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Report: #274714

Complaint Review: United Development Group International - MYAA) - Las Vegas Nevada

  • Submitted:
  • Updated:
  • Reported By: Sierrra Madre California
  • Author Confirmed What's this?
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  • United Development Group International - MYAA) 5940 S. Rainbow Blvd. Las Vegas, Nevada U.S.A.

United Development Group International, LLC(AKA: MYAA) Breach of contract-Equity sharing company takes advantage of homeowners/investors Las Vegas Nevada

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Situation: United Development Group(UDG) is an equity investment company. They solicit to homeowner/s who are on the brink of foreclosure.

When the defaulted homeowner/s make contact with the company, they send out a representative to meet with the homeowner/s to complete the necessary paperwork.

The company basically takes the homeowner's equity and has them sign over the deed of trust. The homeowner/s lease the property for a year, and at the end of the lease, they will be given some money to use as a down payment to buy back thier property or they can take the money and walk away from the home.

During the lease term, the home is assigned to an investor, like myself, who has a good credit history and will qualify for the loan. The company representative presents the investment in a spread sheet of what the leasee will pay, what the investor pays, and the equity the investor is owed.

When the home was transfered to my name, the tenant paid for 1 month then vacated the property. I received the checks owed to me from the equity but when I deposited the checks in my account, it would not clear.

Basically, I did not get the money as promised on the contract, the home was over appraised, completely thrashed, not liveable, and I am stuck with a mortgate payement that I cannot pay. Total fraud!

Janette
Sierrra Madre, California
U.S.A.

This report was posted on Ripoff Report on 09/15/2007 01:47 PM and is a permanent record located here: https://www.ripoffreport.com/reports/united-development-group-international-myaa/las-vegas-nevada-89118/united-development-group-international-llcaka-myaa-breach-of-contract-equity-sharing-c-274714. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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