Princess Properties
Does anyone have any experience with princess properties? I just came back from a seminar and they really seemed to know their stuff.
They had some interesting ideas
such as equity partnership
Where you can give as little as 5000.00
and get a 20% return in ninety days ....they use your money to purchase property
And you can let them use your credit
to purchase with a simliar return
Thanks
[ Edited by Niceguy1 on Date 09/11/2004 ]
[ Edited by Niceguy1 on Date 09/11/2004 ][ Edited by Niceguy1 on Date 09/11/2004 ]
Yes, they are very well know in Bay Area. They do preforeclosures. From what we know of them they are a big company with a lot of resources.
We also know a few people who went to work with them, they did not last very long, mainly because their approach is very aggressive.
They are not that big... I met the CEO
but they do have the resources and the
know how.
They are the bigest company I know in bay area that does preforeclosures.
But you a right they are not as big as Oracle or Microsoft.
NG:
While I've never heard of them, so can't say one way or the other about Princess, your comment: "And you can let them use your credit to purchase..." made me think of the article posted by John Michael just recently about RE scams.
Check it out here:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=635&mode=flat&order=0&thold=0
Andy
Regarding Niceguy1 comments on Princess Properties dated 9.11. 04.WARNING!!!!!! Princess Properties is definetly a scam operation. A lawyer i know is already handling several lawsuits against them in the LA area and they have only been in the LA area just over two months. Its basically a Ponzi scheme designed to draw in investors with promises of high returns. They are breaking just about every law that exists in California to buy properties in foreclosure by deception. There are dozens of homeowner victims out there , and lawyers are now contacting them and filing suits. If you invest you will probably lose your investment and get entangled in the criminal case that is sure to www.follow.This is a classic con where everone gets ripped off , both the investor and the homeowner, so BEWARE!!!! Check out www.lawinfo.com for a case where an investor got involved with these crooks earlier this year and has not seen a penny since! They are slick pro conmen who know they will be long gone by the time law enforcement gets to them.
Hi Vickie01
I saw your post
and went to the website http://www.lawinfo.com and all it is is a attorney finder
I need to know what specific civil codes are being broken and or what specifically are they doing wrong?
What Attorneys are handling the cases
Niceguy
[ Edited by Niceguy1 on Date 10/01/2004 ][ Edited by Niceguy1 on Date 10/01/2004 ]
I just came back from a meeting where an "investor" is offering 10% on my money. Just went to help some other investors out by asking the right questions to substantiate the gut feeling I had before meeting the investor (crooked).
Now, if you're in the game as an investor, the goal should be to remain on the front end of the deal. Using OPM to get the deal done means banks, credible private lenders, your own credit lines, etc.. The strategy is correct, but it's unfortunate that crooks are putting it into practice.
Also, NEVER give anyone your social security # except the lender you decide to go with. You can shop lenders & mortgage brokers with your score from one of the credit bureuas. Pay the 15 bucks, get your report (check it for accuracy) & score then go shopping. The credit burueaus are off a little.
"I'm looking for xyz loan product, for my (primary rez/2nd home or whatever). I am shopping & do not wish to give you my ssn until I apply. Here is my credit sore from www.equifax.com that I obtained yesterday. What do you have to offer?"
I agree, BEWARE of Princess Properties, I am a home owner who unfortunately was in forclosure and went to them for help. A year later, I am still dealing with them, everything they said their program was ended up being something totally different. I now feel as if my home has been stolen from under me and am seeking some advise on where to go from here. I know there are probably other owners like me out there that feel the same and would also love some feed back about that. Also, I would think twice about becoming an investor with them as I am sure they are going to be facing some legal problems too.
Thanks for any help anyone can provide me with
Tina
TinaBabi
Can you share some details as to what happened? as much detail as you can?
Did they inform you as to your legal rights?
NG
NiceGuy,
No, I was not informed of my legal rights. As a matter of fact they did not even provide me with any copies of my paperwork until recently.
When I initially met with them their "program" was explained to me as they would use my equity (which I had alot of) I was basically under the assumption that I was re-financing and that they were bascially liket fronting me the money to stop the forclosure to buy me time to complete the re-finance. They said my payments would be only about "a couple of hundred dollars more than what I was currently paying". Also, since their investors have better credit and their names would be on it, I benefit from a better interest rate. Then they wanted me to "temporarily sign the deed to them for a few days until escrow closed and then they would sign it back to me", under dirrest and against my better judgement, but being forced by the impending forclosure, I signed the form.
