There are others out there who fell prey to this fraudulent scheme. Let's hear from you! This mortgage scheme took place in Atlanta, Georgia and the owner/seller is currently under arrest and being investigated by authorities. Renovated condominim units in Atlanta were being offered to prospective buyers as being worth between $135,00 to $155,000. Buyers bought into the "renovated condos" and some of the loans were carried by Countrywide.
When the condo's were not renovated by the promised date, investors realized they had been taken by the owner/seller Dossey Richards and was reported to authorities. Countrywide received fraudulent information on the loan papers submitted to them and could not or would not turn over appraisals or paperwork that they relied upon to base the $135,000 to $155,000 loan. There are a number of individuals whose credit has been wrecked by there refusal to rescind loans for which we know they are well aware a fraudulent. Can anything be done?
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