ALG Capital - Mortgage Fraud We were presented with phony loan docs, just like other folks (at least 3 or 4 others we know of) Calabasas California
Just like many others that have been posting on the Internet (on answers.yahoo.com), we were presented with phony loan documents. When promised a 5.2% 30 year fixed interest rate loan (with no income verification), we actually got documents for a 3.5% loan ... too good to be true. The actual loan was for 6.5%. This same pattern has been repeated with the other cases I have been in contact with. If you have the same experience, contact (as I and others have) the : FBI, Dept of Corporations adn Dept of Real Estate. So far, I have only heard back from the Dept of Corporations, stating they will look into it.
The other victims were not as lucky as I was, in that I rescinded the loan the next day, after calling the lender and finding out what the real loan was.
Rickrice
Auburn, California
U.S.A.