I Loaned Paul Del Hinds a significant amount of money via a self directed IRA on an Investment Property in a Gated Golf Community in Myrtle Beach SC. The second lien mortage loan was supposed to be used to payoff the contractors for some fixup work that were made to the home and was also supposed to be used to continue to pay the first mortgage lien until the property was sold within a few months.
I first find out later that the home was found to have termites that Del knew about before I loaned him the money. There was eventually one offer made on the home that eventually fell through because upon inspection it was discovered to have termites (which Del knew about). The home never sold, and went into foreclosure a year after the loan was made. It was discovered that Del had not made a single loan payment on the first lien after I had loaned him the money.instead of making payments on the 1st lien of the home, he used the money to continue his lifestyle of traveling and living in several thousand dollar home in a gated community on the golf course.
At the time the loan was made, Paul Del Hinds was running a Real Estate Investment group in Charleston, SC. He talked the lingo and seemed to have some credibility due to him successfully leading the REI group. Before the home went into foreclosure, Del tried to talk me into signing over the property to me and taking over the payments. I quickly found that that was a lose/lose proposition because he was so upside down on the mortgage.
After Del defaulted on my loan, he signed an agreement with me to payback the money in full with interest. I have yet to see a dime of that money. Del tried to talk me into signing for a scheme where I invest several thousand dollars which would bring me 10%/Month. To good to be true. It definitely was. After further investigation, it was determined to be a scam and several from Atlanta were convicted for duping people out of large sums of money.
Del also tried to talk me up for supporting him on an investment scheme that I am still not exactly sure what it was about. Del claims to be a Christian and a follower of Christ and I hope that he is true to his word and honors his commitment to payback the money that I loaned him.
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