Alabama Pinnacle Homes, Appraiser Mortgage Fraud Appraisal Inflating, deceit, coverup President Bush what about doing something about this! More payoffs and lobbyist corruption for builders and Mortage companies. Huntsville Alabama

To any that might be concerned:

Just some more info sent to President Bush through Alabama Attorney General (useless). Just wanted people to know that I haven't given up and won't until something is done. I don't really care who it is, builder/seller, appraiser or both, but people are just to willing to do things to hurt families and not even blink and eye, except when they are filling out that deposit slip with the money they have stolen.

Sir: (to the President)

The idea of a National Homeownership month is just great. I guess the rest of the year can be called the Foreclosure Jubilee. Houses being lost and families being ruined are at unprecidented high because of the Mortgage Fraud, appraisal inflation and other criminal acts. The trend for our justice system is to get the big fish and go after the ones that are causing the lenders to lose millions of dollars. I want you to know that my seemingly insignificant losses, might as well be millions too. There are familys everywhere losing everything, because of these greedy crooks, so how can we be so upbeat about homeownership month when within a year or two most will be in the same boat as many others of us.What is being done is illegal and against the law and everyone admits it. Alabama is one of the most backward states around when it comes to updating laws to protect its' consumers, or for anything for that matter.I am attaching something again here and would like for someone to read it and see what Homeownership really brings these days.

I don't know if you can help me or not, but I am going to give you the information and maybe you can tell me. I understand that the laws in Alabama, leave a whole lot to be desired when it comes to consumer fraud, in my case appraisal fraud. I have always been to trusting for my own good and it finally came back to bite me and has ruined my life and family. I will be 55 next month and I am at a point in my life where I should be starting to think about the relaxing times and days ahead, instead I like others are struggling just to survive and will never have anything. I retired after 22 years in the military and have even managed to mess that up. I know Alabama is pretty much a "buyer beware" state, but I also know that it isn't suppose to reply on a new purchase.

Back in 2000, I closed on a house and 25 acres of land that appraised at $210,000 at the time. I bought it from a builder/seller. I had told them I wanted a house with some acreage and that is what I got and I also told that I planned to stay there for the duration, so fate has it, it fit right into their plan. Unforseen to myself or them exactly one year later I was offered a job in MN that I couldn't turn down.

So in April 2001, the house was put on the market (it had been re-appraised at $225K by then) and to make a long story short it never sold. After 3 realtors and even 2 auctioneers, I discovered the actual value was $160-170,000K and all of them pointed things out to me that pre-existed and were just intentionally overlooked and ignored during the appraisal.

The builder/seller/appraiser knew darn well too. I went to MN and in the 17 months I was there the place here in Alabama never sold. I had bought a house in MN and had closed in Jan 2002 and in July got a lay off notice. I was desperate, panicky and a number of other things; here I sat unemployed with two mortgages, 2 cars and 6 dependents in MN. I looked around for jobs and nothing. One day I was looking through Army Times and I saw a company Retired Military Financial Service (RMFS) also Structured Investments (pretty close to false advertising on their website www.milpension.com ) and in return for a number of months of your military retirement pension, they would give you cash up front. I got $50K and in return I have to pay $1214 per month for ten years which wipes out my pension every month and by the time I pay it off, I will have paid $150,000K.Like I said I was panicky, not on the right frame of mind when I did all this, but I had to do something desperate to try and survive. I ended up spending the entire $50K on mortgage payment, car payments, insurance, living expenses and the like. It was gone quickly.

In December 2002, Christmas Eve and Christmas Day, we were on the road back to Alabama. Had to get money from my parents to move back. LIke I said the house there hadn't sold, so at least we had a place to stay. Then the pressure mounted, still unemployed. I had to file a Chapter 13 to stop foreclosure proceedings on the house here in Alabama and the house in MN was just turned back over to the mortgage company by my attorney. The Chapter 13, bought me a little time, but I was still unemployed and couldn't pay the trustee, even though my attorney had me stop that alotment going to RMFS, so I could show some income to the court. I still could not make the payments.

The RMFS thing was initially discharged by the bankruptcy judge, so I thought things were going to get better; well RMFS came up with a case law, where one judge had ruled in their favor in MS or somewhere, so the bankruptcy changed it and said it was a secure loan.
Foreclosure proceeding was started on the house again and I tried to sell just to clear the mortgage at least, but couldn't because the appraisal had been inflated by $50-60,000K, no one would buy it, so I had to file a Chapter 7 and we lost everything, the house the cars, everything and were forced to find something to rent. If the house had not been over inflated from the very beginning and I could have sold it, I might have been able to survive.From 2001 on we just went through pure heck. I had a daughter assaulted in MN, which led to a two year trial, my wifes mother died, my step father had to have a liver transplant, I had a heart attack in March 2004 and just had a stroke in December 2005. So it has all taken its' toll. The builder/seller/appraiser thought their secret was safe since I was planning on staying there, but it surfaced once I tried to sell. They had it hide in the mortgage loan and I would have never known had things gone as planned. The RMFS thing is just a scam targeting military, enlisted and officers with pensions and also disability pensions. It has been since April 2001 and things are still not back to normal for us. I am currently -$600 overdrawn on my bank account and I bet I have paid $3000 in fees, right now $300 of that $600 is insufficient fees and I just can't seem to get out of that hole.

I have written many people, BBB, FTC, Attorney General (useless), senator, congressman, Real Estate commission, Board of Appraisers and on and on and all I get is the run around. You hear all the time about how bad it(mortgage Fraud) is and that it is everywhere and is a crime, but no one wants to do anything about it and in the meantime families are going down the tubes. I didn't do 22 years protecting my country just to end up homeless or dead for that matter from the stress.

Thanks for listening.

Sincerely;

Virgil E. Walden Jr.

PS I will get back to you on a 2nd complaint concerning www.milpension.com and/or RMFS alias Structured Investments

Virgil
Hazel Green, Alabama
U.S.A.