Has anyone had any success with his program as a second lender with this company?
Back in September, I helped finance one of his clients so that they can close a deal down in Hemet, CA. I was asked to send info down to a contact he had down in Cali to get the deed recorded with Riverside County. I suppose there were some issues....or they were working out some details with the client or something. I just know that it was taking forever to get it recorded. I didn't receive anything confirming that I was on the deed. So when I go to research the property through the County, I noticed I wasn't on the deed and the client has the property up for sale. When I asked Sean about this, he said he was going to look into it. That was almost two weeks ago. Matter of fact, I noticed every time I inquired about this, he would either be somewhat unresponsive or very vague in his responses.
At this point in time, I have spoken to and attorney down in Southern California to assist me in getting the mortgage agreement and deed recorded. If I can't make that happen, then I will have to take a trip down there to do it myself. And considering what I have done to help save the project, I feel like that is a huge inconvenience for the $68,000 I invested in. And this was despite all of the complaints I've seen on this guy.
If the client sells the property and I'm not on the deed, he basically gets to snatch up my entire investment with no motive to pay it back. Even if I do go after him. I know how business entities work. All he would have to do is create another entity and not do business on that business name. And the fact that Sean has not put up more effort into making sure my investment is protected is concerning to me.
Now I'm pretty sure he's going to have an explanation pointing the finger at me somehow, some way but at the end of the day he's the fuse to all of this. So with that being said, I am also considering calling up my law firm in Maryland to consult in possible legal action against Sean Richway and his company if he doesn't respond/rectify the situation in the next 48 hours. No more excuses. No more crap.
That is all.
It turns out he misrepresented some things here. I purposely did not send the original (because it's my only protection) to where he asked me to send it to. It was never recorded because they can't record copies. The issue Sean has is that this was never expressed and instead sent me emails claiming that there are issues with the documents but the recorder is tweaking them and getting them worked out before recording. That is where he is in trouble. And when I followed up with him a few times about it, he would either avoid the email or claim he would follow up about it, but those would be lies. And when the guy emailed that it was never recorded, Sean never told me these things. The bottom line is Sean never cared about my part in making the purchase happen. He only cared about his bottom line and how much he invested in the project. He was going to allow the client to run off with MY money, as long as he gets his. So now that I know all of this, I have to go down to Riverside County during a pandemic to get this deed recorded. And I will be reporting Sean and his company to Consumer Finance....and seeking legal counsel in Maryland about his misdeeds. Thank you.
Im a bit confused here.
It sounds like you lent money to Person X. What does the other lender have to do with your relationship with Persom X?
He sends emails/advertises to his client base to anyone who would like to help invest the remaining amount as a second lien investor to get the property closed.