Sarasota homes for sale transform “Moms & Pop” into fully leveraged real estate investors, mortgaging their financial lives with the roll of a dice.
Sarasota homes for sale try to make loser out of well-intentioned benefactor! By dumbgwailo
The buying, selling & flipping frenzy is no more.
Gone are the roaring (early) 2000’s and easy real estate profits…for the paper delivery boy, the retired teachers & even weekend real estate investors who take a 2nd out on their home to gamble on real estate.
Those days are gone.
Today, I get calls and emails from people desperate to get out of their pain. Not long ago, a guy named Fortin asked me for help.
Apparently, he did what many, many others did during the boom: he used his good credit to buy a house (probably 100% financing) for a pastor and his family.
I don’t know the arrangement or details to which the two parties agreed. What’s certain is that the arrangement exploded in their faces….
…resulting in anger, frustration, confusion & desperation.
Click Read More below now for a heavy dose of Fortin’s anger, frustration, confusion & desperation.
(It’s all here, and (let me tell you) I understand Fortin’s emotional roller-coaster.
REAL ESTATE INVESTMENT “TRUST” IS OXYMORON!
As it is, Fortin bought a house; he’s on the mortgage and note.
The family whom Fortin helped is not paying the mortgage as agreed. For whatever reason, the family appears to be squatting.
Now Fortin simply wants to get out & save what remains of “his name.” He has no credit.
Below is Fortin’s email to me, as I strongly recommend Fortin sit down with a real estate attorney as quickly as possible. Too many moving parts and too serious a situation.
Hi Mike,
I appreciate all you’ve done thus far but I think Mr. James has been playing me. I called the bank on Friday and asked every question possible and I was quite surprised. When i contacted the company last week, they advised me that the last payment was made way back in August, what are these people doing with their monies? You were right about having the mail forwarded to me but I did not think it would come to this since we only had a deal for 6 months. Here are the findings: The last mortgage payment was at the end of August for July in the amount of $200. There is not a sale date set-up on the property
A loan modification is not an option which he kept trying to get. Mr. James who lives in the house called on January 3r asking for lower payments. A short sale package was mailed to the house and he never informed me of this. He also requested a payoff. In addition, he was put on a payment plan back in December which required a $4500 down payment and he never came through so the payment plan was withdrawn. Options for now are: Possible payment plan, paying everything up to date ($16000 + attorney fees) in order to reinstate the account, selling the property (short sale is an option). Now with all this said, what kind of advice can you give me because I need Mr. James out of the house especially if he has not been paying a penny.
Because of their negligance, I can no longer qualify for the first time home buyer program, my credit is shot, he breached a contract that we both agreed to and was notarized, and on top of that he they refuse to work with the mortgage company to pay as much as they can on a monthly basis. i told him that i did not care abt the money he owes me at this point.
I JUST WANT MY NAME CLEAR. When we first entered into this deal he informed me that he only needed 6 months to fix his credit so we can turn everything around, it has been over 1 year.
Why can’t he and his wife purchase the house together?
Fortin Jean-Pierre
Real estate “investors” polarize people – either you love ‘em or you hate ‘em. Which are you? Did real estate investors “kill” the housing market? What buying or selling questions or comments do you have? Please scroll down & leave me a comment. I’m eager to hear what you have to say about Fortin’s email. Call me if you want my help buying or selling in or around Sarasota.
Sarasota homes for sale try to turn Fortin into a loser. Whether trying to perform a good deed or make a small profit, Fortin’s experience will leave a bitter taste in his mouth for years. In a way, Fortin’s faith in people (doing what’s right) is shaken…forever.
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