Complaint Review: DeMarco REI - Philadelphia Pennsylvania

I am writing this for anyone in or facing Foreclosure :Never deal with an investor who wants to rescue you from foreclosure by buying your home & you can repurchase in a a year.My family had a terrible tragedy,my brother was killed in a car accident;unfortunately joe was not insured of course I helped pay for the funeral expenses I used my mortgage money EVENTUALLY I went into foreclosure. Demarco contacted me via the mail,one of the managers expalined I would receive a cashout based on my homes equity.AN appointment was made with Demarco ,a loan officer & manager came to my home,a cashout of 25,000 was discussed ,the rent would be 2300 a month for 1 year.The rent was high since my mortgage was only 2000 a month,the manager cautioned me that anyday the sheriff would be placing a yellow sticker on my door.The manager also advised based on my homes equity I may get more of a cashout. After 3 long months Demarco finally closed the deal,The first thing I noticed at closing was the rent it escalated to 2900 a month. I told the associate I was'nt going to sign ,I was immediately connected with the manager at Demarco."he said do not worry remember the escrow account I was going to set up for you? "YOU WILL BE GETTING AN ADDITIONAL CASHOUT PLUS EXTRA FUNDS FOR YOURSELF YOU WILL BE FINE" I took him at his word & signed the closing documents. I am now going to outline the horrible things that have occured since Jan 14,2008. The payoff amount on my home was 200,000 my home was appraised for 355,000.I received a cashout of 20,000 the extra funds I never received. I am paying 2900 a 100 shy of 3000. Demarco mails rent demand letters even though the rent is paid.Example,I mailed the rent for May on May 13,2008 (rent is due by 15 of each month)Demarco 's property manager has sent a letter she has not received the rent the penalty she is charging is 2100 late fee************ this is unbeleivable.I have the letter I am saving it for sure.The 2900 for May has been mailed.Demarco does not accept personal checks. If you get sick or lose your job,that is no excuse they want their rent,Time is of the essence Rent must be received by 9:am on the 15 day of each month,this is DEmarco's lease word for word. Read this & beware please call FHA,call HUD,& SPEAK WITH YOUR LENDER .I am writing this information so anyone facing foreclosure will not fall prey to these dispicable ,horrible Real estate investors who are stealing the equity &ruining the American dream.

My name is Vicky Ladyzhensky, I am the Property Manager for DeMarco REI, Inc. Carlyn McCabe is currently our client. DeMarco REI is a reputable company that has helped dozens of families remain in their homes and avoid foreclosure. In the process, many of our clients have received "cash-outs," were helped with their credit card debt, as well as relieved of their judgments and tax liens. Additionally, we have invested in our qualified clients by providing them with credit repair services. We ensure that potential clients have all their questions answered and that they are fully knowledgeable in the programs we provide. We advise that every prospective client seeks legal aid before they make any commitments to our company to make certain that they fully understand the REI program and that they are comfortable moving ahead with us. At DeMarco REI, our goal is to keep families and individuals in their homes, giving them a second chance after a financial hardship. It is our policy to avoid public discussion of the specific circumstances of any participant in our program. Important facts are easily confused, misconstrued, or neglected. Due to the nature of our product, which is helping people through financial crisis; many of our clients have experienced serious financial and/or emotional distress. We do everything in our power to work with our clients to help alleviate their distress and address their concerns. We would like to communicate that while it is upsetting that Ms. McCabe has not found our services to be satisfactory, she received important benefits from her participation in our program including substantial financial assistance and the ability to remain in her home. We continue to reach out to Ms. McCabe to find a solution that is amenable to her and to DeMarco REI, and to get her involved with our credit repair service so that she can repurchase her home from the company. In November 2007, Carlyn McCabe contacted us seeking assistance to stop foreclosure proceedings on her home. After reviewing every possible scenario, DeMarco REI purchased her home, granted Carlyn a $20,000 "cash out," and then credited her an additional $2,250 to help her manage her financial situation. Most importantly, DeMarco REI kept Carlyn in her home. At settlement, Carlyn was informed and signed a lease that her monthly rent payment will be $2900; her first payment was due Feb. 15, 2008. We have made many attempts since February to contact Carlyn via telephone; she has never returned any calls. She prefers to communicate by means of fax and email. We have sent many letters asking for updated contact information as well as asking Carlyn to contact us to enroll in the credit counseling program to help the re-purchase of her home, but to no avail. The ONLY forms of communication we have had with Carlyn were by way of email and fax, all correspondence were saved, and filed. We have met each and every one of Carlyn's requests and demands, but she has not cooperated with us when we reached out to her. DeMarco REI works hard every day to build quality relationships with our clients, Carlyn is no exception. We value her opinion, but in order to satisfy her and meet her needs, she needs to contact us. DeMarco REI saved Carlyn's house, stopped foreclosure, and gave Carlyn $22,500 cash out. In the future, we would appreciate that our clients reach out to us with their concerns. We recently sent out a satisfaction survey to our clients and Ms. McCabe's complains were not sent back to us in a the pre-stamped envelope we provided. If you wish to learn more about DeMarco REI and hear about the manyways we have helped our clients remain in their homes and avoid foreclosure, or if you wish to speak to us about this posting, please do not hesitate to contact us at 877- HELP -218.

DO not fall prey to Demarco,REI**** Please do not fall for the trap that a company will buy your home & lease it to you for a year. I made this mistake with DeMarco & I was better off in foreclosure.I am paying 2900 rent ,my mortgage was 2000. Demarco promised me a large cashout & assured me with all the equity I had in my home ,the 2900 rent would be covered & I would have some extra cash for myself.I have received 20,000 cash ,the balance owed on my home was 200,00 my home was sold for 355,000 .Please read this very carefully.Do not let this happen to you. I was in a very vulnerable position ,my brother was killed in a car accident i used the mortgage comapny to help pay for the funeral it was the holiday season ,I beleived them.I was thinking I could get back on my feet ,help my family & in 1 year i would be a homeowner again . Demarco has forged my signature ,they have sent abandonment letters & I have been paying the rent.I am running out of money fast paying 2900 rent 100 shy of $3000. The clauses & stipulations in the lease are unreal you have to pay the rent no matter what getting sick,unemployment family illness is no excuse ,you get evicted if the rent is not paid by the 25th of the month 5% late fee,plus $5 for every day you are late.no personal checks This is very sad but it is happening to millions of people all over real estate investors like Demarco are like 'Sharks on The Attack" Do not put your signature on anything unless you get copies ,get anything you are told in writing that day. I am now a victim of circumstance ,I am trying to get some help I really want to be a homeowner again ,I want to go on with my life.Demarco is aka Iris Associates,DVR properties.They were originally located in Millville New Jersey & moved to phila,Pa