Well as it turns out (which I am now only recently finding out) my payment was about triple what I was paying, that their investers actually had a first and second mortgage on my house, that the only way I would be able to get my house back was to "buy it back". Also, they said that they were only going to take a cetain percentage of my equity as their fee, leaving me with a some equity left, I have not seen any of this money either. As it stands today, I am still living here in my home (have been for the past year), and only now are they starting to pressure me for payment. In explaining certain things that happend to me, the last time I met with them this was their offer, they want me to sign a rental agreement but instead of the almost $2500.00 they initially wanted per month they now said because of what happend to me they were only going to charge me $1200.00 per month and then if after a year of so called renting I could by the house back from them for something like $220,000.00. I also asked about my share of the equity, if I was still going to retain a certain amount, where was it and where has it been, they had no concrete answer, so obviously they have profited from the total amount and/or are making the interest of my share. I told them to write up the rental agreement, but that I was not going to sign anything anymore for them right on the spot, once they present it to me, I am planning on seeking some legal advise.
Any other info I can provide you with please let me know.
Tina
TinaBabi,
According to what you have described, what they did is simply purchased your house, leaving your loans in place, and then gave you lease with in option to buy. In itself the process is legal, the only way to find out if anything illegal was done is to look into the details of your transaction.
What was you reinstament amount at the time? Also, you say they gave you an option to buy at $220k, how much was the total of all your loans?
Reinatalie,
They may have "simply" purchased my home, but at the time that is not how it was presented to me, because if they were that cut and dry about their so called program from the beginning I would never have gone through with it because I did not want to sell my house.
As for details of my transactions, I still to this day (about 1 year later) have only a few details. I have not yet signed anything with them as far as a "lease with option to buy" , that is what I believe they are wanting me to sign at this time.
I do not remember the exact amount of the amount to re-instate. I do remember that the amount I still owed on the property was about $89,000.00. Also, they did not assume my loan. They paid it off and the investor they used to do the new loan was suppose to have excellent credit, and apparently I have now come to find out that they not only obtained a 1st mortage but a 2nd mortage, so now the property has a 1st and 2nd mortage on it.
What it all boils down to is that when I inquired about what they were advertising that they could offer to help with my forclosure situation, at no time were the words selling my house ever used. The way it was presented to me (from the person who I have now come to understand is one of the owners of Princess Properties and the one that started this whole program) was that I would "temporarily" be signing my house over to them until the re-finance went through, and then it would be signed back over to me.
I still am trying to obtain an account of exactly what was paid and exactly what was done as far as the so-called purchase of my home.
I hope this explains my case a little better.
Tina
Reinatalie You said
"according to what you have described, what they did is simply purchased your house, leaving your loans in place",
Please explain how can someone purchase their house and leave there loans in place?
What do you call that?
NG
[ Edited by Niceguy1 on Date 10/10/2004 ]
Quote:
On 2004-10-10 19:58, Niceguy1 wrote:
Reinatalie You said
"according to what you have described, what they did is simply purchased your house, leaving your loans in place",
Please explain how can someone purchase their house and leave there loans in place?
What do you call that?
NG
<font size=-1>[ Edited by Niceguy1 on Date 10/10/2004 ]</font>
That is called "subject to", which is one of the forums here, and if you would like more information, I suggest you go to that forum and read some of the posts.
TinaBabi,
I understand how you feel about your situation, and think you probably did the best you could given the circumstances you were in. Now you have two choices, one is to fight in court, which would involve hiring lawyers, who I would guess will take any equity that is left in the house or try and negotiate something with the investors. If you choose the first route, I would bet you, you would probably not get much, because even if you win, you have to pay your lawyer, and they are not going to work for free. My recommendation, would be to talk to your investors, I am assuming they are not the ones, that talked to you originally. Who knows, maybe, they would be willng to make a deal that would work for you.
reinatalia
Perhaps my query sounded like a challenge to you but your response seems a bit terse. I just wanted to know.
But since that is your response I will copy this discussion and ask someone kind enough to answer on the "subject to" forum
Don't get upset Niceguy1, just simply directing you to a place where you can learn.
This is only my second post. I would like to reply to Tinababi
I am new, but I think section 2495 and/or 1695 of the california civil code might be a start to go after the compay that is taking advantage of you.
I would get "free" legal advice ASAP. And i do think if you presented your situation you just might get someone's ear for free ....
just my opinion
Maybe others in california have better experience or adive.
good luck
TinaBabi,
This is my first post. I think you should talk to a lawyer.
