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@cpcholding
We are on the radio! #TALKRADIOEUROPE @tretalkisgood Loving the new CPC advert! #Listenliveonline
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Harlequin property freezing order
******** HARLEQUIN PROPERTY UPDATES ********* THE BOSSES of Caribbean resort investment scheme Harlequin Property have had freezing orders served on their personal assets. Dave and Carole Ames, both 61, were served with paperwork at their home in Brock Hill, Wickford, last night. The order was secured by CPC Worldwide, which is acting for a number of Harlequin investors seeking around £1.1million, at a private High Court hearing which the couple were not notified of. It can now be contested. A freezing order prevents those it is served upon from disposing of assets worldwide, while legal financial disputes are dealt with. Harlequin, of Honywood Road, Basildon, sold around 6,000 investments in off-plan property at planned luxury resorts since 2006, but has so far built only around 300 of the properties and several investors have asked for refunds. A Harlequin spokesman said: “Mr and Mrs Ames are unavailable for comment until they have taken legal advice on the matter.”
The company is or is likely to become unable to pay its debts. Director Carol Ames of Harlequin Management Services (South East) Limited, Basildon at High Court, London on Monday April 22, 2013 ...
Good morning.
Have you invested in a property and lost your money? Or maybe you are looking for Title Deed Insurance?
Here at CPC Worldwide we provide a number of services regarding property problems abroad. If you’re interested why not take a look at our websites and blogs, and if you want to contact us then try the links below for our social networking sites or contact us via Email or Telephone.
www.propertyproblemsabroad.co.uk
www.cpcholding.wordpress.com
propertyproblemsabroad.blogspot.co.uk
CPC Google Plus
cpcholding.tumblr.com
twitter.com/cpcholding
www.facebook.com/cpcholding
Email: [email protected]
Tel: 0191 386 2487
Good afternoon.
Have you invested in a property and lost your money? Or maybe you are looking for Title Deed Insurance?
Here at CPC Worldwide we provide a number of services regarding property problems abroad. If you’re interested why not take a look at our websites and blogs, and if you want to contact us then try the links below for our social networking sites or contact us via Email or Telephone.
www.propertyproblemsabroad.co.uk
www.cpcholding.wordpress.com
propertyproblemsabroad.blogspot.co.uk
CPC Google Plus
cpcholding.tumblr.com
twitter.com/cpcholding
www.facebook.com/cpcholding
Email: [email protected]
Tel: 0191 386 2487
Emerging fraud trends: Fraudulent investment property schemes
Investment property and 'investment club' arrangements are common in the industry, but they may be sometimes based on fraudulent origination and/or closing practices. Like potential property investors, those in the real estate and mortgage industries also need to be extremely vigilant about fraudulent investment property schemes.
How does an investment property scheme work?
Investment property schemes are usually spread by word of mouth and require individuals to invest large sums of money in investment properties. Most schemes promise either a large increase in the value of the property resulting in a large return on investment, or higher-than-market interest on contributed capital, or even both.
A property 'investment club' arrangement is a group of individuals pooling funds in order to make investments in real estate that individual club members would otherwise not be able to afford. A property 'investment club' is a legitimate practice when all representations regarding investment are true and accurate. However, when there are misrepresentations as to the property or the investment, this type of arrangement is fraudulent and may lead to devastating consequences.
An example: A fraudulent bicoastal investment property scheme
Below is an example of a fraudulent investment property scheme:
The set up
An individual who purchased properties in a metropolitan area in the Midwest moved the property titles to companies under his control. The individual had family members on the East Coast recruit prospective buyers from the town in which the family members lived. The borrowers were told that the loan applications which they signed served as their membership in a 'real estate buyer’s club' that would acquire properties, hold the properties for a period of time, and sell these properties in the future for a profit. The buyers/borrowers were promised that while the properties were being held for future sale, they would be rented out and maintained to ensure a cash flow for the 'real estate buyer’s club' mortgage payments.
The end result
The perpetrator of the investment scheme flipped the properties to the borrowers using inflated values.
To the lenders, it was represented that the borrowers were individually purchasing a number of investment properties – 8 to 10 properties per borrower, instead of a group purchase.
There was no property maintenance and there were no tenants.
The lenders ended up with non-performing loans that were upside down (owing more than the properties are worth) in equity because the original values were inflated and the borrowers never actually made the down payment as represented.
Common fraudulent investment property scheme 'red flags'
Common characteristics of fraudulent investment property schemes are multiple loan-level misrepresentations. Some 'red flags' to be aware of are:
The use of straw buyers
Inflated appraisals
Falsely stated income
Circumvention of purchase guidelines
Large number of properties purchased
The borrowers are located in several states. While these schemes have historically involved borrowers who geographically lived close to the subject properties, the trend today is for at least some of the borrowers to be located several states away.
Preventing fraudulent investment property schemes
Fraudulent investment property schemes can often be detected with thorough data analysis. Data on loans in a company’s portfolio can be analyzed to identify trends and common patterns. Here's an example of how data analysis can help detect fraudulent investment property schemes:
Pull data by category, such as investment purchases in Ohio, and search a particular LTV range.
Then manually search for common street addresses, subdivisions, or borrower names.
From this sample, other common elements may appear. For example, a lender may find that there are several properties within a condominium project all closing within a tight timeframe with very similar terms (100% LTV, stated income, etc.) or all from the same source. This is not in and of itself fraudulent, but it may suggest that the group of loans and the originating parties should be inspected more closely.
