American Equity Foundation
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My wife and I got in contact with American Equity Foundation to participate in their continue Home program. Where you can short sell your home and then rent it from the buyer for a period of 3 years. After three years you have the option to buy it back from the buyer at the 97% of the current market value.
We met with the counselors in Henderson, NV. We filled out their information and told that since we were underwater in our home we qualify for their program.
I checked them out online and they were recommended by legitimate companies/news organizations like CBS Money Watch.
We were told that we had to submit a $300 non refundable membership fee and a $2000 refundable deposit.
The $2000 would be counted as the first and last months rent and was required by the investors so that they could verify that we would pay our rent and that were economically viable.
We gave them the money via pay pal. Their Real Estate Agent contacted us and stated that since we were current with our mortgage there was not an incentive for the bank to work with us for them to go forward with short selling the house.
He then told us in order to force the bank to work with us, he advised we stop making our mortgage payments. We told him that this was not what we were informed and that it went against our principles to stop paying our mortgage when we were able. He stated that he understood.
We then contacted American Equity Foundation directly and requested a refund of our $2000.00 deposit. The CEO responded that it would be approximately two weeks before we would receive it. It has now been two months.
We have been in contact via e-mail with the CEO and he has been delaying and now he does not respond at all.