Legal Question in Real Estate Law in California
Bad Investment?
Since 2005 I have invested in a company called Accelerated Funding Group based out of Pasadena,CA. The company buys foreclosure loans by the bulk and trys to refinance them at full value. Investors like myself would pay the last three months of each home owner to get them out of default. The investment would pay us 50% profit of our orginal investment plus interest if it closed after 45 days. The first two times I invested worked fine, but the last time I invested (September 06) has been extremely frustrating. Its been over year and I still have no answers to what's going on with my money which is $150,000. I owner of the company Jeanetta Standefor has not communicated with any of the investors over the last several months because of a questionable sickness. The person who has stepped in her place Relda Neely has not provided any information regarding our money or the status of the company. Several investors have threatened lawsuit and called the SEC. I really need help to figure out what's the best course of action. Please help.
4 Answers from Attorneys
Re: Bad Investment?
Well, it sounds like the investment vehicle that you name may be feeling the pains of the credit crunch and they are unable to refinance these high risk loans, which has caused cash flow problems for investors like yourself.
You may wish to seek legal representation ASAP to protect your investment.
I am located in Chino Hills if you wish to call me for a consultation on this matter.
Re: Bad Investment?
What a scam! What you and the Accelerated Funding Group are doing appears to be in violation of the home equity purchasing laws or the mortgage foreclosure consultants laws or both! The owner is likely in jail or running and you are likely to never see your money again. Did you really think it was legal to get a return like that in so short a time?
Re: Bad Investment?
I'd want to read through the docs a little better to get a thurough understanding of what exactly was supposed to be going on, especially before I would start mud-slinging. It is possible you were being duped by a scam company as Mrs. Deming states in her own colorful way.
Our firm is located in Pasadena, so I'd like to take a look at your paperwork. If you'd like me to do so, please feel free to contact me through our firm's site (No-Probate.com) or at the phone/address provided by LawGuru.
Scott
Re: Bad Investment?
LawGuru questions are not supposed to contain names or identify any parties, and LawGuru attorneys are supposed to reject rather than answer questions containing names of parties or potential parties to litigation.
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