My mother bought three lots from Costa Developers (one in Montana, and two in Esterillos) in following the horrible advice and guidance of two of her friends who also bought lots. About two weeks ago, I decided to attempt to help my mom extricate herself from this nightmare. I am very hopeful that we can recoup some of the $180,000 that my mother has given to Costa so far. She double mortgaged her house to make this investment, and is now unable to retire due to this financial fiasco.
I have been emailing and calling a number of people at Costa, with very little response. The only person who has contacted me is Ed Neary, who claims to have no prior knowledge of my mother's situation. After promising me on April 4th that he would look into the issue and get back to me, I have now been left with no contact. I have never heard from Arnaldo Bonilla, the CEO and President of Costa Developers, even though I have called and emailed him several times, at various numbers and emails.
The main issue I am trying to get resolution on is the contract for the sale of the Costa Montana lot in March. My mother sold back her Montana lot to Costa Developers in March. The contract for sale was breached approximately 600 days ago when my mother failed to receive the promised second payment of $12,500, 120 days after the sale of the property.
The last payment received by my mother was in June in the amount of only $1500. She is still owed $11,000 by Costa Developers.
For the past two years, my mother has been strung along with excuses of Costa's extreme financial difficulties, but mostly has received no responses at all. The property was sold back to Costa Developers at a $38,000 loss in the first place, and now they won't even finalize the sale.
Needless to say, my mother's involvement with Costa Developers in 2006 has been, at this point, a total disaster. I would love any advice that anyone might have, since this situation has devastated my mother.
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