But there are few things that I do not know/understand or doesn't make sense in your post. What did the first form you signed say? That should have spelled out what you were going to do. Why are you finding out stuff a year later? etc..
I think you are confused and don't know your rights. Like other poster said, there are civil code in California, specifically trying to protect folks like you from being ripped off.
I also think this is over your capability to handle yourself. I think it is wise to have someone who knows take a look at your paperwork to exactly figure out what had happened. Then, go from there.
Good luck to you.
TinaBabi,
I would also like to add my recommendation to those of others for you to find a good lawyer and take these guys to court.
I am sure that what they did to you is not only illegal, but also inmoral. If your numbers are right, your property is probably valued in the $200,000 range and they only gave you less that $100,000 for it (considering costs). I am sure that even if you pay for lawyer's fees, there should be a good chunk of money left over for you.
As for Niceguy, I would stay away from the said company, unless you like dealing with this type of headaches.
Good Luck to both of you!
They may have purchased my home, but my loan was not left in place. I only had a first mortgage on my home, with a balance owing of about $89,000.00. Now, whomever their "investor" is that purchased my property is, they have not only a first but a second mortgage on my place. This is another one of my points with them that I have been unable to understand. Why the need for 2 mortgages instead of 1.
Tina
Small Fry, WhyK-Ca, and Fireguy,
Thank you for your support in your posts concerning my problem with Princess Properties.
I was almost sure that their practices were either not legal or moral with regards to my situation, and I think they also realize that they are in the wrong as well otherwise they would not have allowed me to live there for almost a year (without paying anything) and are now trying to negotiate with me "rent" which right now is about 1/2 of what they orginally wanted from me.
I know now what I need to do is seek the advise of a lawyer, and would happily welcome any suggestions of a good real estate lawyer referral in the California Bay Area.
Thanks again,
Tina
Tina,
Glad to meet you.
When you gave up your rights to your property whatever is done from that point on, meaning if the people who purchased it put on a 1st, 2nd, 3rd and 4th loan on their property it is their perogative to do so.
Now your beef is not with how many loans are on the property it is with what they told you they were going to do or that they would sell it back to you for $X amount of dollars.
If you feel that you were taken advantage of, then contact the Attorney Generals Office and file a complaint.
http://caag.state.ca.us/contact/index.htm
The AG will investigate your complaint and reach a decision on what needs to be done if anything.
John $Cash$ Locke
[addsig]
Does anyone know if there's a law that regulates this (if such law exists)? In this situation it sounds like an investor got a $200k house for $89k... Can anyone claim this transaction is illegal or is it pretty much about supply and demand, as in "if the seller is willing to accept $89k, that's all that matters" ??
Also, if I have a house I bought for $30k and I resell it for $55k with owner financing... but when I advertise the house to prospective buyers, I stress the down payment and the monthly payments, not the purchase price. For example: "$5000 down, Only $600 a month for 84 months! Monthly payment same as rent! How would you like to own the house free and clear in 7 years!!!", etc.
Is it ok to structure it like that or would I be taking advantage of the buyer?
Mark.
CC 1695 talks about taking "unconscionable advantage". I don't think the court like the idea of investor ripping all the equity off from homeowner in default.
You can look at the code:
http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=civ&codebody=1695
TinaBabi,
If you sold them the property and they gave you an option to buy it back at a later date at a significantly higher price, the courts may view this as a usurious loan. The penalties for usury are severe. You might want to run this by an attorney.
To Tinababi
You have been scammed big time and I am certain Princess Properties has violated many parts of the California Civil Code sections 1695 and 2945.
You should immediately cease any negotiations with these people and contact a competent Real Estate Attorney specializing in foreclosure law.
To TinaBabi:
Another option that you should be exploring concurrently with the legal one, is getting in touch with a reporter or media representative who specializes in investigative work on consumer's scams and who will advocate on your behalf to get this matter resolved favorably to you.
The last thing these crooks want is bad publicity that will prevent them to do this to someone else, so if you make enough noise, I'm sure they will be more than willing to settle with you as quickly as possible.
Call the TV stations and newspapers; most of them have somebody who helps people who have been taken advantage of, just like yourself.
And keep looking for a lawyer. Remember that these matters have a limited amount of time to be pursued (I don't know what the statute of limitations is in this case, Does anybody?), and that is probably why they have allowed you to live in your house free for all this time.
Niceguy1, sorry this kind of got off your original post... As you can see from this string, stay away, far away, from Princess properties.
