Why would Ownership Express not charge upfront fees? The Old Saying “Sounds to
Good to be True”? I was upside Down and in Foreclosure on my dream home. My Realtor, a great lady whom I won't mention her name told me about this private investor out of Irvine Ownership Express that is buying homes through short sale and if I qualify income wise will lease back the house to me at the current market rent. “This can only be arranged through a licensed realtor I found out” Ownership Express wont deal direct with a home owner. I bought my home in San Juan Capistrano in the summer of 2007 for more than double what the home is worth today and although at the time I was making really good money I still had to take a negative amortization loan at the time called a pick a pay loan to be able to close and move in. In the first part of 2008 I lost my awesome job and couldn’t make any more payments. The lender (no longer in business) filed foreclosure against the house. I contacted this law firm that advertised on the radio and for a large fee (which I paid) they would stop the foreclosure. They were out of Santa Ana and actually got the foreclosure stopped. After that, I herd nothing for almost 3 years from the lender and then finally got another foreclosure notice. This time I figured I would see about a short sale which my neighbor did and stall off the foreclosure and stay as long as I could. The worst part about this whole thing is that my wife ended up leaving me because of the stress and it took me almost 2 years to get rehired at about 1/2 of what I was making. So here is where it sounds too good to be true, Ownership Express purchased the house closed escrow my realtor got the full commission. After close of escrow Ownership Express did what they said they would and leased the house back to me. The lease terms are really good and I agreed and signed the lease for 12 months at the reduced market rent and I made the first payment which felt good. What my concern is NOW that I can afford the payment if Ownership Express sales the house out from underneath me does the lease stay with the property? My Realtor assures me that if a new buyer buys the home from Ownership Express my lease is good through the full 12 months. I guess I shouldn’t be too concerned I didn’t make a payment for 3 years and got the benefit but I don’t want to have to leave.