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My Bible Study Teacher Introduced Me to a Guy That Put Me in Debt. – Jane

“Dear Steve,

I am a resident of Texas. In 2004, I was scammed into buying an investment property in Port St Lucie Fl with a partner who is a crook. Which of course I did not realize until late 2006. I was convinced to take a loan for $350,000 solely under my name because my partner claimed that he has a very bad credit and he wanted me to help him bail out from his current financial situation and talked me into taking the loan under my name only.

BTW, I met him thru’ my 90 yr old Bible Study teacher in a Bible Study Class in Florida. He and his realtor buddy from Tesoro lied a lot and scammed me and used my financial status for their gain. Both my partner and the realtor prevented me from selling the property since Aug 2005.

My partner agreed to pay half the payments for this investment property but quit paying since mid year of 2007. Since the loan was under my name only, starting Aug. 2007, I continued making the payment of $3500 per month with an avg property tax of $15,000 a year hoping the real estate market will recover and I will be able to get out of the loan in a clean way.

I exhausted all my life savings and was in debts with my family & friends. I was unable to continue my payments after Oct of 2008. The property was foreclosed. I just got a certificate of sale letter from a florida lawyer’s office that the bank – BB&T who loaned me the money had bought it at an auction for $100. I paid $380,000 for it. I know the bank (BB&T) in NC will be coming after me for the loan $350K plus other expenses – which I will not be able to pay – I am an Head of Household caring for my sick 79 year old mom.

I work in a company in Texas but my company’s headquarters is in CA. This whole investment was a scam from the beginning and I was a fool to trust the 2 mafias who are originally from Italy.

I do not have any assets. I know Texas is protected from wage garnishment. Can the creditor still garnish my wages since my company’s headquarters is in CA?

Jane”

Dear Jane,

This or any other website is the last place you need to turn for assistance on this. You need a lawyer! Find a local attorney that is licensed in Texas and call them now, please.

Unfortunately this is not the first or even tenth time I’ve heard of a similar con to this. They generally unfold just about the same way. They seem to always end badly.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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