Caroline Gerardo, C. G. Barbeau the Loan Lady (CMG Financial)

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Rainmaker
937,430
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Another "All-Time" low for humanity Caroline and people complain about nortgages approaching 5%. Payday loans average somewhere around 300% in FL but we have some States which allow as much as 700%. That's unreal and yet it's a booming billion dollar business. Always read the fine print!

Nov 20, 2018 01:01 PM
Rainmaker
3,082,652
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

The story line reads like a movie treatment. Scary stuff.

Nov 20, 2018 01:53 PM
Rainmaker
2,710,044
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Horrible that people would do such things ... yes, I know, all in the name of greed ... destroying people's lives and finding joy in doing so. 

The fact that this is legal is mind-blowing.  

People in desperate situations do desperate things.  

Money is not the root of evil.  People seeking power are. Money without people has no value. 

 

Nov 20, 2018 01:25 PM
Rainmaker
1,458,218
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

wow, never heard of this & it's worse then being a predator. Surprised that some States Attorney hasn't taken this up for the consumer?

Nov 20, 2018 01:16 PM
Rainmaker
639,453
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

F!
F!
FFF!
I need a Xanax after reading that. Absolutely terrifying.

Nov 20, 2018 01:12 PM
Ambassador
2,952,337
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

WOW! Talk about GREED!

I will never sign another document without reading every word after reading that! Holy guacamole!

Nov 20, 2018 03:55 PM
Rainmaker
1,478,720
Sandy Padula and Norm Padula, JD, GRI
Realty National - Carlsbad, CA
Presence, Persistence & Perseverance

That is scary stuff and the Congress should act to curtail this archaic license to steal.

Nov 20, 2018 12:48 PM
Ambassador
2,645,321
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Yes, but why are you upset about it? I understand that this goes against what we think interest rates should be, but, the truth is, people should be able to make whatever contracts they want to make. No one is forcing them. And if you need an advance of your pay that badly that you would choose to pay that kind of interest - that is on you. You are the one then , that should have another form of income streams, in order that this does not need to be your choice. Or perhaps, you are not good with budgeting, again, your choice, you can learn how to budget. I don't have anything against those that lend and those that borrow, totally their choice. 

 

Where I do have a problem with is with the court system. What court systems allows judgments as the one being discussed without due process. And I also have issue with judgments. I don't think that most of them should be in the law to be able to obtain. It is the confession agreement that needs to be taken out of the law. This could never happen in Florida. But New York is different. 

Nov 20, 2018 10:48 PM
Ambassador
2,316,085
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

"New York" is all I needed to hear.  

Nov 20, 2018 03:30 PM
Rainmaker
353,900
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I have never heard of this, Caroline Gerardo . And legal!!!! This needs to be stopped.

Nov 20, 2018 02:42 PM
Rainmaker
4,095,423
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

OMG, I am going to borrow a Xanax from Candice A. Donofrio ...just kidding Candice!  A

Nov 20, 2018 01:50 PM
Ambassador
3,784,102
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

These seem to be preying on the desperate all over.

Nov 20, 2018 09:23 PM
Rainmaker
1,392,387
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

I read it. 

For sure, all of us will read paper we sign more carefully from today.

Nov 20, 2018 08:03 PM
Rainmaker
1,167,357
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Wow.  Never heard of these before.  Sounds like this remax franchisee had a LOT of money problems.  The description of his wife just screamed "out of control spending." 

50 agents and not turning a profit AND entering the mortgage business... they were inventing more ways to spend their money faster.  I'm sorry, but I have no sympathy for them.

Nov 21, 2018 10:29 AM
Rainmaker
2,770,590
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

This is the kind of thing that gives all of us a bad name. I prefer not to focus on these kinds of agents or give them publicity. Katerina Gasset said it right!

Nov 21, 2018 04:51 AM
Rainer
112,255
Anthony Kirlew
Keller Williams Realty East Valley - Gilbert, AZ
Helping You Make Fiscally Sound Choices

That it sick and should be outlawed. Horrible job by the NY legislators. Now sure how some people sleep at night..

Nov 20, 2018 07:48 PM
Rainmaker
739,562
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

That's terrifying. -K

Nov 20, 2018 06:29 PM
Rainmaker
967,394
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

I cannot believe it. And it is for real!

Nov 20, 2018 05:42 PM
Rainmaker
826,129
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not, will go read now.

