I was contacted with proposition from Whitestone Capitals trust llc, to reduce my mortgage to fair price value i.e. the present valued price of my property now, because my property is less that my present mortgage.
White stone capitals claims that they did a loan forensic search and find where my Mortgage holder is inconsistent with regulations, which makes it possible for them to negotiate a settlement pennies on the dollar and reduce my mortgage to the present market price of my property.
I followed their advised and do a quick deed transferred of my title to Whitestone Capitals trust llc. They charged my Four thousand dollars up front and I should pay them 944.44 monthly and they would reduced my loan from 260,000 to 140.000 .
The monthly charge of 944.44 would go toward the 260.000 dollars. Somehow am led to believe they are scamming me and would like them check for their legitimacy. Until now nothing is being done to my loan and they have my paper work for my proper ty quick deed .I have to make other arrangement with my loan agency.”
Whitestone Capital Trust appears to be yet another in a continuation of likeminded attempts similar to the Fidelity Land Trust efforts in Florida that have proven unfruitful, click here.
According to State of Florida records, Whitestone Capital Trust was formed on June 19, 2012 and the owners are not identified past Whitestone Capital Trust Partners. Nick Torgerson signed on behalf of the partners. – Source
However the registered agent for the company is Peter Bowers who was previously involved with Fidelity Land Trust. Read this article for the reference.
I’d like to see the agreement you signed with this company to better understand the services they promised you. You can upload it to me via this form.
However I did a search in Palm Beach County Florida for properties that are held in the name of Whitestone Capital Trust and there are two. A search of court records in the same county could not find any suits filed against mortgage companies.
But this article in the Palm Beach Post might be relevant to your situation. Read Florida attorney general files suit against land trusts, calling business unfair and deceptive.
I would urge you to meet with a real estate attorney that is licensed in your state to better understand exactly what your specific situation is and how to get your title back. Because as it stands now, you are on the hook for the mortgage but you’ve signed over your house to Whitestone Capital Trust.
And if your monthly payments are not going to your mortgage company to pay your required mortgage payment then you are falling further and further behind.
Please post your responses and follow-up messages to me on this in the comments section below.