Federal TRUTH-IN-LENDING Disclosure Statement shows the following terms dated 11/30/2005:
Annual Percentage Rate: 10.943%
Finance Charge: $181,721.14
Amount Financed: $58,800.42
Total of Payments: $240,521.56
No. of Payments: Amount of Payments: When Payments are Due:
24 $478.70 01/01/06
6 $550.06 01/01/08
329 $559.69 07/01/08
1 $41,594.39 12/01/35
Scenario:
Suspect realtor #2 sells my hispanic client a house listed at $29,000 for $65,000 and reports to MIBOR that house sold for $26,000. The above terms of the loan are described for this particular transaction. Transaction closes on 11/2005.
Suspect realtor solicits my client by offering $1,500 to use personal information to fund the sale on another home on x road. My client refuses.
01/2006 Client receives notices of late payments for house on x road which she has no knowledge of owning. Client files fraudulent report with sheriff's office. x bank investigates fraudulent acitivity and determines in her favor.
Same realtor sells the house on x road to x client for $80,000. House list price was $69,000 and Realtor reports to MIBOR that house sold for $60,000.
I will be sure these guys are brought to justice.
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