--is that they'll make up the back payments, help reestablish your credit by paying the mortgage on time, and at some point get your name off the mortgage. You might end up with a share of any profits, as well.

A "Subject To" is legal. However, it will violate your lender's "due on sale" clause. In your case, that's really not a problem, since your heading to foreclosure anyway. But, as a practical matter, in today's economy lenders would much rather have someone else (the investment firm) paying your mortgage than for you to remain unable to, and for the lender to have to foreclose.

To correct another answer below, this is not an option contract. Ownership WILL transfer. Under an option, an investor would have the ability to assign a purchase contract to someone else. However, in your case (assuming you have little or no equity), that wouldn't make sense.

I know reputable investors who do "Subject Tos." It's a legitimate strategy that, when executed properly and ethically, is a win-win-win for all involved. However, to repeat, it's very, very risky for you. And before you even consider it, you should explore the other options mentioned below: loan modification, short sale, examination of paperwork to detect errors when you purchased the property, and so on.

Hope that helps.

Dear Seperated,
You can very easily lose your home and keep your debt. Be very afraid.
Do some back ground checking. What is the name of the individual or company? Do they own property in Pinellas, Pasco or Hillsborough counties? Do they have a real address you can go to? Are they working in collusing with a real estate broker or agent? Do they hold a professional license in Florida? Have there been complaints filed against the individual or company? Check social sites like http://www.ripoffreport.com If you can not do this, forward the data to me. If they are fraudulent I will forward the information to a local attorney who will follow up with the Annorney General office.

Best solution. Let me refer you to legal counsel who will investigate if your laon was appropriate in the first place, pursue loan modification and if needed will negotate your short sale for your. Negotiating contracts with a bank requires an attorney. An attorney can bypass the call center interference the consumer and real estate agent, and investor encounter. You can be on the hook for deficent collection for 18 years if not handled properly.

Citizen or agent, call so we can put a stop to these practices!
Please call.
Annette Lawrence
ReMax ACR Elite Group, Inc
727. 420. 4041
grd_agent@yahoo.com

Another trend surfacing recently is the option contract--many 'investors' are having distressed homeowners enter into an option contract (at absolutely no risk to themselves as the investor), and they then attempt to resell the property for a profit while negotiating a lowball offer with the lender.

There is nothing illegal about this, however anyone considering such a step should consult with a professional who can go over each aspect in detail prior to making any commitment. A well-trained and seasoned veteran of short sales negotiation should be able to handle selling a house for a qualified short sale candidate without having to resort to these measures.

On a brighter note--this sort of activity does indicate a 'bottom'--the bottom feeders are having a feeding frenzy!

Please feel free to contact me directly if you have any other questions--I am your neighbor right here in Palm Harbor!

I will confirm with everyone else DO NOT DO THIS!! Call a reputable RE agent who has experience with short sales. My title company handles all the negotiating with the bank and if there is still time can help negotiate a short sale and we can help you find a suitable buyer for your home. Please do not sign your deed over to anyone!

If I can be of further assistance feel free to contact me. The lender will pay real estate commissions if they accept a short sale. This does not cost you out of pocket. At least lets talk about your options.

Best of luck to you!

Patty Neri
Keller Wlliams Realty
Palm Harbor, FL
727-278-8084

STOP>>>> do not sign over your deed!!!! If you do you lose all ownership interest but still will be liable for the mortgage. if they do not pay, you are back on the hook again. Your best bet is to contact your mortgage company at once, ask for the home retention department, tell them your situation and ask how they can help you. Ask about loan modification, ask about forbearance where they can take your past due and add it to the total loan to bring you ciurrent or lastly if you have no ability to pay, then ask about a short sale. Dont give up and dont sign your deed away. If all else fails your best bet is a deed in lieuof foreclosure. Check to see if there is free legal help in your state. good luck with working things out.

Bibi answered it perfectly. Only thing I might add is get their names and report them to your state Attorney's general office so they don't take advantage of others.

PLEASE DON"T sign over your deed. There are a lot of shady companies out there that will ask you to sign over your deed and then sell your home from under you while you're left with all the debt. Please call me for a free consultation as we specialize in listing and selling "Pre-Foreclosure" properties in this area and can help you avoid a foreclosure. We work for a reputable company and there is absolutely NO cost to you. Your lender will pay all seller-related charges. Please give me 10 minutes of your time and I will explain your options, but DO NOT sign over your deed.

Sincerely

Bibi Zanella - REALTOR, DSP (Designated Short Sale Professional)
COLDWELL BANKER RESIDENTIAL REAL ESTATE - PALM HARBOR
Direct: (727) 403-8947
Fax: (866) 348-2681
E-mail: BibiRealtor@aol.com
http://www.FloridaMoves.com/Bibi.Zanella