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My Friend Went With Fidelity Land Trust. She’s Not Sure if it’s a Sham? – Nelsa

“Dear Steve,

I have a friend who could not afford her morgage payments and was approaching forclosure, she tried to do a modification with the mortgage company but they did not instead they sold the mortage to a nother company. This left the homeowner desperate and afraid of loosing her home, so he hired an athorney to continue fight with the modification with the new company

One month after she paid the athorney some one brought her attention Fidelity Land Trust, and she signed up with them. she is worried and not sure if its a sham from all the comments she read after.

My friend is involved with the Fidelity Land Trust for approximately three months now. They quit claim the deed of her house and paid down a sum of money as they requested, she also has to pay a monthly payment as well after three months.

Do you think it is wise to have athorney do a modification procedure just incase the Fidelity Land Trust is un-succesfull as a plan B, or its waist of money,? or will they work against each other? If all unproductive how does she reverse the deed? Awaiting your answers, suggestions, and coments.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Nelsa”

Dear Nelsa,

I think at this time your friend should consult with a real estate attorney that is licensed in her state. It would not be wise to make any sudden changes without first understanding what your friend has gotten into and what the implications are of altering the path.

Now is not the time for knee-jerk reactions. However, it does seem appropriate for your friend to ask Fidelity Land Trust to provide supporting documentation to demonstrate their program has been “successful” for others in a similar position in the past.

Your friend can only make a fully informed decision by doing their homework and evaluating all other options.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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