It is always critical to be mindful of fraud on the front-end, but examining existing portfolios and a targeted sample of closed loans can sometimes be very helpful, and can direct the front-end to watch more closely areas where the risk of fraud may be greater.
Property fraud
Below is an article from the Action Fraud website, you will find tips to help you avoid property fraud.
'Property fraud involves fraudsters offering you a ‘get rich quick’ investment scam, claiming it can turn you into a property millionaire.
You attend a free presentation about making money from property investment. The fraudsters may persuade you to hand over money to sign up to a seminar or course promising to teach you how to make money dealing in property.
Or, you might be offered the opportunity to buy properties at a discount that aren’t yet built. You might think property investment is a fast way to get rich quickly, so you invest some, maybe all, of your hard-earned savings.
What you don't know is that the land is either agricultural or derelict. In many cases, it’s unsuitable for development, or is bound to have planning permission refused.
As a result, you may lose all the money you invested.
Another variation is buy-to-let fraud, where companies offer to source, renovate and manage properties, claiming good returns from rental income. In practice, the properties are near-derelict and the tenants non-existent.
Are you a victim of property fraud?
You’ve received a brochure in the post offering you a course on how to become a property millionaire.
You’ve attended a free presentation on how to make money from property investment.
What should you do if you’re a victim of property fraud?
Ask questions about the course. Ask for references from people who've taken it and talk to them. Don’t just speak to one or two people, but several.
Never make investments without thorough research. Find out where the land is. View it before parting with your money. Ask questions locally about its history. Discover whether planning permission has been applied for or granted. If not, what are the prospects of winning planning permission?
Don't invest until you see detailed plans for the site’s development.
If you think you’ve been a victim of a property fraud, contact Consumer Direct on 08454 04 05 06
You can also contact the Financial Services Authority (FSA).
Always make sure you keep copies of all paperwork about the transactions and the course, as well as notes of any phone conversations.
Protect yourself against property fraud
Be very wary of mail solicitations claiming great returns, no matter how good they look. Check out the company first. For example: does it have a proper street address and landline number?
If a deal seems too good to be true, then it probably is.
Owners who are concerned their property might be subject to a fraudulent sale or mortgage can quickly alert Land Registry and speak to specially trained staff for practical guidance about what to do next by calling their Property Fraud Line on 0300 006 7030. The line is open from 8.30am to 5pm Monday to Friday
Other types of property fraud
Fraudsters often target properties where there is no mortgage or the owner lives elsewhere.
Fraudsters may attempt to acquire ownership of a property either by using a forged document to transfer it into their own name, or by impersonating the registered owner.
There is an increased risk of fraud when:
a property is empty or has been bought to let
an owner is spending time abroad or absent
the owner is infirm or in a nursing or care home
a relationship breaks down
a property has no mortgage.
You can help to make sure that you do not become a victim of property fraud by:
Registering your property with the Land Registry
Keeping your contact details up to date
Follwing the Land Registry's protection advice.
If fraud has been committed, report it to Action Fraud.'
Good Morning
Have you invested in a property and lost your money? Or maybe you are looking for Title Deed Insurance?
Here at CPC Worldwide we provide a number of services regarding property problems abroad. If you’re interested why not take a look at our websites and blogs, and if you want to contact us then try the links below for our social networking sites or contact us via Email or Telephone.
www.propertyproblemsabroad.co.uk
www.cpcholding.wordpress.com
propertyproblemsabroad.blogspot.co.uk
CPC Google Plus
cpcholding.tumblr.com
twitter.com/cpcholding
www.facebook.com/cpcholding
Email: [email protected]
Tel: 0191 386 2487
Good morning everyone.
Have you invested in a property and lost your money? Or maybe you are looking for Title Deed Insurance?
Here at CPC Worldwide we provide a number of services regarding property problems abroad. If you’re interested why not take a look at our websites and blogs, and if you want to contact us then try the links below for our social networking sites or contact us via Email or Telephone.
www.propertyproblemsabroad.co.uk
www.cpcholding.wordpress.com
propertyproblemsabroad.blogspot.co.uk
CPC Google Plus
cpcholding.tumblr.com
twitter.com/cpcholding
www.facebook.com/cpcholding
Email: [email protected]
Tel: 0191 386 2487
Good morning everyone.
Have you invested in a property and lost your money? Or maybe you are looking for Title Deed Insurance?
Here at CPC Worldwide we provide a number of services regarding property problems abroad. If you're interested why not take a look at our websites and blogs, and if you want to contact us then try the links below for our social networking sites or contact us via Email or Telephone.
www.propertyproblemsabroad.co.uk
www.cpcholding.wordpress.com
propertyproblemsabroad.blogspot.co.uk
CPC Google Plus
cpcholding.tumblr.com
twitter.com/cpcholding
www.facebook.com/cpcholding
Email: [email protected]
Tel: 0191 386 2487
Have you invested in Harlequin Properties using SIPP's?
If so then contact us today for a free assessment, we have a solution to get your money back.
Contact us on:
Email: [email protected]
Tel: 0191 386 2487
Meeting on 1st May 2013 in London
If you have invested in Harlequin property and were funded by a registered financial agent, we can start a new case where we can make a independent insurance claim to get back the money you lost. We are holding a meeting in London on the 1st of May, if you would like to attend and ask our team for more in depth information contact us at CPC Worldwide.
TEL: 0191 3862487 E-mail: [email protected]