My wife and I invested in a pre-construction condominium project. We purchased two units at $70,000 each in August. The initial payment was $42,000 and the balance paid equally over a two year period. Our only decided to quit after two years.
In July of this year, we received an e-mail from some firm in Mexico that turned out to be the accountants for Flamingos Acqua. After two months of exchanging information, we finally came to an understanding that we had missed a payment. We wired the funds that also included a prepayment of six months of condo fees, $1500 for closing costs, and $3000 for pool furniture.
After the funds were received, we were informed that our late fees and interest on one payment of $4083.00 was $14,650. We tried to wire the funds to the fiduciary bank in November, but the account was closed. We tried to contact the accountants, but they said they no longer represented Flamingos Acqua. After another six weeks of searching for representatives of the company and visiting the property, we were told we were being sued.in addition to the late fees and interest, there was an additional legal fee of $25,000.
We were not allowed on the property while we were there, nor could we find anyone that represented the development. We have found out that other investors have not been given title to their units either. We have received no legal notice of any kind of lawsuit and cannot find anyone to help resolve this.
The developer of the project is extorting us for legal fees in exchange for title. Except that there does not seem to be any guarantee title will be transferred upon payment.
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