Civil Lawsuits Focus Spotlight On Augusta-Area Real Estate Operator; Questionable Transactions Resulted In 40+ Foreclosures
In Augusta, Georgia, The Augusta Chronicle, reports on local real estate operator, S.D.A. & Associates and its owner Regina Preetorius. Some of the firm's customers have filed lawsuits against them alleging that questionable transactions have resulted in the loss of their homes, and others claim that they invested money with the firm and the money is now unaccounted for:
* Three lawsuits have been filed against Ms. Preetorius accusing her of fraud and racketeering, and a number of people The Augusta Chronicle talked to who had dealings with S.D.A. say they, too, will be contacting attorneys.
* HERE'S WHY: According to the lawsuits and those who talked with The Chronicle , instead of helping people catch up with mortgages or sell their homes, Ms. Preetorius treated the property as her own and obtained second and third mortgages on the houses. Investors gave S.D.A. money in exchange for security deeds on the properties. The investors' security deeds are worthless, however, if the original mortgage lender forecloses and the equity in the house can only pay off that loan. And when the original mortgage lender forecloses, anyone living in the home is evicted.
* In S.D.A.'s wake are more than 40 foreclosures, 12 involving Ms. Preetorius or her various business entities,(1) and about a dozen people who went bankrupt. By the time Ms. Preetorious and her husband filed for Chapter 7 bankruptcy Aug. 4, she had been involved in the transfer of properties with a combined fair market value of more than $10.6 million. She had also persuaded investors to give her nearly $3.7 million in exchange for security deeds on properties.
Just do a search on her and you will be convinced not to hand this woman a dime.
I rated her a 1 because a rating was required, in my opinion she should be in jail.
GOOGLE OR YAHOO HER NAME AND SEE WHAT COMES UP, YOU WILL RUN THE OTHER WAY.
Pros: CALL CITY HALL AND ASK FOR THE BANKRUPTCY DEPARTMENT
Cons: FRAUD/UNDER BANKRUPTCY
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