As markets go through the extremes of good and bad, RE scams take on different shapes and sizes. This one is really getting bold because they are actually having seminars and such to get new "investors". I believe they use the term "marks". At least you were smart enough to ask before jumping in with both feet.
Tina, you've been taken to the cleaners in a royal way by Princess properties. Go past the lawyer and go directly to the Attorney Generals office. I believe each district in California has a real estate fraud division and this could even fall under the newer racketeering laws in CA. The penalties are stiff. If the AG feels this is worthy, and by the sound of it they will, then you will be able to use their assistance as a victim in getting justice. By the way, if you think the last year has been difficult, you are in for a new awakening. Once you contact the AG, these guys are going to get real mean. They are going to start filing every type of legal default they can think of and then start to attempt eviction. Hold your ground and keep in touch with the AG. This will probably take another 2 to 3 years to get straightened out.
I wish you good luck and will say a prayer for you, too. :-(
TinaBabi,
How's this idea, you could try finding other homeowners who has dealt with Princess properties, and are in the similar situation you are. Think of advantages of working as a group.
I want to give everyone who has responded with their suggestions and ideas a very big thank you. I feel alot better now about my situation and that I might actually have a good case against Princess Properties.
I am going to be seeking legal advise, as well as contacting the attorney general's office, and maybe even our local tv news agencies to get the word out about this company in particular.
Also, thanks for all of the best wishes and prayers that were also sent to me, I can use all of the positive thoughts I can get.
If anyone knows of anybody else or anyone on this site has had a bad experience with Princess Properties, please let me know so that together we can get these people to stop taking advantage of people who are in the distressed situation of forclosure as I was.
Thanks again,
Tina
TinaBabi,
Do the search at the county recorder's office using the names of investor on your latest Grand Deed (or Deed of Trust)to see if he/she recorded something to someone else's house. Then find out who the privious owner was and contact them. The folks at the clerk recorder office can help you if you don't know how to do yourself.
whyK-CA
I think you are wrong on this practice being legal in California. I don't know about elsewhere.
You see, a purchase leaseback is fine, but when there is a option involved that changes everything. That puts the transaction in the loan category. It will be very easy for a competent lawyer to undo the deal and get your deed back. I recommend that you purchase First Tuesdays book about buying properties in foreclosure in the state of California. It's only $10 shipped. It will go through all the laws and what you can do here and what you can’t. It also goes into detail about how these matters are resolved. It goes into detail about transactions where there is an option given to the seller.
Tina: Did they notify you in writing about your 5 day right of rescission? Did you sign anything saying that you have 5 days to change your mind? If not, then they defiantly broke California law on that one. It is the buyer’s responsibility to let you know in writing, that you much sign, that you have 5 days to back out. If they don't have proof of that the 5 days never start ticking. There for a competent lawyer can undo the deal easily on that issue alone.
To all investors, its important to know that it is very different here in Cali. The laws are specific on what you can and cannot do.
Quote:
On 2004-10-09 23:20, reinatalie wrote:
TinaBabi,
According to what you have described, what they did is simply purchased your house, leaving your loans in place, and then gave you lease with in option to buy. In itself the process is legal, the only way to find out if anything illegal was done is to look into the details of your transaction.
What was you reinstament amount at the time? Also, you say they gave you an option to buy at $220k, how much was the total of all your loans?
The post by vicky01 putting down Princess Properties seems very suspicious, maybe the work of a bot. It seems like an advertisement for www.lawinfo.com. If there really is a case concerning Princess Properties, could you give us the exact link vicky01? I've been to a Princess Properties seminar myself and even considered becoming a trainee. I'm still not able to find much information on them and not sure what to make of them, so PROCEED WITH CAUTION!!!
If Princess is as bad as everyone seems to think and as their record now show, can anyone name a good company as a suitable replacement for the same type of deals?
All of the posts that I have seen here and at LawInfo or some such site seem to be hearsay and speculation with the exception of TinaBabi's situation.
If someone would post specific facts (citable cases of fraud, specific investigations by Government organizations) or questions, I would like to confront Princess Properties with and/or about specific claims made by the poster's here. I will be asking about and requesting to see the exact paperwork provided to people that are/were in a foreclosure situation.
A specific question I have has to deal with the time frame involved. If a person’s home were to be sold a public auction on Monday morning at 10am, does that make the sale of the home to anyone on Friday or even Monday prior to 10am, illegal because the 5 day rule can not run to term?
I have called the CA Attorney General’s office about Princess Properties. They provided no information. My experience is that they will not provide any information as a rule, however, if they think you have specific information about an on-going investigation, they will request to talk to you about it. They made no request to talk to me.
