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UPDATE: Estate Financial investors fighting back

March 18, 2008

Investors, builders and attorneys squeezed into a large, sunny conference room at a beautiful, ocean-side hotel earlier this week to talk about something most found unpleasant: How they were going to recoup millions of unaccounted-for dollars placed with Paso Robles lender Estate Financial.

(See previous UncoveredSLO.com article, “Hard money lending schemes creating fiscal chaos, devastating SLO County investors,” March 14 on this site.)

There were more than 200 people at the hastily-called meeting, many from San Luis Obispo County, and most around or well into their retirement years. The meeting was organized by Ron Cooper, a Los Angeles County contractor, to attempt unifying concerns and potential action of varied interests. A series of speakers representing contractors, other borrowers, and investors told of problems and posed solutions.

“I was blown away by all the people,” Cooper said following the meeting. “The point of my presentation was to show that my records and books are open, so why in God’s name are Karen Guths ‘s (Estate Financial’s president) records and books not open.”

Cooper and those investors in his project who attended the meeting agreed to give Guth 48 hours to produce names of other investors in his development. Then, the group plans to ask the SLO District Attorney’s Office to step in. If the District Attorney refuses to take action, the group’s strategy is to talk to the state Attorney General.

“I don’t care about putting Karen Guth or her son (Joshua Yaguda) in jail,” Cooper added. “I just care about getting my money back.”

Estate Financial Vice President Joshua Yaguda sat near the front of the meeting wearing sunglasses, silently declining comment when invited.

EDITOR’S NOTE: Investors, builders and others who believe they have been exploited by questionable hard money lending practices are welcome to use the comment section of this post and the previous post to communicate and connect.

Tags:, EFI, Estate Financial


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By: Anonymous on 3/24/08 [Delete]

Dewdog

Do you have any information on Doya in Paso Robles that Es Fin is trying to form an LLC on so they can borrow more money to finish – APN#025-402068? Thanks so much.


By: Anonymous on 3/24/08 [Delete]

Folks – thanks for the guidance. My email is arleneversaw@charter.net. I'd appreciate being included in future meetings, emails, etc. thanks.


By: Anonymous on 3/24/08 [Delete]

ALL WHO OUR IN DOYA PARTNERS, ON MONTEBELL OAKS DR, AND ARE ASKED TO JOIN THE RENASCENT PROPERTY HOLDING 100,LLC..LOOK OUT!!!!

The Company has been formed to acquire title to all the property located in Paso Robles on your loans No B556-04,B561-04,B562-04,B581-04,B583-04,B558-04,B570-04,B582-04,B557-04,B569-04,B577-04,B560-B563-04 and take out a new loan in your name to complete the DEVELOPMENT OF Real Property, Estate Financial is going to Rent or Lease in your name. and if Karen don't RENT them out, you well pay the new loan that well be in your name,poor Karen is only going to be making about $54000, per year on this plus all out-of-pocket organization and syndication expenses and all operating and administrative expenses of the Company.So please call her and ask 805/238-6570


By: Anonymous on 3/24/08 [Delete]

sorry, Lot 10 is Tract 2571 is at 406 Montebello Oaks Dr.

Please no boby put your signature on 100,LLC.


By: Anonymous on 3/24/08 [Delete]

HELP ME:

your note on tract 2571 lot 10. WHERE IS THE PROPERTY? we have lot 6. we need to see it also.

thanks


By: Anonymous on 3/24/08 [Delete]

Lot 10, Tract 2571 Doya Parthners,LLC. NEW CONSTRUCTION OF A 1796 SQ FT, 4 BEDROOM, 2.5 BATH, 2 CAR GARAGE HOME. Loan Amount:317,443.00/15months, Loan to Value Ratio:70% The Appraised/Market Value:$449,000.00. Doya Partners payed $140,383.00 for the Land. Well after going to see this House it's only 1/2 compleated and there only 3 bedrooms and it's only 1500 sq ft, Now Joshua Yaguda (Estate Financial,) Wants me to join RENASCENT PROPERTY HOLDING 100,LLC. And Estate Financial Mortgage fund LLC is a Mumber and invester in and IS OVER 51% OWNER of the house, What can i do? Please call Don Vaughn at 805/226-5170 for guestions you may have


By: Anonymous on 3/23/08 [Delete]