Nov 20, 2018 05:10 PM
Rainmaker
154,306
James (Jim) Lawson, DBA
DomainRealty.com LLC - Bonita Springs, FL
Broker Associate, RSPS, BPOR, HI & PE

People who do this are very lucky that these are no longer the wild west days. They would end up more than just being out of business themselves.

Dec 26, 2018 09:39 PM
Rainmaker
177,795
Ben DeHaven
Haven Realty & Investments - Winter Haven, FL
Proudly serving Winter Haven & Lakeland, Florida

"Before borrowers get a loan, they have to sign a statement giving up their right to defend themselves if the lender takes them to court. It’s like an arbitration agreement, except the borrower always loses."

 

Well theres your problem.

Dec 04, 2018 07:47 AM
Rainer
161,324
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Truely disgusted by this kind of dealings. Another excellent reason to read anything you sign

Nov 21, 2018 01:13 PM
Rainmaker
2,982,197
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not really a man of violence, but would like a few minutes in a room with these guys and me with a baseball bat!

Nov 21, 2018 06:07 AM
Rainmaker
2,849,432
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

They have ben banned here, but do remain on cash for titles. Limits have been placed here in NH. I do get emails for commission advance and have heard agents who fall prey to it

Nov 21, 2018 05:22 AM
Rainmaker
708,535
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

How can this happen...to me?

The Duncans got caught in a web of predators who had no intent of honoring their agreement and simply pursuing their profit center of causing default.

We are all equally vulnerable. All it takes is one intercepted password or data breech from Yahoo.

Turbo charge that with NY rubber stamp processes and you have the crooks running the system. And their excuse..."I have no choice!" 'I'm just doing my job!"

Why do those excuses never work for the working person?

Nov 21, 2018 05:18 AM
Rainmaker
460,823
Bruce Kunz
C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ
REALTOR®, Brick & Howell NJ Homes for Sale

Wow! I've not seen this before. Thanks for sharing.
Bruce

 

Nov 20, 2018 08:11 PM
Ambassador
1,534,193
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Do a blog post.

Nov 20, 2018 05:45 PM
Rainmaker
599,206
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Very sad!

Nov 20, 2018 04:15 PM
Rainmaker
5,018,465
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I'll pass on this link.

Nov 20, 2018 12:39 PM
Ambassador
884,573
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Caroline Gerardo 
Thanks for bringing this to our attention.

Don't we always ask our Clients to read the fine print? Unfortunately, these people didn't... Very sad and very abusive practices. All the best - Lynn

Dec 27, 2018 12:25 AM
Rainmaker
473,899
Peter Mohylsky, 850-517-7098
Gulf Place @ 30A - Santa Rosa Beach, FL
Your Bucket List Broker

I could not follow the link on my iPad.  Sounds interesting.  Thanks for sharing.

Dec 26, 2018 05:27 AM
Rainmaker
101,835
Kevan Pewitt
Houston Prime Realty - Houston, TX

It goes without saying that it is incomprehensible for a broker to sign that loan document with daily interest payments of $800 a day.  That being said, its criminal that the state of New York allows confessions of judgment to be enforced with no due process and that banks will honor them. 

The Attorney General of New York is constantly suing businesses for so-called anti-consumer actions but calls this process legal. 

I am glad I live in Texas and will be extra careful before I sign any contracts with a New York based entity.

Dec 17, 2018 06:57 PM
Rainmaker
1,050,566
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Wow.  

Dec 03, 2018 07:11 AM
Rainer
243,025
Dusty Rhoton SRS, MRES, ABR, SRES, GRI
RE/MAX Fine Properties - Flagstaff, AZ
Flagstaff Real Estate

I have no words!    Never heard of this and was very shocked after reading it!

Dec 02, 2018 08:54 AM
Rainmaker
2,891,406
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Unreal that this could happen.

 

Nov 27, 2018 11:26 AM
Rainmaker
3,895,546
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I don't deal with anything that is not  local and reviewable

Nov 26, 2018 07:22 PM
Rainmaker
3,880,430
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks for sharing, had not heard of this.

Nov 25, 2018 07:19 AM
Rainmaker
210,320
Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

You know there are unscrupulous folks everywhere, and sometimes you think I will pay this back in a week...Tons of people could fall prey to this.

Nov 24, 2018 03:28 AM
Rainmaker
4,691,226
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This should not be legal.

Nov 21, 2018 07:18 AM
Rainmaker
4,363,372
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

thank you.

Nov 21, 2018 04:37 AM