I called the CA Dept. of Real Estate. They offered no information other then Princess Properties does not have a Real Estate License and that they operated as a group of Investors. The suggested I call the CA Dept of Corporations.
I called the CA Dept. of Corporations. They provided no derogatory information about Princess Properties.
I called the Better Business Bureau in the Bay Area. They said that they had one complaint in the past 3 years. They did not specify the nature of the complaint.
I really would like to hear/see a post with specific incidences of fraud and not speculation. I would especially like Vicky01 to post the name and phone number of the attorney that is suing Princess Properties.
Thank you,
[ Edited by theREIkid on Date 11/06/2004 ]
Tina Bbi,
Confused? 2.5k a month on 89k mortgage seems a bit suspicous. You must thought you were going to receive at least 100k cash in your pocket. Otherwise why would you agree to pay
3-5x's (2.5k monthly) what your existing
mortgage payment was. With that much equity why did'nt you refi @ 50% ltv. any one would have done the loan! It just seems that you are leaving some major parts of the story out and your posts done make any logical sense of why you did what you did.
To CoChinoJanks-
Wow you sure did alot of investigative work, thanks, and I will be sending you a private e-mail so that I can e-mai; you some of my specific information should you wish to look into it further.
To Astcptlmgmt-
Initially, I did not agree to anything specifically other than to have them assist me with a quickly approaching forclosure. There initially were no exact numbers presented to me, as a matter of fact, it was not until almost a year later that I found out what they wanted me to pay them by way of rent. Also, like I had previously stated, it was not made clear to me that I was infact "selling" them my house which I could later "by back" from them.
Hope this clears some of the holes in my story.
TinaBabi
Tina Babi,
I am truly sorry about your situation and hope that you are able to resolve this matter ammicably with Princess. What I was trying to say in my post is that you (depending on income, etc) could have simply refinanced your loan via a local mortgage broker with the amount of equity that was in the property that Princess now has gobbled up!
Best wishes & good luck
Wow! what a co-winkydink! I have a property profile account with a title company. I use it to get additional info on pre-foreclosures that i'm scoping. I actually saw a property that I was interested in, checked it out the profile, and I was shocked at what I saw. This property (multi-unit building) was bought by Princess like 2 weeks b4 the auction for like $30k. From what I saw on title, they get COMPLETELY jipped! They got WAY too little to walk. :cry:
any recent info on this company?
btw - just curious - a few of you made claims that the "investors" could be held liable for PP's actions.
How is that?
Tinababe
What's the latest with Princess properties ?
Who have you spoken with and what have they told you?
Did you determine if you had anything against them?
NG
Tina Babi,
I am a production manager for a mortgage co. I specialize in subprime loans, including foreclosures. I would suggest that you call a local brokerage to refinance and pay off the investors. I have loan products that can accomodate LOW credit scores, late payments, open unpaid monthly payments up to the day of auction. Many folks acquire financing through their local bank and assume because the same entity that originally financed you cannot help you, that you are indeed unable to qualify for financing.
You may inquire with the California Department of Real Estate as to the nearest licensed mortgage broker in your area.
Good luck
journeysocal
Just Curious......If princess properties is so big why do they need to use your credit to purchse with????? I would be afraid to let anyone buy anything on my credit.....just a thought
Not exactly sure what happened to my previous posts, but...
Niceguy-
Nothing new yet with PP, they are still basically leaving me alone and I am trying to research the proper legal person for my situation.
Journeysocal-
Thanks for the advise, but re-financing is not an option for me since I essentially "sold" PP my home I would have to "buy" it back. Eventhough I thought I was re-financing in the first place.
Any advise is greatly appreciated.
Thanks to Everyone who has commented on my situation.
Tina
I have been watching this post for sometime now, and for some reason something just doesnt seem right. As in many instances there are two sides to every story and the TRUTH always lies in between.
now Tina you said that they never mentioned anything about you selling your house to them, but then you said that they told you they would buy your house and then quickly sell it back to you. so essentally they did tell you they would buy your house.
secondly people can't buy a house without a deed. it seems you are compitent enough to get a lawyer so how is it that you signed over a deed to your house without knowing or reading what it was. just very curious about this. also did they have you sign any disclosure forms and did you read them?
i know this post might sound harsh but it seems we are just not getting the full story here. and since it seems princess has no prior problems and has been in buisiness for three years, i cant see it just to say its a major scam operation.
maybe if you could explain every detail of what exactly happened it might clear up a few things.