I agree with you DewDog. The amount was recorded against the property. Fees and expenses taken out of loan proceeds, but money was slow to pay bills. Accounts were comingled, not segregated as it should have been. Meanwhile, time passed with no production and homes would be sitting unfinished. EFI was always eager to refi. for the additional fees and spread on the rates it paid to investors and collected from borrowers. At the same time, money sitting in bank was collecting interest to the benefit of EFI.As longh as the music was good to all, it did not matter much. Now that the property values have declined, homes sitting unfinished, (non-marketable), investors, borrowers are all screwed. The question is, where was the money, what projects were paid on time. Was it the ones EFI was involved with, or the money simply went into personal use? Sooner we dig into EFI's records the better for all concerned Giving EFI authorization to borrow against properties with investors signing on the loan docs, will only excerbate the already serious problem. Everyone must dig into EFI's dealings with all it's LLCs and ventures than just follow the money. Provided there is any left at this point. Things will get nastier as we dig deeper.


By: Anonymous on 3/23/08 [Delete]

ONE MORE


Saying the money was not available when needed may be true. Although if you invested your money to a particular project that money loan was put against that property. That means EF encumbered the property, let's say for the $279,500 as mentioned before, but may have only given the builder an amount of money that was less than that amount. Where is the balance of the money? If it went somewhere else that is co-mingling of funds, that's against the law. Should the property ever sell, once again using the $279,500 figure that amount will come out of escrow and go to EF and then hopefuuly back to you less costs to you know who.

You all need to immediately DEMAND a cost breakdown sheet,a disbursement of funds statement and the original appraisal from EF.

FOLLOW THE MONEY.


By: Anonymous on 3/23/08 [Delete]

Unfortunately, money was not available when needed, so the additional interest taxes, maint. and other cost consumed any and most equity. With the market downturn, if there woukld have been any equity, it is gone. Good luck. We all question "where is the money"?


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By: Anonymous on 3/23/08 [Delete]

For those of you who have invested the $297,500 into homes on Montebello Oaks that are unbfinished you should act as quickly as possibel. Some of the smaller homes are less than 1500 sq. ft.. If EF was lending at a 70% LTV and the loan was a construction loan they would have had to have an appraisal of around $400,000 for the house only to come up with the $279,000 if it were for construction only. If it is for land and construction then there has to be some equity in the land prior to the loan which is good for you. If it is only for construction and the house is one of the smaller ones then there was MORE than enough money for the construction of the house. Where has your money gone. Do your homework and find out where and what you have invested in and take the appropriate action. It's your money.


By: Anonymous on 3/23/08 [Delete]

To all – I am writing for the good of all. I, too, have money at EFI. I would like to compile a narrative of everyones stories concerning their investments with Estate Financial. Please write regardless of how big or small you feel your situation is and regardless if EFI has promised you they will resolve your issue soon (as they have so falsely promised me). This is strictly confidential. I feel time is of the essence here. I can help you get your complaints to the proper agencies. Your rapid response is essential here as events may be commencing next week which will significantly advance our cause – but ONLY, ONLY, if you write in!!! No I'm not a lawyer. I do realize some of you may have lawyers and feel you can't discuss your situation. That's fine, but whatever you can state, please do. This is essential to recovering as much of our investments as possible. My email address is fullyfunded93401@yahoo.com


Dewdog and Cooper: I really need to hear from you both Thanks!


By: Anonymous on 3/23/08 [Delete]

Anyone know how Hurst, Country Financial, Stinchfield etc are doing? Are EFI investors involved there too?

Are the fractional TD's via EFI in trouble like the bundled groups are?


By: Anonymous on 3/23/08 [Delete]

Should we cry or laugh? Anyone wants to have more tax deduction, just give EFI and any new LLC more money than also be hooked on additional costs. Rather, just give them money as a charity. They may need it for defense attorneis.


By: Anonymous on 3/23/08 [Delete]

PLEASE!!!! – DO NOT SIGN ANY OPERATING AGREEMENTS THAT WILL ALLOW KAREN TO FORM ANY MORE LLC's. SHE ONLY NEEDS TO GET THE SIGNATURES OF 51% AND THEN SHE HAS THE POWER TO INCUR MORE DEBT IN YOUR NAME. IF SHE BORROWS MONEY UNDER THE LLC OF WHICH YOU ARE A PARTNER, AND PUTS THE MONEY IN THE PROJECT, AND THEN IT DOESN'T SELL OR SHE THEN NEEDS EVEN MORE MONEY TO COMPLETE THE PROJECT, THE LLC CAN BE FORECLOSED UPON AND THEN YOU WILL BE OUT NOT ONLY YOUR INITIAL INVESTMENT BUT ALSO BE LIABLE FOR THE NEW LOAN THAT SHE TOOK UNDER THE NEWLY FORMED LLC. DO NOT GIVE HER ANY MORE CONTROL OVER YOUR INVESTMENT. PLEASE WAIT UNTIL THE DISTRICT ATTORNEY AND REGULATING AGENCIES HAVE LOOKED INTO THE OPERATION OF ESTATE FINANCIAL.


