Would-Be Homebuyers Under Rent-To-Own Deal Get Clipped Out Of $12K Upfront, Monthly Payments As Rent-Skimming Owner Pockets Cash, Stiffs Bank

In St. Charles, Missouri, KTVI-TV Channel 2 reports:

• If you don't qualify for a conventional home loan, you might want to proceed with caution if lease to own is your only option. We talked with a couple who now have to fight to keep a roof over their hea^ds while battling serious health concerns.
• Brian and Teresa Wilson understand what it means to have terminal cancer. They didn't expect they'd be fighting health issues and a bad deal on a lease to own agreement for a house.
• They signed a contract on this house in St. Charles County in February 2011. The family traveled a lot with Brian's job. And they just wanted to settle into their own home. But Brian says they've gotten the shock of their lives. "We've since come to find out that this home is not, is in foreclosure and has not had a current payment made in over seven months."
• Brian signed a contract and lease agreement with a St. Louis area real estate investor who's come to the attention of the Better Business Bureau. The BBB recommends extreme caution when dealing with Jack l. Roddy, JMZ homes, JMZ Investment Group. Jim Judge of the BBB explains why they started investigating. "We're getting complaints from consumers that are getting into lease to own situations with this company."
• Wilson says, "It was two months behind going into default in February when I gave him a check for twelve thousand dollars plus we made a thousand dollar rent payment every month on time since then." Four checks written by the Brian were cashed. Jack Roddy had no comment when we called him.

***

• The Wilsons say they researched the company before signing the contract but saw no red flags. They believe the mortgage is still held by the original owners. Something they just discovered. Teresa was the first to hear the news.

For the story, see Contact 2: Lease to Own Scam.