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I bought a house under an investor program whereby a development company buys properties then rehabs and sells them to people like me. They then make the mortgage payments and manage the rental for 1 to 2 years.
My particular property was appraised at $93000 and they sold it to me for $80000. Issue 1:The property was not re-habbed for 1 year but was appraised at $93000 but was worth less than $20000. The bank loaned $80000 on it. Is that fraud against the bank and myself?
Issue 2: After rehab, the development company was responsible for rent collection and mortgage payments. They would not give me information on tenants, monthly inspections etc. The tenant they placed, did over $10000 worth of damage and the development company refuses to pay for it. Do I have any legal rights here to force the development company to pay?
Can I get out of this loan because of fraud or at least change loan to reflect current value?
Contact your attorney.
Plan to take your contract, all appraisal documents, and your loan documents, as well as all rental documents to your attorney for consultation.
You have too much going on to get any better advice from a bunch of strangers on the internet.
Seek legal advice and go to the State Securities department that has the authority to investigate the the documents you received or signed when you put your money.
There are others out there that have been lied to and duped.
A wolf in sheeps clothing.
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Ephren Taylor City Capital Corporation ,***SCAM-SCAM-SCAM***WATCH OUT FOR THIS "CHURCH BOY"- HE IS THE SNAKE IN THE CHURCH, Nashville, Tennessee
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Ephren Taylor Ephren Capital Corporation Ephren Tayor has devastated my life. Kansas City, Missouri
I am in the same situation as akbrtrdr. City Capital Corp sold me an overpriced rental property and found a tenant for the property who could not afford to pay the rental. I regretted my decision to invest my IRA money with them and just want to sell the property but the problem now is, Ephren Taylor, just resigned as CEO of City Capital Corp, their website is down, their office is closed, and their phone number has been disconnected. I need some advice as to how I can have my money back in the least expensive way. I'm afraid I cannot afford attorney's fees.
I think you can kiss that money goodbye ---- if you are lucky they may be a class action lawsuit filed that you may join; but dont expect more then a fraction of a penny on your dollar invested
* The Law Firm of Lurie & Park, at 11766 Wilshire Boulevard in west Los Angeles, California, is preparing to file suit against the responsible parties. If you have any information on this matter or if you would like to inquire about the possibility of representation, feel free to call (310) 478-7788, or e-mail barak@lurie-law.com.
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Ephren Taylor - City Capital