By: Anonymous on 3/23/08 [Delete]

HELP ME


Like I've said before you have to get these projects into your name and out of the control of EF. There may be tax and mechanical liens on the property which will add to your cost or loss which ever way you look at it. Once again go to a title company and get a title report to find out the status of the property. I would check with a contractor and find out what the actual cost to complete the project is. If I were in your position I would probably have lost any trust with EF and/or Doya. Taking control of your project will reduce your losses.


By: Anonymous on 3/23/08 [Delete]

I receved the operating agreement on Renascent Property Holding 100, LLC. That is Doya Partners, LLC. The homes on Montebello Oaks Dr. Article 111, The Compensation of Manager, The Manager shell receive 1% per year plus all out-of-pocket organization and syndication expenss and all operating and administrative expenses of the Company. Let's See now, If you invested $300,000. and its going to take another $100,000 to complete the house that's $400,000, 1% is $4000. plus taxis,$3000 per year, your payment on the new loan $600. p/m insurence,upkeep,$200/M and you might get $1000/M rent..Please tell me how we make any money!!! out of the deal, So please befor you put your signature on the LLC give Joshua Yaguda a call at 805-238-6570..You need to understand..


By: Anonymous on 3/22/08 [Delete]

Pete

Just scroll down 2 stories from this one and it will tell you how to donate.


By: Anonymous on 3/22/08 [Delete]

Let's all not forget Dan and Karen. They have written some great stories and enabled many to perhaps recover their money before it is too late. I hope their efforts will not go unrewarded by the readers here. They are not making any money off this muckraking, let's help them help us by sending in some bucks. Perhaps Dan or Karen will post a note on how we can do that, I don't see any link on the site.


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By: Anonymous on 3/22/08 [Delete]

Hello FYI, I have a loan number B557-04 its in 409 Montebello Oaks Dr, Paso Robles, The Subject Property is lot 5, Tract 2571 The loan was for $297,500.00 in Dec of 2004, The house is about 1/2 completed…John


By: Anonymous on 3/22/08 [Delete]

FYI


Do you have a lot#?


By: Anonymous on 3/22/08 [Delete]

ALL INVESTORS:

B558-04

is anyone else invested in this property? missing address and APN#. i'm also contacting EFC next week.

thanks


By: Anonymous on 3/22/08 [Delete]

DEWDOG:

thanks for the info. back of construction d of t there is an APN: but no APN. i know, don't say it. i will get it next week.


By: Anonymous on 3/22/08 [Delete]

FYI

Many properties come up for Doya Partners on Kleck Rd. although there is no loan information attached to the properties. But if you go into the MLS system and run the APN they come back to addresses on Montebello Oaks. The photos show the house uncompleted at different stages although the homes have been on the market for over 1 1/2 years. The last time I drove by that area I did see several homes that were in the framing stages and appeared to have been sitting and wasting away. Look again at your paperwork and see if you have anything that identifies the property where you think your money went. The APN'S start with 025-601 or 602 and are followed by a number for the lot.


By: Anonymous on 3/22/08 [Delete]

DEWDOG: doya partners. site in paso robles. that's all i have. i'll get more from ef.


By: Anonymous on 3/22/08 [Delete]

Folks are posting to both blog sites. Makes keeping up with things a pain.

If no disagrees how about placing new posts here (under the latest article (Update) from Dan and Karen)?

A few folks are submitting their contact info, I suggest that is a good idea so we can all keep in touch.

My e is rikik77@gmail.com.


By: Anonymous on 3/22/08 [Delete]

DEWDOG: more info. the property in on Kleck Road, paso robles. tract 2571.


By: Anonymous on 3/22/08 [Delete]

place me on your team.

whwn is the next meeting?

805 975 7505


By: Anonymous on 3/22/08 [Delete]

FYI

I can't track loan number but if you can give me a project description for loan ie: address or APN I'll try to find something out for you.


