LAST EDITED ON Mar-12-08 AT 08:08 AM (Pacific)I was nearly a victim of mortgage fraud and many others who have reportedly used ALG Capital for refinancing, have fell prey to mortgage fraud.
I was presented phony loan documents, which appeared too good to be true ... and they were. I had been promised a 5.2% fixed rate 30-year loan. This was while I was in between jobs late last year, so was done with no income verification. Great rate huh?
Well, the documents that we were presented with were actually for a 3.5% 30-year fixed rate loan. How often does that happen? You are promised a great loan, but when it show up, the interest rate is almost 2% lower than promised? Not to mention that our copies of the loan, that the notary left, were missing the not and truth in lending statements ... all the more suspicious.
Anyhow, I called the lender the next day and found out that the loan documents we signed were in no way accurate. The actual loan was for 6.5% (as well as money being pulled out of equity that we did not request). I immediately rescinded the loan ... others were not as lucky. I also contacted the FBI to report this as mortgage fraud.
Since then, I have also reported this incident to the Department of Corporations and the Department of Real Estate. I have also been in contact with the lawyers of two of ALG Capital's victims. Each law firm asked if I would give a deposition and I told them I would be glad to.
I learned of the other victims via the internet, first on Yahoo answers board, then on ripoffreport.com. Their stories are basically the same ... promised a loan, signed documents, but when the loan funded, it turned out to be nothing like what they signed (higher interest rate, broker getting tens of thousands for their "fee", loan documents missing from the copies left by the notary).
I thought it would be a good idea to consolidate the information from those sources here.
From yahoo answers, this was the first instance I found, when I looked back in late December of last year:
http://answers.yahoo.com/question/index;_ylt=Av1hhiMAIr7KPCiSXIUEfoHsy6IX;_ylv=3?qid=20071215223642AAlz5mz&show=7#profile-info-EG6REatnaa
There were 2 or 3 people that either responded to my post (on yahoo answers) or posted their own similar story. One of them contacted me giving me their lawyers information:
Jack Gordon of Driskell and Gordon (626) 914-7809
This was posted on yahoo, but was deleted or removed (thanks to google for the cached version):
LzzqzARekEJ:answers.yahoo.com/question/index%3Fqid%3D20080207155201AAsxaVR+%22alg+capital%22+-mia+fraud&hl=en&ct=clnk&cd=7&gl=us" target="_blank">http://209.85.173.104/search?q=cache
LzzqzARekEJ:answers.yahoo.com/question/index%3Fqid%3D20080207155201AAsxaVR+%22alg+capital%22+-mia+fraud&hl=en&ct=clnk&cd=7&gl=us
Here are the entries (to date) on ripoffreport.com:
Chuck from Temecula (represented by Ed Stark of Cron, Israels & Stark at 1 310 393-7300): http://www.ripoffreport.com/reports/0/314/ripoff0314383.htm
Bob from Los Angeles:
http://w3.ripoffreport.com/reports/0/309/RipOff0309262.htm
Tara from La Mesa:
http://w3.ripoffreport.com/reports/0/313/RipOff0313700.htm
"Marijuana" from California (probably not his real name):
http://w3.ripoffreport.com/reports/0/314/RipOff0314111.htm
An update from this person:
http://w3.ripoffreport.com/reports/0/316/RipOff0316448.htm
"Speeedy" from Santa Montica:
http://w3.ripoffreport.com/reports/0/307/RipOff0307467.htm
I also submitted my report to this web site, and it was there for a day or two, but was apparently removed because I was not actually a victim? That is my best guess.
So, if you find you are a victim as well, I would contact all of the following:
FBI:
4500 Orange Grove Sacramento, CA 95841
(916) 481-9110
Dept. Of Corporations: http://www.corp.ca.gov/about/complaint.asp
Dept. Real Estate: http://www.dre.cahwnet.gov/gen_contact.html
Ed Stark of Cron, Israels & Stark: (310) 393-7300
Jack Gordon of Driskell and Gordon (626) 914-7809
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, 06:53 AM, Mar-20-08, (1)