Zin,
Of course there are 2 sides to every story and of course you do not fully understand the situation because I am sure you have never been faced with the stress of forclosure. In any case, when I initially met with PP, things that were explained to me ended up not being the reality of the situation. Initially, I did not sign any forms because unfortunately I, like many people facing forclosure, they somehow convince themselves that it is all magically going to go away, and I literally waited until the last minute to take action. So of course they automatically knew that I was under distress. As a matter of fact, it wasn't until several weeks later that they had be sign and re-sign forms they incorrectly filled out. I asked several times for copies of everything, but was not provided with them until almost a year later. At no time during the whole process were the terms "you would be selling your home to us, which at some point in the future you will be able to buy it back". It was explained to me that because their investors were obtaining the loan that I "temporarily" (which was the exact word they used) had to sign my home over to them only until the investor's loan funded and then at that point they would "sign it back to me". Now of course I did not expect them to provide this service to me free of charge, and since I had a large amount of equity in my property they said they would get paid a certain percentage of my equity leaving me with a percetange of my equity. So if in reality they did this, where is my share of my equity? I have not seen a penny of it to this day, and if there was something either not ethically done or legally done, why have they allowed me to live in my home (rent free mind you) for over a year now. Also, when they started to get a little testy they wanted to "offer" me paying 1/2 of the rent that they initially were wanting me to pay, and since I told them to put the so-called "rental agreement" in writing and that I was not going to sign it on the spot that I was going to have a lawyer look at it, they stopped being testy about it. PP may not have any complaints against them YET, but I am sure there will be more than just mine somewhere down the line, if they continue to take advantage of people who are already in the distress of forclosure and bascially "steal" their houses out from under them. Of course my post may seem "harsh" to you regarding PP, but this is how I feel my particalar situation was handled. Like I previously mentioned, I am researching the proper legal representation to take my case to. Bare in mind, that in this forum it is impossible to detail every little thing that has happended, but I have tried to explain my situation as best I can. Thanks for your interest in my particular situation.
Tina
I think what Tina is saying is that via desperation he/she hooked up with Princess. Princess made it seem as if in exchange for them helping him they were going to take a percentage of his equity.
Instead, they paid off the $89,000. Then refinanced his house taking out the equity via one mortgage and adding a second mortgage to it. Now, since he signed over his deed to do that they now owned his house. Unfortunately, I do not think he understood that signing over the deed without it saying it was in trust for him or some such constituted his selling the house. He was apparently so happy to be saved that he did not look at thinks too closely nor ask too many questions. He basically ended up selling his house to them for $89,000 when it is worth (based on the buy back they told him $220,000). In addition they want a rent that was probably way higher than his mortgage was and if he buys his house back from them he is now facing a mortgage on $220,000 instead of $89,000 (ouch). The thing is if he could not keep abreast of payments on a $89,000 mortgage, how will he fare with a $220,000 mortgage.
What I do not understand is why he did not take out a line of equity credit or a 2nd mortgage himself to get squared away. I guess some folks do not like to face the crisis in their lives head on.
I say spend the $100 bucks and consult with an attorney. At the very worst that is major fraud. At the very least it is deceptive business practices.
Thanks for your comments linlin. By the way, I am a girl!
Tina
As far as PP, I worked with them as an "Investor" and I'll just say whether or not their hearts were in the right place, STAY CLEAR.
Their staff does not have the experience to make it viable business (legal or otherwise) or kept it from being a painful experience for all involved.
Fishbowl,
If you are willing, I would like to get some information regarding your experiences with PP. As you can probably read in my previous posts, I feel that I am one of their victims. I would appreciate any help or advise you can give me. Also, I am in the Bay Area as well so I can be accessable at your convienence.
Thank You,
Tina
Tina,
It seems from reading the posts that at this point you are in definite need of an attorney. You can likely find one that will give you some free time to assess your position. There are situations where a sale can be reversed. I have such a situation with one of my properties. The attorney can at least tell you what your position is and what courses of action are open to you.
Please keep us informed. I think everybody here is sympathetic to your situation.
Regards,
Ed[ Edited by edmeyer on Date 12/18/2004 ]
TinaBabi,
Like ZinOrganization, I too have to wonder what is going on here. I posted here for the first time about two months ago. I came back today and was surprised to see this PP thread still near at the top. Yet, I don't see much change in your situation.
I am sorry about what happened to you and I wish you luck and all, but it is time to take action, "IF" you are serious about this matter, that is. I don't mean to be harsh, but I think you could use some push.