By: Anonymous on 3/22/08 [Delete]

FYI Why don't you just caqll me and ask me about the meeting that i did not have with Estate Financial on Tuesday or give your number out so we could talk to you.

805/610-6331


By: Anonymous on 3/22/08 [Delete]

DEWDOG: any info. at dataquick on the doya partners property that efc created a new llc on? B558-04


By: Anonymous on 3/22/08 [Delete]

DEWDOG: any info. at dataquick on the doya partners property that efc created a new llc on?


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By: Anonymous on 3/22/08 [Delete]

any info. on the LLC., that was just created by EF on investment B311-04?


By: Anonymous on 3/22/08 [Delete]

where is john/colleen childers.

what happened at the meeting with karen guth thursday?


By: Anonymous on 3/22/08 [Delete]

Hi Arlene, my name is John and i have the Damartin loan also in Bermuda dunes. you may call me 805/610-6331 or email me at bluesky41144/@yahoo.com


By: Anonymous on 3/21/08 [Delete]

Arlene, and others. You may have noticed your email address does not show up here unless you put it in the body of your message. Those who want any personal feedback will have to do that. The add-a-comment dialog box clearly points out your email will not be displayed automatically.


By: Anonymous on 3/21/08 [Delete]

I am invested in DAMartin project in Bermuda Dunes. Anyone else out there? Please contact me by email. I would also like to be included in future meetings,emails, etc. Thanks much.


By: Anonymous on 3/21/08 [Delete]

whereismymoney


If the APN for your investment is 049-104-019 DataQuick shows 2 loans made on the property on 1-16-2008. $306,750 for a construction loan and an aditional $50,000 for "unknown" reasons. You may want to check your paperwork and determine where your money was directed towards. Also go by and see if there is a house on the lot and determine if it is completed or not. There are several homes that are not completed.


By: Anonymous on 3/21/08 [Delete]

More internet sites

Ca Dept of Corporation search:

http://kepler.sos.ca.gov/list.html


By: Anonymous on 3/21/08 [Delete]

whereismymoney

If the APN for your investment is 049-104-019 DataQuick shows 2 loans made on the property on 1-16-2008. $306,750 for a construction loan and an aditional $50,000 for "unknown" reasons. You may want to check your paperwork and determine where your money was directed towards. Also go by and see if there is a house on the lot and determine if it is completed or not. There are several homes that are not completed.


By: Anonymous on 3/21/08 [Delete]

INVESTOR at ESTATE FINANCIAL?


Do you want to find out more information regarding documents filed with our Clerk Recorder’s office?

http://services.sloclerkrecorder.org/officials/se…

* In Grantor/Grantee Type in your name first to get familiar. Then type Estate Financial, Karen Guth, Signature Homes. Under document type, try assignment of deeds and other stuff.


Do you want to find out more information regarding Foreclosures?

https://www.fidelityslo.com

* Second item over, Foreclosures (Notice of Defaults), This site is arranged by week

If you are familiar with the search, type in Estate or the street name of the project.


THERE IS A WEALTH OF INFORMATION AT YOUR FINGERTIPS


By: Anonymous on 3/21/08 [Delete]

dewdog,

I am an investor(loser)on Oak Grove Doya/Atascadero project lot #19.

Estate Financial has told me in writing that they are doing a deed in lieu of on this property and getting the new outside financing to finish the project.

Your blog says there is already new financing in place as of January 2008?

Can you give me specifics?


0

By: Anonymous on 3/22/08 [Delete]

any info. on the LLC., that was just created by EF on investment B311-04?


By: Anonymous on 3/22/08 [Delete]

where is john/colleen childers.

what happened at the meeting with karen guth thursday?


By: Anonymous on 3/22/08 [Delete]

Hi Arlene, my name is John and i have the Damartin loan also in Bermuda dunes. you may call me 805/610-6331 or email me at bluesky41144/@yahoo.com


By: Anonymous on 3/21/08 [Delete]

Arlene, and others. You may have noticed your email address does not show up here unless you put it in the body of your message. Those who want any personal feedback will have to do that. The add-a-comment dialog box clearly points out your email will not be displayed automatically.


By: Anonymous on 3/21/08 [Delete]

I am invested in DAMartin project in Bermuda Dunes. Anyone else out there? Please contact me by email. I would also like to be included in future meetings,emails, etc. Thanks much.


