This company at a seminar of Ron LeGrand here in NJ presented a very different way to buy property by being a beneficiary of a Trust that owns the property. They claimed that they helped people with very low income buy properties by rent to own, according to how much money they could afford. While they rented the house the same company would help them with a mortgage. So if you bought a house from them for $23000 they would rent it for you and when they would secure a mortgage for the Tenants you would cash out and make a profit. After I did what they told me to do, giving them all my IRA money (their suggestion) and some from my credit card, I supposedly bought a house in Tennessee and after they had told me that I was lucky because the house was already rented and I was going to get my first check in January because they distributed the money every three months. When January came and went and after several telephone calls to them (most of the time leaving messages witout a reply) they told me that the person who had rented the house had left without knowing where they went. Now they sent me a letter saying that they weren't able to rent the place and I should list it with and agent. (Meanwhile I started having a bad feeling about the whole thing and I had some friend of my son's who moved to Tennessy go and see the house. The house had no front door looked abandoned and I have pictures of it.) I have nothing in my hands nor a title to the place, plus the company that they sugessted to give them my IRA was threatening me that if I didn't pay them a yearly fee they would return the IRA (just the papers no money) back to me and I would have to pay Income Taxes for cashing in my IRA.
The whole thing gets me so sick to my stomach. I am 68 years old and I needed that money for my retirement. It also gets me sick that these people continue to scam people and get away with it. I don't know what to do. Please help with any advise.
Thank you.
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