United Development Group International - MYAA Investment company assigns defaulted property to me in liu of sharing equity. At the end of the transcation they defualt on the contract and do not pay what is owed Las Vegas Nevada

United Development Group is an equity investment company. They solicit to homeowner/s who are on the brink of forclosure.

When the defaulted homeowner/s makes contact with the company, they send out a representative to meet with homeowner to complete the necessary paperwork.

The company basically takes the homeowner's equity, signs over the deed of trust and tells them that they will lease the house for a year. At the end of the lease, they will be given some money to use as a down payment or they can take the money and walk away from the home.

During the lease term, the home is assigned to an investor, like myself, who has a good credit history and will qualify for the loan. The company representative presents the investment in a spread sheet of what the leasee will pay, what the investor pays, and the equity the investor is owed.

When the home was transfered to my name, the tenant paid for 1 month then vacated the property. I received the checks owed to me from the equity but when I deposited the checks in my account, it would not clear.

Basically, I did not get the money as promised on the contract, the home was over appraised, completely thrashed, not liveable, and I am stuck with a mortgate payement that I cannot pay.

Janette
Sierrra Madre, Nevada
U.S.A.