By: Anonymous on 3/21/08 [Delete]

whereismymoney


If the APN for your investment is 049-104-019 DataQuick shows 2 loans made on the property on 1-16-2008. $306,750 for a construction loan and an aditional $50,000 for "unknown" reasons. You may want to check your paperwork and determine where your money was directed towards. Also go by and see if there is a house on the lot and determine if it is completed or not. There are several homes that are not completed.


By: Anonymous on 3/21/08 [Delete]

More internet sites

Ca Dept of Corporation search:

http://kepler.sos.ca.gov/list.html


By: Anonymous on 3/21/08 [Delete]

whereismymoney

If the APN for your investment is 049-104-019 DataQuick shows 2 loans made on the property on 1-16-2008. $306,750 for a construction loan and an aditional $50,000 for "unknown" reasons. You may want to check your paperwork and determine where your money was directed towards. Also go by and see if there is a house on the lot and determine if it is completed or not. There are several homes that are not completed.


By: Anonymous on 3/21/08 [Delete]

INVESTOR at ESTATE FINANCIAL?


Do you want to find out more information regarding documents filed with our Clerk Recorder’s office?

http://services.sloclerkrecorder.org/officials/se…

* In Grantor/Grantee Type in your name first to get familiar. Then type Estate Financial, Karen Guth, Signature Homes. Under document type, try assignment of deeds and other stuff.


Do you want to find out more information regarding Foreclosures?

https://www.fidelityslo.com

* Second item over, Foreclosures (Notice of Defaults), This site is arranged by week

If you are familiar with the search, type in Estate or the street name of the project.


THERE IS A WEALTH OF INFORMATION AT YOUR FINGERTIPS


By: Anonymous on 3/21/08 [Delete]

dewdog,

I am an investor(loser)on Oak Grove Doya/Atascadero project lot #19.

Estate Financial has told me in writing that they are doing a deed in lieu of on this property and getting the new outside financing to finish the project.

Your blog says there is already new financing in place as of January 2008?

Can you give me specifics?


0

By: Anonymous on 3/21/08 [Delete]

Could that be the fearless leader? Josh


By: Anonymous on 3/21/08 [Delete]

Industry guy is giving good advice. Each project has to have ALL of the investors agree on what action is going to be taken and have 1 representative for their cause. If there are a large number of investors this could be difficult to impossible as everyone is probably being affected differently and may want to take a different approach to solving the problem. The main concern of everyone now should be to gain control of your investment and recover as much as possible. Every project should have some equity that is salvageable. Leave the threats and lawsuits until later and go after your $$$$$.


By: Anonymous on 3/21/08 [Delete]

Everybody that is thinking that it would be better to take this company down, becareful what you ask for. EFI is in a much better position to solve your problems than you are. They need help and time, not lawsuits and 3000 investors calling them everyday. I have watched 21st groups fail time after time to solve their problems and all they do create more turmoil. They put the wrong people in charge of their groups and waste time and money. The groups in almost every situation can not agree and fracture. There is not enough quailified people to guild these groups through the resolution process, and even if there were, nobody wants to pay them for their time and efforts. The mob mentality has to be avoided.

I truley believe that if this group put as much effort into helping EFI solve their problems rather than creating them, they would realize a much better return on their money and get it back sooner. Again, becareful what you ask for.


By: Anonymous on 3/21/08 [Delete]

dewbog, your right on..please give me a call.

610/6331


By: Anonymous on 3/21/08 [Delete]

Ron

I'll give you a call. My credential are equal to yours

although with an additional 5 years experience, primarily in the North County. I have advised many clients regarding these hard money loans and have save my clients from many of the pitfalls that many are suffering now. These are only my opinions and for the most part are the facts of what is going on. This is my 3rd exposure to a "down market." Let me just say that the other 2 didn't even come close to this one. The bottom line is there have been too many homes built, bad loans made, short sales, foreclosures, hard maoney frauds which all lead up to where we are. People are losing their jobs, cost of living is going up and it has become very difficult to get a home loan. Most of the market for buyers has been used up and many will be loosing their homes. The economy is going into the the pits. Sorry for the bad news but that is what it is.

I think it boils down to whether you want to lose a little bit of money now or much more later on because there is no quick fix to this one.


By: Anonymous on 3/20/08 [Delete]

dewdog: I'm surprised you are giving us all this advice and are hiding behind a blog name. I've got 25 years in the real estate development business and adamantly disagree with most of the conclusions you have draw in your many many comments.

