Monday, January 13, 2014

Soldier's future held hostage over $1,000 bill on home

Short sale puts Iraq veteran in credit bind
With a buyer found, a company is demanding $1,000 to release the title to his house.
Tulsa World News
Cary Aspinwall
Staff Writer
January 13, 2014

Sgt. Eduardo Marquez wants to complete the short sale of his former home in Kiefer and move on with his life, preserving what he can of his finances and credit score.

Marquez, an Iraq war veteran who's currently working as a recruiter for the U.S. Army in Utah, fell behind on his mortgage in Oklahoma after an attempt at a loan modification did not work out.

He was dealing with a divorce and a job transfer, so he decided a short sale was his best option. A short sale means the property is sold for less than the total debt owed on it.

A company called Rescue Team Realty, with several offices in the Tulsa area, mailed him an advertisement once his mortgage servicer began foreclosure proceedings in Creek County court. They offered to help negotiate the short sale of Marquez's home in the summer of 2012, and had him sign documents transferring his title to their trustees as part of the agreement, records show.

Marquez was told he would not be charged anything by Rescue Team, and they would earn commission from the short sale of his home, he said. But Rescue Team's first attempt at a short sale was unsuccessful, Marquez said.
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