- Report: #1050323
Report - Rebuttal - Arbitrate
Complaint Review: Jamison White
Jamison White1554 Carlton Ave SE Albuquerque, New Mexico USA
Dr. Jamison White Loaned him $100,000. Got a 30 year Promisary Note for 10% annual interest. It put us in the poor house, Literally. Albuquerque New Mexico
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In 1998 Jamison White approached us about needing money to but a dark radio station. We told him we didn't have that kind of money. The only thing of value we had was our property and mobile home we owned free and clear. He asked if it was worth $100,000? We told him yes, but we didn't want to, personally take out a loan out on it, to give him the money. He reassured us that he had other investors with financing coming in and it would only be for 3 months. We told him no we weren't interested.
The next day he approached us again and told us he thought of an idea. He would have his insurance man take out a loan on our property for the $100,000 as if he was buying it. We were told this would help his insurance man's credit so he could buy a home later on. Jamison told us we could remain on our property, living there, because in 3 months he would have the investment money and he would pay off the loan, reverting everything back into our name. [continued below]....
My husband and I asked the question what is our guarnantee if, in 3 months the investment money doesn't come through. He assured us it would, and by chance it didn't, he would make the payments on the loan until the investors sent the money. I asked him if he was willing to put that in writing and he said yes.
He gave us a promissory note that reads that he owes us $100,000 with 10% annual interest, payable upon demand or payments on the loan for $973 for 30 years. There is more then this to the promissory note, I don't have it in front of me and I am going by what I do remember.
The loan was taken out on our property by the insurance man. We went to pickup the check and Jamison White and his wife Karen followed us in their car. Then they followed us to the bank where I got a certified bank check made out to Orbit 7 Radio Network. Went outside where Jamison and his wife karen were waiting, handed him the check. He then told us to follow him over to his credit union because after words we could go get something to eat.
We followed him and Karen to the Credit Union where he had two accounts. He put the check into Orbit 7 Radio Network account then transferred the money to his other account ie., Jamison White Productions.
The three months came and went, we called Jamison and he said he had other funding coming in and that he would make the payments on the bank loan. We waited and waited, while he continued to make the payments on the loan. Then one day we received a notice that the bank was foreclosing on our property. We called Jamison White and asked him what was going on and he told us he stopped making payments on the loan and wasn't paying anymore. We told him we wanted our money back and he said he didn't have it to give back to us. We ended up losing our property, never getting paid and living in a run down RV Park. We lost everything and we are not the only people he has done this too. He has squandered money from many other very trusting people. While he bought expensive toys and lived the high life.
This report was posted on Ripoff Report on 05/12/2013 02:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/Jamison-White/Albuquerque-New-Mexico-87123-4259/Dr-Jamison-White-Loaned-him-100000-Got-a-30-year-Promisary-Note-for-10-annual-inter-1050323. 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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