Our house in Fort Lauderdale was under water, with a mortgage of almost $500,000 and a value of under $400,000. We had an adjustable rate mortgage since we bought the house in having paid $550,000 at that time. We had been negotiating with Wachovia for over 8 months in trying to get a loan modification, with no success. Mr. Edwards, a friend of our daughter’s friend, met our daughter and, once he found out about our problem, promised to help us. We met with him and he explained that he could use the value of our property to obtain financing by leveraging the $400,000 value. We would have to sign an "Irrevocable Commitment for Non-Recourse Financing for our property. Before he would proceed, he asked for a "retainer" of $10,000 as a sign of our good faith. We met Mr. Edwards again on April 31st, and gave him personal check in the amount of $10,000 after signing a contract.
According to the contract we signed, Mr. Edwards guaranteed the return of our $10,000 after 6 weeks. When the middle of June came and we contacted Mr. Edwards for the return of our money, we received the first of many excuses for him not being able to return our money. This has been going on since that time. We are in possession of many emails and other documentation regarding Mr. Edwards' deals that always seem to take longer than he had expected to complete.
I made the latest demand today via email and received a reply that he would not deal with us any longer as we have insulted him personally by claiming that he was running a scam on us. I really have no other name for what he has done and continue to do.
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