Peach Creast Mortage, Inc Funded second Mortgage and note was never recorded. Suwanee Georgia
I was approached by an agent, Mike Valenti, of Peach Creast Mortgage, Inc. for funding on a second Mortgage against a house in Ga. Term of the loan was to be 30 days at 10 percent interest.
Near the end of the loan term I received a call asking for a 90 day extension. After several no ways from my partner, and the realization that we would not be paid, we agreed to the 90 day extension.
When the second deadline passed with no payment we begin foreclosure proceedings only to find that Peach Creast secured another second on the same property and never recorded our note.
The owner of the home never acknowledged our note in any way, stated that he never hear of us and that the signature on the note, although his, was fraudulently gotten by Peach Creast as part of the other loan against same property.
Now Peach Creast is saying that I was aware of the fact that I was giving an unsecured loan and the note was never of any value.
I am in for $200,000 on this note. I also have another note with Peach Creast as my agent that appears to have problems, i.e. no signature from the barrower on the promissory note and I have not been paid in over 60 days at this point. That one totals $160,000.
Jeff
Sugar Hill, Georgia