An investigation has been launched by the Florida Office of Financial Regulation into the promise of thousands of dollars in investments for borrowers of home mortgagees. The investigation was launched into Five Star Elite Services, which is headquartered in Orlando. The investigation came to fruition after an investigative report from News 6.
According to the offer from the lender, the recipient would be able to earn thousands of dollars in investment payments that would come from the Internal Revenue Service (IRS) through what is known as a REMIC. A REMIC is a real estate mortgage investment conduit.
The website for the lender advertises the loan as being able to help pay down credit card debt, child support, spousal support, mortgages, student loan debt and more. Right on the website, the lender claims that the payments will be sent from the IRS to the recipient.
One of the victim’s of the lender is an amputee who was hoping to pay down his medical bills with the payments from the investment. He paid $3,000 for a forensic review of his mortgage and was told payments would begin arriving in January 2018. He has yet to receive any money.
The victim was told by a representative from the lender that only 12 people per year are permitted to access the funds of the REMIC. The investigation is ongoing.
Commercial real estate is a difficult area to get involved in if you aren’t familiar with the industry. It’s always best to have the contact information of a reputable Fort Lauderdale commercial real estate attorney on hand if you run into any problems.