Most importantly I'd like to know who is giving me advice. So how about contacting me by phone or email so we can talk directly. Regards, Ron Cooper


By: Anonymous on 3/20/08 [Delete]

Hofie-

Each case needs to be addressed on its own merit. An example would be if a project was funded for $500k and it's completed. It then needs to be priced a market value, let's say $400k. In that case the investors have lost 20% of their initial investment. But depending on how much you have earned on interest payments the loss may not be that bad. If the property is kept in the developers name he will probably not sell it for this amount and there may be mechanical and or tax liens that would have to be paid. Also EF may still be drawing their management fee. If you foreclose, EF is out of it, the mechanical liens may disappear and the problem is now under your control.

If the project is not complete but has been fully funded why would anyone poor more money into it. Example would be if the project was fully funded, let's say $500k again, and it's going to take $100k to finish it, your in it $600k and still can only sell it for $400k. Now the loss is 33%.

If you do finish the house and rent it out you will have ongoing insurance, tax and maintenance costs. There will probably be a flood of these projects that will be rentals which will consequently lower the income from rentals. My estimate for a recovery is 2-3 years to see daylight and maybe 5 years for recovery. The house will still be worth $400k although you have supplemented someones rental cost, lost the use of your money and have gained nothing but be put in a position of trying to sell a 5 year ols house that has been a rental. I would recommend trying to get rid of it as soon as you can and rid yourself of the problem and reduce your licks to a minimum.


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By: Anonymous on 3/20/08 [Delete]

Dewdog:

Many of EF's developments have not been completed. If EF is not in the picture the investors will need to hire an attorney and foreclose, and will end up with properties that have not been completed with fees for foreclosure, attorneys, taxes, management, etc.. I have been told that EF is moving ahead with foreclosures and plans to form LLC's so that funds can be generated to complete developments with no additional investor cost. After homes have been completed they can be rented or leased until a time when the properties can be sold. In either case the return of principal to investors is long term. Investors will need to determine if EF's LLC's are right for them.


By: Anonymous on 3/20/08 [Delete]

EFI misreprented itself to builders not only to investors. EFI charged interest on nonexisting funds.

I hope there will be another meeting next week, so I can attend. EFI has several lawsuit filed against including Joshua Yaguda and Karen Guth individually. EFI's problem is bigger than most individual can see it at this time. FRAUD FRAUD FRAUD


By: Anonymous on 3/20/08 [Delete]

Ms. Guth/Mr. Yaguda:

We trusted you when we invested with Estate Financial. Now, all we are asking for the name of all investors in the projects we are invested in. WHY WON'T YOU GIVE THEM TO US?????


By: Anonymous on 3/20/08 [Delete]

to JB:


the payment was a mortgage fund payment, not an individual TD


By: Anonymous on 3/20/08 [Delete]

HOFIE

You have 2 things going on here, one being YOUR investment and the other is the actions that EF have done. My priority would be to attend to my investment. I would suggest the following:

1.Do a physical inspection where your money is invested and ascertain if the money was actually spent as it was represented to be spent.

2.Obtain a preliminary title report and determine who the other investors are. The report will also show any liens that may be against thr property.

3.If the project that you invested in appears to be completed I would attempt to gather the other investors together and foreclose on the property and get it into your names.

4.Come to terms that you are probably going to lose some money. But if the property is back in your names you can determine if you want to sell it at a "give away" price in todays market and regain some of your investment. If you have been getting interest payments in the past along with whatever you gain from a sell your loss may be minimal.

THESE ARE ONLY SUGGESTIONS. I WOULD RECOMMEND THAT YOU OBTAIN THE SERVICES OF A GOOD REAL ESTATE ATTORNEY.

As far as the actions against EF it looks like that could possibly be a class action suit.

Good Luck


By: Anonymous on 3/20/08 [Delete]

Three Bells,LLC a California Limited Liability Company, is in DEFAULT,FORECLOSURE AS OF 12/12/07 FOR $6199,929.07. not just the 3,665,720.00 that Signature Homes,LLC By Al D Amico and Third Press Partners,LLC BY Karen Guth, The BORROWERS,took out. SO where has the extra money $2,534,209 gone to????

The word on the vine!!! is that Big Al and Karen Guth have used that money on personal gains.


