Metro Dream Homes (Frederick: for sale, foreclosure, mortgage) - Maryland (MD) - City-Data Forum

talk2u · 08-15-2007, 12:48 PM

Anybody happen to read the articles in the Washington Post about this organization? I've been reading other discussion boards about this company. Thought I'd open the discussion here.

sagegriot · 08-17-2007, 06:50 PM

I have soaked up as much of this story as possible. Its a shame for the "investors".

liliblu · 08-18-2007, 01:50 PM

Here is the Post article if you have not read it.

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

talk2u · 08-20-2007, 08:35 AM

I've really been following it closely, too. I feel very sorry for anyone involved in this group - especially the investors. I just hope they can afford to pay their mortgages without the help of Metro Dream Homes because if not, they are going to add to the already growing foreclosure market in the DC/MD area.

ralphmalph · 08-25-2007, 12:31 PM

Yes, it is clearly a scam and there are nearly 1,000 people who have become involved as victims according to people in another thread at scam d0t com. Both advocates and detractors have posted in that thread and it has a lot of info at this point. If you are interested further, search on Metro Dream Homes and it should come up first.

I found out about it when a friend contacted me because his roommates wanted to use them to buy a house. He has been looking to sell his place, so he sold it to them to get them to quit the other deal.

There are so many totally stupid people in the world that will believe anything if it is told to them properly.

sagegriot · 09-03-2007, 12:03 PM

I have been having problems accessing www.scam.com to stay up to date on the Metro Dream Homes situation. Is anyone else having problems?

Rey19 · 09-03-2007, 07:58 PM

Quote:

Originally Posted by sagegriot

I have been having problems accessing www.scam.com to stay up to date on the Metro Dream Homes situation. Is anyone else having problems?

Hey Sagegriot, I am having the same problem. I will be posting here sometimes.

sagegriot · 09-04-2007, 04:14 PM

Looks like scam.com is changing servers.........access is intermittant. Didja see this GREAT post from this morning..........

QUOTE=VaAppraiser]
I am an appraiser and Realtor in Fredericksburg, VA. Since I have not seen any posts from any admitted appraisers and only a handful of Realtors, I thought I would submit a few comments.
First, cudos to ALL who have posted here. This is a VERY informative site for this company. I heard of this company in March of this year and there was nothing I could find on the Web informing us of what was up. From the start it was obvious that this was not right but very little data to help the average joe. THANKS...
Second, to all who read this remember this FOREVER. Just because the name of God is used, it does not mean it is from or of the Lord. God tells us to be wise as serpants AND to beware of wolves in sheeps clothing. If someone uses Gods name, make sure they follow Biblical principles. Jesus came to give truth. The whole Bible centers on truth. If you EVER deal with someone who either: one, will not give a direct answer to a direct question, or two you find bending the truth to coerce you or someone else into something....THEY ARE LIARS. No questions...make the call: They are deceitful and liars no matter how they appear on the surface. It doesn't mean you hate them or despise them, it means you deal wisely with them because you KNOW they are deceitful and liars. You should not expect anything less than deceitfulness and lies. You should not be surprised when they are deceitful and lie. Then you can "walk circumspectly" and be taken in by their deceits and lies.
I know some who are involved in this. I am very sorry for all those who are going to be hurt especially in a market that is already severly limping.
As a side note, I thought I could share one of my run-ins with this scheme. I had a Realtor friend call a few months ago very upset about a contract she had received. It was for one of her listings that had over 500 days on the market. It had started out at $649K and was down to list price of $599K. The contract was for $725K with $150K going to a third party. First, she was upset that the seller was going to get $25K less than the lowest list price. Second she was afraid her seller would sue her for not properly pricing the property. My response was scoffing laughter. How could you say it was worth $725K when it hadn't sold for more than 550 days for at least $75K less? I told her not to worry, it would never appraise...Well, guess what!! The scenario went like this: she gets a call to look at the property from another local agent with buyers. They look at it and like it. They call and say..we want to put a contract in on it, but first we would like to have an appraiser take a look at it. Would that be okay? The appraiser looks at it and soon the contract shows up for $126K over current list price and $76K more than the highest list price. Apparently their offer was based on the appraisal value although my friend never saw a copy of it. In other words, the appraisal was done BEFORE they made an offer to ensure it would appraise. Yes, folks this is fraud. Just incase you are wondering, one of the first sections of a lenders appraisal asks in the SUBJECT section, "Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?" Than the appraiser is required to report exactly what the situation is. This one should have said, The subject has been listed for 550 days with an original list price of $649,000 and lowered numerous times over the prior 550 days to current list price of $599,000. Than the underwriter sees an offer of $725K and BIG RED FLAGS are all over the place, right from the start. Typically the underwriter will either call for a review of the appraisal or a whole new appraisal from another appraiser. So either many of these appraisals are fraudulant by not accurately reporting the subject listing information (not to mention inflating the values)or the underwriters are not doing their job.
And just to let you know, the sellers refused the offer so there's one for the guys in white.
Keep up the good work you all! Wish Andy would come back and tell us some more of what we are missing...[/quote]

WoW!

Rey19 · 09-04-2007, 07:58 PM

I read it this morning. How can Andy refute this! Below is verbage from MDH's website I retrieved from cache.

"Contact our home office so we can direct you to a representative in your area, and with a brief evaluation, we can determine your eligibility for the program. We have all the in-house resources necessary to do fast closings, lending, appraisals and more. Reach out to us today, to learn how you can end your mortgage payments within the next 60-90 days!"

Seems like a conflict of interest?

Btw, I wouldn't put it pass Andy to pay to keep the scam.com website down.

sagegriot · 09-05-2007, 02:13 PM

Quote:

Originally Posted by Rey19

I read it this morning. How can Andy refute this! Below is verbage from MDH's website I retrieved from cache.

"Contact our home office so we can direct you to a representative in your area, and with a brief evaluation, we can determine your eligibility for the program. We have all the in-house resources necessary to do fast closings, lending, appraisals and more. Reach out to us today, to learn how you can end your mortgage payments within the next 60-90 days!"

Seems like a conflict of interest?

Btw, I wouldn't put it pass Andy to pay to keep the scam.com website down.

Yeah..I saw that very passage also and YES it could be a conflict of interest. As far as the website being hacked, I am more surprised the videos on Metro Television Network are still accessible......there's plenty of incriminating evidence in those! ( if anyone other than me can bear to sit through all the whole thing)