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Home Owner Warns Residents Of Foreclosure Company

Woman Says Company Made Her Home Payments Higher

POSTED: 3:10 pm CDT June 13, 2008
UPDATED: 11:22 pm CDT June 13, 2008

A Smyrna woman is advising that home owners should beware of some companies after she lost her home in an attempt to avoid foreclosure.

Video: Home Owners Warned About Foreclosure Company

Signs that are posted around town that say "We Buy Houses" come with the promise of helping people avoid foreclosure, however the deal can come with some twists.

"Desperate times create desperate people, and we certainly don't want to see home owners who are fearful of foreclosures, even worsening their situation," said the director of the Better Business Bureau Kathleen Calligan.

Resident Dee Dee Shell said she couldn't afford to pay her mortgage, so she contacted a company that claimed to help people at risk of foreclosure.

"They got me to sign this one paper, and it was like they had to hurry up and get it so the house would be foreclosed on," said Shell.

She signed over the deed to her home and paid the company rent to continue living there.

"They were making me a tenant and making the payments higher," said Shell.

She had to move out and ended up losing her home and business salon that she ran out of the house.

"They pretty much told me I need to get boxes and prepare my stuff to move. He told me I could be a mobile hair stylist, and I could do hair out of my car," said Shell.

The Better Business Bureau said to seek advice from a professional preferably and attorney before signing any document.

"Somebody took my home. They got me to sign a paper, and I didn't know what it was," said Shell.

This process the business used is completely legal, but residents who have questions about a company should contact the Better Business Bureau. They have the ability to do a background check on suspicious businesses.

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