Best of luck to you.
EdMeyer,
Thanks for your post, if you should have any suggestions as to the proper legal representation, I would gladly appreciate it.
WhyK-Ca,
Thanks for you response, while it does seem like I am doing nothing at this point, I am in the process ot researching the proper legal representation for my particular situation. Thanks for the push though.
Tina
Tina,
You need a real estate attorney. I am sure there are plenty of them in the East Bay. At this point you need to find out your position. I would consult several attorneys. After that, you can downselect you should represent you.
There are numerous specialties within real estate law. You need to get on the phone and give a high level description of your situation to several attorneys and have them tell you if your problem lies within the bounds of their practice.
EdMeyer,
Thank you, I will get working right on it.
Tina
Princess properties has been the victim of “Green Mail’ scam artist. A group called “Legal ladies” has been going around to clients of Princess and claiming to be Investigators from the FBI or Da’s office. I know. They contacted me after princess properties saved my home from foreclosure. Get the facts. There are haters out there who compete with princess. I really liked the part when the “fakers” said they could help me… Help me how I asked? We’ll refer you to this attorney who’ll sue them for you.” No guarantees mind you, and you may still loose your house in foreclosure, but hey we are the good guy’s. Yeah right… PRINCESS PROPERTIES SAVED MY ASS. I Plan to testify at any court appearances on behalf of princess. I hear they are sue the fake detectives for 10 mil….
Longarm,
Nobody that you describe in your post has approached me on my particular issues with PP. Any legal action that I may take against PP will strickly be on my own with my own attorney that I retain, but thanks for the info.
Tina
Longarm,
Quote:
PRINCESS PROPERTIES SAVED MY ASS. I Plan to testify at any court appearances on behalf of princess.
I heard John Wayne Gacey was a pillar in his church and local community, but investigators still found 30 bodies in his home.[ Edited by grneydgy on Date 12/25/2004 ]
Has anyone ever heard of a company called California Citizens Against Forclosure Fraud? I have obtained one of their brochures and it looks quite promising for my situation, just wanted to check with the group to see if there is any negative feed back about them
Thanks,
Tina
TinaBabi,
I could not find anything doing a quick search on the web. Did the brouchure point to a web site or some other resource?
Thanks.
On paper, they say they give the seller 20% of the equity. In practice, they charge rent and expenses against the 20% when the seller stays in the property, so in practice the seller gets much less.
In addition, PP tells the investor that PP will rent it out (or lease to own) or sell the property and give the investor a cut. They also claim they will pay the mortgage and expenses. In practice, they are having severe cash flow issues and do not pay the mortgages or pay them very late. (All the while stalling or ducking the investor)
Fishbowl,
No website listed, just an 800 number to call for more information, just wanted more info about them before I call, they are the ones that approached me at my home.
JuliaRoark,
Thanks for the information, I already know how they work, unfortunately, since I did quote "sell" them my home. I appreciate all of your information.
Thanks,
Tina
If I have to delete anymore of your messages for Board Hustling, you will wind up in the TCI Jail.
Read the rules!
John $Cash$ Locke
TCI Moderator[ Edited by JohnLocke on Date 01/15/2005 ]
Hi
I've been watching you guys since I started this post
and this is a long lasting discussion
I think I've created a monster.
Tinababe I have discussed your situation with PP
and they gave me thier side.
Why don't you call them and maybe you can work out
something (they seem willing) It looks like both sides
made mistakes due to lack of experience
NG
paritozzo,
You have 3 posts on this board and you are going to advise someone, all I have seen from you thus far is nothing , but you board hustling by posting contact information..
If you have advice to give do it in a post so we can find out if you are posting because you read some posts or actually have some experience.
You can do it the TCI way or the Highway,.
John $Cash$ Locke
TCI Moderator
[addsig]
Niceguy,
Since you understand what the PP side of the story is, why don't you post it. There seem to be a lot of people interested in the story, it would be nice to know the other side.
Quote:
On 2005-01-15 16:03, Niceguy1 wrote:
Hi
I've been watching you guys since I started this post
and this is a long lasting discussion
I think I've created a monster.
Tinababe I have discussed your situation with PP
and they gave me thier side.
