Metro Dream Homes Scaaaam!!!! (Laurel: mortgage, credit card, home equity)

[W.A]

The biggest SCAAAAAAM Ever!!!!!!!!

My poor parents have been trying to get out of this contract. They joined this company about March of this year after paying $4500 Admin. Fees. Last June they pulled out 50k of the home equity and gave it to metro dream home. The contract stated that Metro Dream Home will pay full mortgae + $1000 every month. Keep in mind they were paying $3000 before they pulled out that equity. After they signed up the mortgate has increased to $4500. Problems came up; Metero Homes only paid July and August after so many calls and visit to the now closed office in Laurel, MD. My parents ended up paying for August after they were advised to pay and then metro dream will re-imburse. Nothing was paid until now this is end of October. So it means they would have to pay + the late fees. By the way that $1000 on the contract was never paid out. Now, we are looking every where for these people to cancel the contract and redeem the rest of the $54,500. By the way they don't answer any phones, e-mails, or fax. Offices in MD and D.C are closed.

Also, My sister has enrolled her house in the program and has sent a letter about 3 weeks ago to cancel but no answer. Metro Dream sent an e-mail that the last day to withdrew and get the rest of your money is 10/27/07 but they have disapeared from all locations.

I myself has enrolled in the program but only paid administration fees and was promised to be refunded if i change my mind. I sent an e-mail to my representative asking about the process of getting my $. For two weeks now and not a single answer.


This was tooooo good to be true and we all had the feeling that it might be a scam, but other people in the program gave us comfort that this might be the oppourtunity of a life time.
We're waiting to see the end of it and I hope they all get punished for the stress they created to thousands of people. I heared they were in court last week but we don't know the outcome. If anyone knows anything please share.

Thanks All and becareful.

P.S I heard they were operating in CA and the Carolinas market.

[W.A]

Oh, I forgot that Metro Dream also advertised the Dream Ride. where you pay about 17k and get a Mercedes and they pay you a monthly. I think it's the same scam.

[MDH supporter "Right"]

This is so SAD, I have heard that the members have not had their mortgages paid because all the money has been frozen. The talk in Fredricksburg is that Kevin Elliott who once worked for BB&T Bank is the neighbor of one of the board members of Metro Dream Homes.

[W.A]

Metro Dream never told us at any meeting or e-mail communication that their accounts were frozen. They always said we're in good shape and we have to bring more people. So, to me it means they didn't have enough money invested but they depended on new member to pay for existing members. When the were ordered not to hold meetings that's when the system colapsed and mortgages were not paid for the last 3 month in our case.

[tiredofscamstoo]

You can get more information at scam.com or D.C. Metro Area - Has anyone heard of Metro Dream Homes? - 419-Legal Fraud and Scam Forum Good Luck.

[Grasonville]

Before Metro Dream, A 2001 Ponzi Accusation - washingtonpost.com

And from Clark Howard:

Sep 10, 2007 -- Metro Dream Homes offer is a nightmare
Have you been approached by a representative from a company called either Metro Dream Homes, POS Dream Homes or Metropolitan Grapevine promising to help you pay off your mortgage in about seven years? This offer is yet another scam that's come to Clark's attention. All you have to do is pay $5,000 and agree to give up 15 percent of your home equity! Metro then says they'll invest your money in credit card machines, ATMs and other "revenue-generating devices" and use the profits to pay off your mortgage in five to seven years. Once the mortgage is paid, you then have to give Metro half of the new equity in the home. The state of Virginia recently crunched the numbers and found that they are mathematically impossible. Meanwhile, The Washington Post reports that Virginia and Maryland are seeking temporary injunctions and cease-and-desist orders against Metro. Don't buy into the pipedream being pushed by the company.

[W.A]

AS of today no update and Metro Dream Home CEO has been going to court almost every day. We don't know where the court is being held so we can attend and say the truth. I heard from some individuals that Mr. CEO is say that he will make it!!!!!!! No mortgage payments untill now. My mother sent a letter to the maryaland and D.C offices, but they came back today and there is no forward address. As I stated before she sent her cancelation letter via mail, fax and e-mail but have heard NOTHING. Please if you hear anything let's know, we need to get the rest of the $54,500 and get out of this SCAAAAAAAAAAm.

[hokiejane]

Originally Posted by W.A

Metro Dream never told us at any meeting or e-mail communication that their accounts were frozen. They always said we're in good shape and we have to bring more people. So, to me it means they didn't have enough money invested but they depended on new member to pay for existing members. When the were ordered not to hold meetings that's when the system colapsed and mortgages were not paid for the last 3 month in our case.

That's a classic Ponzi Scheme...

Ponzi scheme - Wikipedia, the free encyclopedia

[Grasonville]

Originally Posted by W.A

AS of today no update and Metro Dream Home CEO has been going to court almost every day. We don't know where the court is being held so we can attend and say the truth. .................have heard NOTHING. Please if you hear anything let's know, we need to get the rest of the $54,500 and get out of this SCAAAAAAAAAAm.

I think it is safe to say that the money is gone - so far as not knowing what court is being held and where - that is public information - if he is truly actually going to court (and not just sending lawyers to present depositions) - you should be able to find that out by searching on his name.

Edited to add link to previous thread:

http://www.city-data.com/forum/maryl...m-homes-2.html

[Washingtonian]

I was approached by someone here in Charlotte last month with this scheme. He didn't go into the details. He did tell me he moved from Baltmore, MD. He gave me his number and told me to refer people if they wanted to reduce and pay off their mortgage and bills w/i seven years. I was wondering how the heck did he plan on doing that. If that was the case, everyone would be doing it. He wasn't interested in me because I had already sold my house in MD and decided not to buy anything here in Charlotte.


His son goes to school w/ my daughter. I should have someone call him as if they are interested and get more details. SCAM ARTIST!!