Richard Hoffman | |
My name is Richard Hoffman. I am a lender who provides money to credit-challenged individuals who are not able to get funding elsewhere. In return for the money, people provide property as security. I am a high-risk lender, who charges substantial fees and interest rates that correspond to the risk. The bulk of my experience: I am the best friend of these people when I give them the money, but lose that status when it is time to pay back the loan. | |
I am writing today in regards to numerous media articles and news releases that came out in mid-June of 2010 alleging I had taken advantage of elderly people in a private 2nd mortgage I had given to them. The information the media provided was skewed – to say the least. These people took my hard earned money for two years. Then – when they were asked to make payments – they paid zero. After 2.5 years of my efforts to come to an amicable solution, they still paid nothing. After an exhaustive attempt to get the clients refinanced elsewhere – and continuing to try to collect payments from them – they still refused to pay. | |
Spare me the Pity Party for anyone claiming to be
a “victim” – people
who are repeatedly told exactly what they are getting into. In this instance,
the details were explained to them by two different lawyers – lawyers who
they drove themselves to see. These people signed official disclosure statements
that clearly outlined the fees and interest – all of which were under the
legal limit – as well as official mortgage documents clearly explaining
the same. Those same lawyers said that these clients knew exactly what financial
commitment they were embarking upon. Yet, after the money was spent, they made
every effort to get out of the contract – stooping so low as to do and
say anything to get out of the financial obligation. Even going so far as to
say they did not know what they were doing. Sincerely,
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