Why don't you call them and maybe you can work out
something (they seem willing) It looks like both sides
made mistakes due to lack of experience
NG
I'de rather they came on and did it themselves
If they don't I can
I have 1st hand experience with PP. They are definitely a scam.. Now it is true that their program CAN help people...iif done correclty. But as said in previous posts the company is run by a guy who is totally unscrupulous. The company was initially founded by 3 people, however within 1 months time, 2 of the co-owners quit due to the major fraud and unethical practices that were going on. I am suprised that Tina's is one of the few posts I've seen bringing attention to this problem. There are SEVERAL other similar cases. One family here in LA lost their home - actually had to pack their bags and move bc Princess told them they would stop the foreclosure and didn't. When the homeowners called PP to complain, the owner repeatedly hung up on them. From what I have heard, the company is falling apart - the owner has been accused of stealing investor's money and I've heard that they have an office in the Bay Area that they're planning to close bc theyre broke. Trust me - Princess properties is NOT the kind of company you want to deal with. The owner Nick Martines is a scumbag. And oh, by the way, he also parades around as religious minister, but I wouldn't leave him alone with my 5yr old daughter. Get my point?
So, what is the deal, is Princess Properties and Nicholas Martinez a bad deal to stay away from?
My recent communication with them.
My email to them:
I requested info from you 3 times and never received anything.
>
> Please take me off your list.
>
> Robert
Their resoponse, I edited language with a *:
In a message dated 2/16/2005 7:10:28 PM Pacific Standard Time princess-properties writes:
RobH2
You cannot make money by letting your little itty bitty feelings get hurt,
You are one of 100 every day that we must deal with.
Our priority is getting new property for resale, not hand holding.
Did you read the email we sent you today? Stupid, even an idiot on drugs,
living out of box could figure out a way to make money of these deals.
Here let me handhold you since you cannot figure it out, poor you…
Find a friend to go get the loan and share 200-500 instant profit
depending on which of the two deals you choose.
Or
Find another investor to buy the deal and I will pay you 10% of the
assignment fee. Um let us see, 10% of $130,000 assignment fee is $13,000
profit.
You did not knock on the door, you did not negotiate the deal, and you
have never met the seller or seen the property. Still you fell into
$13,000 -700k profit…
Do not whine and complain, take action when opportunity comes your way;
and be patient while you wait. If we have deals, you are on the list, if
we don’t what should I do, call you up and whisper sweet nothings in your
ear?
Do not get mad, make some fuc*ing money on the deal, that will show us who
is boss…!
My response:
I am really glad I did not do business with you. I asked you to please, notice I said please take me off your list. That is not whining about my feelings. I asked at a seminar you put on, I asked multiple times over the phone and you guys said you would send me the applications on being partners with you.
I now see that you are rude, vulgar and very unprofessional. I will keep this email and forward it on to others on real estate boards that ask about your company.
I am already making money, and I do it honestly with maturity and the respect of others. I was hoping to branch into another market with my cash on-hand and lines of credit.
I am sorry that you not sending me the info you promised is considered hand holding. I consider it irresponsible, a waste of marketing dollars and just bad business. But thanks for holding my hand when you fed me for free and spent money on the materials you gave me at your seminar.
God bless your poor clients and the hardworking people that must endure your childish behavior.
Robert
Final note:
Do what you think is best, but I am glad they never sent me the info.
Good luck all.
[ Edited by robh2 on Date 02/20/2005 ]
Well, the latest is that Princess Properties is out of business. Sounds like there were a lot of suits filed against them.
Well after seeing the way the business is run
and how rude owner was
I can see how they would eventually be out of business
i swear at a convention i went to, the RE attorney speaking there said not to ever lease back a property you got from a person in foreclosure, because it could be said that you basically where just charging extremely high interest rates. I dunno tho, its a thought the attorney was William Broncheck, im not sure how to spell his name he is located in Colorado.
Jay
Quote:
On 2005-04-10 23:14, reinatalie wrote:
Well, the latest is that Princess Properties is out of business. Sounds like there were a lot of suits filed against them.
One or two of their incarnations may be out of business, but they are still operating their office as well as sending out poorly structured deals (while trying to make them sound like a gold mine). With Nick Martinez, you can be sure that Princess Properties will shift focus to one of their other companies or he will create a new one.
The structure they set up had somethink like seven companies. Each of which was partitioned for asset protection. Good luck to anyone trying to get anything out of them. Their best hope is that they maintained the partitioning as sloppily as the rest of their operation.
Good riddance to bad rubbish. The sad part of this story is the trustors and investors that were hurt with how PP did business.
looking to see if there are lawsuits on file and the success of the same. let me know .
I have clients considering a suit.
**Please See My Profile**[ Edited by lgleagle on Date 11/09/2005 ]
I might be interested too, please let me know
Thank You
Tina