Greg collins
Re: Greg, how did you loose your property?
Thu Jul 29, 2004 21:56
4.246.108.131

Thanks for the inquiry

I lost my house through an elaborate scam but I will summarize the best I can.In general predatory lenders make loans that are unafordable either to strip the equity of a homeowner by causing foreclosure and or exorbitant fees and interest rates or to trap you into a high interest cycle the use many tricks from high closing cost to high prepayment penalties they will also use tricks that are used in a similar scam called mortgage service fraud where by a so called scratch and dent customers mortgage is sold to another servicer who then uses phoney billing procedures
to cause an up to date mortgage appear delinquent thereby allowing them to collect exorbitant latecharges and legal fees and either threaten foreclosure to collect fees or actuall foreclose in order to resell through sheriffs sale
and launder profits they usually claim they have lost moey on the transaction while actually tranfering to a trust partner and profiting while declaring a loss these tranactions are publicly listed yet the accounting info is secret not hence the word trust used in these real estate/banking trusts.lso another trick both forms of banking fraud use is called forced placed insurance whereby your valid insurance is replaced by thier own
very expensive insurance usually Balboa now you have addition charges and legal fees allowing them to extort you further while superficially appearing legal .the courts,FBI,states attorneys,attorney generals,almost all of the politicians are quite well aware of this scam.as a matter of fact the FBI told me that we are not here to protect you we are here to protect the banks of course the agent wouldt tell me his name but I have the time of day and the office listed two weeks later the FBI encouraged people to report this scam in the local paper.On another occassion I went to Lisa Madigans office A.G.in Illinois
and her representative swore they had never heard of this
and then tried to convice me they dont have the jurisdiction to prosecute this crime yet to weeks later
she bragged in the Chigago tribune about the work her office was doing to protect consumers from this crime.
In my particular case Ameriquest solicited me for couple of years and I told them that I would like a loan if it was suffcient amount to use after completion of my house
they did a phoney appraisal of my house and tacked on aprox
30,000 dollars fees they then without my knowledge or permission closed my loan trapping me into a loan I had no way to repay plus an uncompleted house I had no way to resell and a loan that couldt be refinaced because I didn't qualify for in terms of income and could't be collaterized to to the fact that the house didn't even qualify for an occupancy permit I owed around $157,000 on a
house that should have appraised for $475,000 + on appraisal I have gone from having $400,000 + in assets
to homeless over this and now I have broken leg with nowhere to go I am in a house but I have to leave with a full cast and my vehicle has a stick shift.I have done much research on this subject even traveling to Washington
D.C. and talking to as many congressional and senate representatives as possible and doing research at the library of congress,and then back toCalornia to Back Arnold Schwarzengger because he took a stand against special interests and the deficiet which allows these bankers to charge the taxpayers trillions in interest on unpaid debts yes I said trillions,not to mention the fact that Ameriquest had given soft moneney laudered contributions through 8 sources to Grey Davis so for Arnld became a real life hero and because I worked on his campaign I got to watch Grey Davis's concilliation speach from Arnolds victory party.I guess the easyest way to visualize my crime is that If you held the title to $30,000
car and some one offered to lend you $5,000 on it with payments of $150 per month then a couple months later a tow truck shows up and tows your car away becase you didn't
make the $300 per month payment or the $2,000 processing fee, then the loan company sold it to a friend for $500
the freind sold it back for $500 thru a trust and then the person who made you the loan resells the car his "freind''
owns collects $30,000 for your car but doesnt have to report the profit because the p+l is legally off the books
and then sues you for the $10,000 loss you incurred to him.
In this case I lost my house my company Its destoyed my credit so I can't even get an apartment basically it honestly is a fate worse than death and it happens to many people with the assitance of the government and if they are willing to do this to me and many others I could only imagine what kind of plans they have for everone beause
I wasn't some poor defenseles person I lived in an area where the average salary was $250,000 per year where you could be expected to know some pretty important people.I would be glad to offer my reseach and some documentation
I was in the process of filling my research when I got my leg broken so I might not have a timely response to all requests and also I have a pending lawsuit so not all info is available right now.