Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: Mortgage Scam

  1. #1
    Platinum
    Join Date
    Jul 2007
    Posts
    16,393
    Post Thanks / Like

    Default Mortgage Scam

    Apparently, if I understand correctly, there is a scam being used where someone is able to put a mortgage on your property without your knowledge. This was told to me by a friend from a report he saw on the local tv, here is the email:

    Salió en Esteban y al otro día en Teleuniverso al Día, Realty Dominicana ha hecho una estafa multimillonaria a muchos clientes, les vende la propiedad o se las financia y cuando el cliente se da cuenta a los años la propiedad está hipotecada por otro lado.

    Una Americana se dió cuenta porque decidió pagar de contado y al año de tanta vuelta una abogada le investigó que la propiedad entera está hipotecada por RD$20 millones. En la misma entrevista dan los nombres de Fernando Enrique Diaz Lopez, Realty Dominicana, Gurabo.


    Moderator, please feel free to delete the name of the business if you feel necessary.

  2. #2
    Moderator
    Join Date
    Dec 2002
    Posts
    17,404
    Post Thanks / Like

    Default

    Quote Originally Posted by Chip View Post
    Moderator, please feel free to delete the name of the business if you feel necessary.
    My feeling is that if the accusation was already made in another public medium, there should be no problem quoting it here.

  3. #3
    Regular
    Join Date
    May 2004
    Posts
    228
    Post Thanks / Like

    Default

    How would you find out, and what could you do about it?

  4. #4
    Platinum
    Join Date
    Jul 2007
    Posts
    16,393
    Post Thanks / Like

    Default

    Quote Originally Posted by Caz View Post
    How would you find out, and what could you do about it?
    I can only suppose you would have to do a title search and then sue the perpetrators for fraud.

  5. #5
    Regular
    Join Date
    Nov 2007
    Posts
    385
    Post Thanks / Like

    Default

    Chip you got the wrong idea, I saw it on Detras de la Noticia ( Esteban Rosales program)
    the american lady from Puerto Rico purchase the property and it already had a morgage on it and she was told it was a clean title on the property so when she finally got the title on hand she find out the was a mortgage on the entire Urbanizacion for 20,000,000 pesos.

  6. #6
    Platinum
    Join Date
    Dec 2003
    Posts
    14,605
    Post Thanks / Like

    Default Horror stories abound

    You guys should spend a weekend in Las Terrenas and talk to some of the folks there..... There is one house called the Casa Blanca which has been sold at least five times, title never transfered, all sellers out of money but since it is owned by a crooked French guy .... who did years and years of scamming there before moving to Rio San Juan.... and he is a crook, and deals with crooks, whose money is "black" as the French say, the buyers have no recourse.

    There was an English couple who bought a lot, built a house, then found that they did not have title to the land. This same couple had their lawyer register the car, then found that while they were in the lawyer's office, he had had the car stolen from the parking lot while registering it in his name.

    Geez... I am surprised that you are all surprised by this.

    As far as I know, title insurance here, which will actually protect you and is absolutely required in the States, is only available in Santo Domingo... maybe Santiago.

  7. #7
    Bronze
    Join Date
    Mar 2005
    Posts
    1,636
    Post Thanks / Like

    Default

    Quote Originally Posted by mountainannie View Post

    As far as I know, title insurance here, which will actually protect you and is absolutely required in the States, is only available in Santo Domingo... maybe Santiago.
    Title insurance is available anywhere in the Dominican Republic. The key is to ensure that the title is insurable, which title companies and good lawyers do quite well. My basic rule: if the title company won't write a policy then I won't buy it!

  8. #8
    Bronze
    Join Date
    May 2002
    Posts
    1,273
    Post Thanks / Like

    Default Land In Bonao

    There was a piece of land in Bonao I had my eye on for months. I did not buy it but months later I received a visit from a lady asking for a copy of a title document that the previous owner had given me. I explained that I did not have it any longer. She went on to tell me that she had purchased the land and was now finding out that it was a scam. The guy never owned the land and now neither did she. My instincts were right on. Something was amiss.

  9. #9
    Silver
    Join Date
    Jul 2002
    Posts
    4,201
    Post Thanks / Like

    Default

    I can write a book about people selling land they never owned, just from our experience here in Cofresi. Its common practice here, especially outside the two cities. Crooked lawyers and judges usually facilitate the fraud.

    Getting the right lawyer will (usually) prevent this from happening.

  10. #10
    Platinum
    Join Date
    Feb 2006
    Posts
    12,420
    Post Thanks / Like

    Default

    Quote Originally Posted by mountainannie View Post
    You guys should spend a weekend in Las Terrenas and talk to some of the folks there..... There is one house called the Casa Blanca which has been sold at least five times, title never transfered, all sellers out of money but since it is owned by a crooked French guy .... who did years and years of scamming there before moving to Rio San Juan.... and he is a crook, and deals with crooks, whose money is "black" as the French say, the buyers have no recourse.

    There was an English couple who bought a lot, built a house, then found that they did not have title to the land. This same couple had their lawyer register the car, then found that while they were in the lawyer's office, he had had the car stolen from the parking lot while registering it in his name.

    Geez... I am surprised that you are all surprised by this.

    As far as I know, title insurance here, which will actually protect you and is absolutely required in the States, is only available in Santo Domingo... maybe Santiago.

    they bought the property and LATER they found out there is not Title for the Property.
    that's why I always say:
    Never Buy from anybody Who's Name is not on the Original Title Presented To YOU, The Buyer.

    as far as the OP,
    they purchased the property without doing a check on the Title/Papers of the Property, otherwise they would have seen right away that the Property is Mortgaged.

    don't trust ever any Real Estate Agent or Lawyer Who does not present in front of YOUR Eyes the Original Title of a property, and if the Owner's Name on the Title is not the Agent's/Lawyers Name, then get in touch with that Owner and do sign contracts only with the Owner/Person named in the Title.
    using the Number of a property's Title You can check if a property is clean or not.

    Happy Holidays

    Mike
    Mike

    www.MikeFisherPuntaCana.com
    [email protected]
    Punta Cana/Cap Cana/Dominican Republic
    Mike Fisher Facebook Group on

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •