Usacomplaints.com » Shops, Products, Services » Complaint / Review: Barry Powell, David Longoria - Home Buyers Investor Program Scam. #452436

Complaint / Review
Barry Powell, David Longoria
Home Buyers Investor Program Scam

Almost a year ago my boyfriend and I, anxious to buy a home, filled out an application with Idelwood Homes, a modular home builder in Wharton, TX. We were parenting 6 children and living with my parents when relator, David Longoria of Quest Funding, who had been hired by the builder, told us about and investment program that helped people with bad credit who could not finance through a bank purchase a home. Myself and others then met with Barry Powell for a 30 minute computer training course on how the investment program worked. Barrys program would find investors with almost perfect to perfect credit to finance the home in their own names through a bank. The house would then be placed in a trust giving the occupiers of the home (ourselves) 99% ownership of the trust and the investor 1% ownership. We would then be given 7 years to have the home refinanced into our own names and could buy that 1% of the trust from our investors for $1. We gave David Longoria $500 cash for a lawyer to draw up this trust document which we never received. We were paying $1652.52 a month for a little over 1300 sq. Ft. Modular home. $250 of this monthly payment went to Barry Powell, a few hundred went to the investor and the remainder of it went to the actual mortgage payment. We signed paperwork for Barrys program before moving into the home but never received copies of the paperwork. Our investors claim that they had not yet received any copies for the first three months of us living in the home. We begin to compare notes with our investors only to find out that they had been told that we put a down payment of $12,000 prior to moving in. This is not true. We have contacted Barry as well as our investors for copies of the paperwork over the past few weeks (Easter Weekend to be exact) and still have not received anything. Barry asked that we call back the following Monday. We did. No answer. We went to the county clerks office only to find that the trust does not exist. We had been told that the house sold for over $140,000. The county clerk upon hearing our story pulled the file for the property only to discover that the house was only $113,000. I admit that we were late with our payments but we were never 30 days late. Our investors begin to feel sympathetic and contacted Barry and asked him to forgive his $250 share of our monthly payment for 6 months to help us out which he agreed to do. We were still paying over $1400 a month for the home up unti we decided to move out 2 weeks ago. There is so much more detail to this story that is yet to be stated. I am not bitter about losing the home. It was a mutual decision between us and our investor. I feel that we have been scammed.


Offender: Barry Powell, David Longoria

Country: USA   State: Texas   City: Pearland
Address: 3201 BAGNOLI ROSE
Phone: 2813033182

Category: Shops, Products, Services

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