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Part One of a long story.

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Roscoeman

Thread Starter
Member
Joined
Aug 18, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Good Morning Everyone...

After a long year and ½, I am finally able to talk about my lawsuit. This is part one.

I just wanted to share this information, as my goal is to help anyone who gets into the situation I did.

In October 2005, I was sued in a civil suit for fraud, conspiracy, conclusion and you name it. I worked for a Mortgage Broker (yes, it was a Mortgage Broker) and completed 23 assignments for him. He had a straw buyer on 5 of the properties. I had no idea!!!! Once I realized that something was not right, I contacted my board and advised them that Mr. Mortgage Broker was doing something I was not comfortable about. They were going to keep his name on file if something happened. Well it did!

One month later I received 3 summons and that was just the beginning! The MB was arrested and then released as the police did not have enough evidence. He was asked to surrender his passport, but left before that happened. What a surprise!

The lawsuit had to be mentioned in our local paper, as he had disappeared! So you know the story there! Only 75,000 people in the town and my name has been mud (but it wasn't as bad as it could have been). I am truly blessed.

Just last November I decided to pull the trust deeds on these 5 properties and of course they were all purchased as primarily residences. I knew it in my heart and mind, but I had to prove it. Well, a month later the lawsuit was dismissed with predudice. WOW!!!!

I share this story because I am one of the lucky ones. If you think it can't happen to you, it can!

Having said that it cost a lot of money in lawyers fees (including a criminal lawyer), my E&O will never be the same, some loss of health, just about lost my mind and on and on! I am a pretty optimistic person and came through this knowing they cannot take away my family, friends and my peers! What a gift!

Here is my bottom line. If you find yourself in a similar situation, please PM me. Not sure what I can help with, but my goal now is to give back to others that helped me!

I don't think there is one person on this forum that didn't help me through this. Thank you all for your input on this board, as you all have such great wisdom and knowledge...

Pam and Cynthia you are my Angels!!!!
 
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Kevin Keck

Junior Member
Joined
Jun 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
I'm glad things are looking up for you. I'm sure something like this can happen to anyone. Thanks for sharing and offering assistance. I hope I never find myself sending you a PM on a related manner.
 
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Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Glad you came out on the top side of things.

You just never know when something is going to jump up and bite you.

Other beware. You need to carry insurance and more then just E & O.
 

Roscoeman

Thread Starter
Member
Joined
Aug 18, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Thanks for the advice Ray.

Its going to be a challenge, just to get E&O.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
I have not been sued due to a mortgage broker and straw buyers but have had complaints filed against me. They are expensive to fight but you must fight them. It does appear that in my case the AG could not prove their case against me and the final board hearing is set for 02/14. But my name has been dragged into the mud and there is noting one can do to reverse that....

Congratulations!!
 
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Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
I’m certainly glad to hear that your protracted struggle is finis. Take a deep breath, relax for a moment, then throw yourself right back up in the saddle.

C-ya in April?
Oregon Doug
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
When I win the lottery one of the projects I'm going to put together is a defense fund for appraisers. I think the board who will be in charge will include the Paminator, Ray, Roscoman, and myself. We'll be in charge of helping others in their defense against lawsuits and other such things and in charge of accepting donations to keep the funds fluid, I just have to win the lottery first!
 

GCJim

Senior Member
Joined
Dec 11, 2007
Professional Status
Certified General Appraiser
State
New Jersey
Roscoeman,
I'm happy for you that you prevailed, but sad that victory can be so hollow with all of the costs, damage to your reputation, aggravation, and the 'hits' to your health and family.
Keep the faith, get yourself healthy, and please continue to hang in there!!!
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Ummm, that was only part I. It's not over til the fat lady sings.
 
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