Monday, May 28, 2012

Ten Screwed Over Homeowners Sue Motown-Area R/E Operator Suspected Of Using Land Contract Deals To Rip Off Cash Peddling Homes In Foreclosure

In Detroit, Michigan, WXYZ-TV Channel 7 reports:

  • Leonard Bale, the West Bloomfield real estate investor exposed by 7 Action News for selling houses he knew were in some phase of foreclosure, has been sued in Wayne County Circuit Court. In a Dearborn law office, attorney Mike Jaafar announced his clients’ allegations that he said could support criminal fraud charges.

  • Ten people who say they suffered from Bale’s business practices - some who were left homeless - claim fraud, conspiracy and other misconduct when they made land contract purchases from Bale and his Wolverine Investment company.
  • His customers say Bale takes down-payment cash from families like the McGee’s, then, breaking promises along the way, they allege he lies about his true ownership in the house, up the point of bank notices asking Bale to respond to foreclosure proceedings.

  • He knew at the time he was selling these properties that he was inducing them by giving false information,” says attorney Jaafar.

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