• Report: #1042350

Complaint Review: ELRAQ

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  • Submitted: Wed, April 10, 2013
  • Updated: Mon, April 15, 2013

  • Reported By: shellirae — billings Montana
ELRAQ
Internet United States of America

ELRAQ Equity Loans Right Away Quick Hard money lending for mortgages Internet

*Consumer Comment: REFUNDED 100%

*Author of original report: update on ELRAQ

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This company is nothing but a scam to collect fees from people ranging from 250.00 upwards of 10,000.  These are deemed 'origination fees' for the processing of a mortgage, but the loans will go through.  Douglas Carter - AKA - Douglas Walker is a known felon and on probation for mortgage fraud in the state of Florida.  Per his probation, he is not to be involved with in any financial transactions over $500.00 which is why he asks that all monies be wired to James Spillers who is his former attorney.   We, and countless others have lost thousands of dollars in this scam - here is a link to the story of his conviction back in 2009.  With no jail time, he is right back to his old tricks...

http://www.naplesnews.com/news/2009/jul/17/marco-island-man-jailed-amid-charges-bad-deals-bro/

This report was posted on Ripoff Report on 04/10/2013 09:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/ELRAQ/internet/ELRAQ-Equity-Loans-Right-Away-Quick-Hard-money-lending-for-mortgages-Internet-1042350. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

REFUNDED 100%

AUTHOR: Shelli Rae - ()

I wrote this original post - and wanted to update the status.  We have received 100% of our deposited funds with Elraq.  I was told there was delay due to the hospitalization of Mr. Walker.  At any rate, we did get all of our money back.

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#2 Author of original report

update on ELRAQ

AUTHOR: shellirae - ()

As this report cannot be removed, We would like to add that ELRAQ has promised to pay the remainder of the outstanding deposit in full. Douglas explained that he had been in hospital and had heart surgery and had therefore not been able to settle our account or contact me with an update.

I figure that I will give him the benefit of the doubt and the chance to live up to his promise to pay back the remainder of the monies sent ($2500) plus the $900 in Appraisal and Inspection costs incurred by us following his loan offer which could not be fulfilled.
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