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By: Anonymous on 3/19/08 [Delete]

Ladies and gentlemen. There's a storm brewing. We need to keep up with it and lead it to Estate's front door. I want to have a follow up meeting next week. We can probably expect three to four hundred people.


Who can help me arrange this – place, advertising, etc. please email me ron@cooperdevelopment.com or call (818) 225-1528 ASAP. Thanks


By: Anonymous on 3/19/08 [Delete]

Anyone wishing a copy of the November 5,2007 letter I received from R. Rodewald, EF's attorney, advising me that I faced "significant legal liability" if I contacted other investors and questioned the viability of Estate Financial please contact me at mjk122085@aol.com


By: Anonymous on 3/19/08 [Delete]

Investors: Be aware properties aren't being insured. Injured people can sue you individually. Property taxes aren't being paid. Is Estate waiting for tax sale to wipe us out.


By: Anonymous on 3/19/08 [Delete]

Hoffie: Estate's LLC plan is probably the worst concieved plan possible. Estate can borrow against your interest and take "discretionary" fees. Then, if and when the project gets built out, the lender and Estate get paid first, and you get the left overs. If there are any. Estate didn't mange your money properly the first time – what makes you want to let them borrow money and miss-manage it again. There are other solutions. If you want to talk about them call me at 818-225-1528 or email me at ron@cooperdevelopment.com


By: Anonymous on 3/19/08 [Delete]

DEWDOG:

If you know a way to get my investment returned now I would like to know about it. It appears to me that EF's plan to formulate LLC's and then generate funds to complete projects is a viable approach. What is your plan?


By: Anonymous on 3/19/08 [Delete]

three bells B193-06 project.

any info. on the wine permit that's going to expire in a few months?


By: Anonymous on 3/19/08 [Delete]

are there statutes of limitations on these properties?


By: Anonymous on 3/19/08 [Delete]

HOFIE

If you are now not getting paid and there is no money now where do you think it will be coming from. In my opinion, 30 yrs. experience and this being the 3rd time around with something like this, the real estate market is just at the beginning of its fall. I don't think there is going to be anyone chasing "bad money" with "good Money."

Take the bull by the horns and go after what is left of your investment if there is anything.Your dealing with some real slick operators.


By: Anonymous on 3/19/08 [Delete]

john childers is meeting with karen thursday.


By: Anonymous on 3/19/08 [Delete]

paso guy–$192. payment, what loan number?


By: Anonymous on 3/19/08 [Delete]

We, the investors of Estate Financial, need to be careful. Are we in a better position having attorneys put EF out of business OR having EF working to resolve porblems with our investments? EF has informed me that they have a plan for resolution of each of my investments.


By: Anonymous on 3/19/08 [Delete]

Please ammend the foreclosure firm Don Vaughn owns to ALL AMERICAN FORECLOSURE SERVICE of San Luis Obispo; not American Foreclosure as in my previous message.


By: Anonymous on 3/19/08 [Delete]

I'm a Fund investor in Estate Financial. Please keep me in the loop on all activity surrounding Estate Financial.


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By: Anonymous on 3/19/08 [Delete]

Anyone who has money invested at EF that is marked for Doya Partners in Atascadero may want to check their paperwork. Most of the homes were "financed" on 1-16-08 by EF. This appears to be a recent transaction per DataQuick which could be in conflict with what is currently happening. Information only.


By: Anonymous on 3/19/08 [Delete]

re: conflicts of interest.


Any investors encountering problems with DON VAUGHN owner of COUNTRY FINANCIAL INC. in Paso? Same DON VAUGHN that introduced himself as a consultant for Estate Financial at Mondays EF meeting. He also failed to disclose that he owns American Foreclosure in SLO.

Interesting that Mr. Vaughn spoke on behalf of EF when Mr. Vaughn has his own share of problems in communicating with investors and the mishandling of a note that Country Financial services for us.

Anyone else have Country Financial Problems ?

Is Uncoveredslo.com aware of and investigating ???


By: Anonymous on 3/19/08 [Delete]

What a mess for the workers and contractors. I hope all those who have lost money get it back and if fraud is present then those responsible do some serious time.

I urge all concerned parties to hang tough and fight for their rights. Organize around Ron or others to combine your energy. An email list for bulletins would be very helpful.

For those who invest in other firms you might ask those firms for some assurance they are not acting like EF in their affairs. I'm doing that and will post the results here.


By: Anonymous on 3/18/08 [Delete]

where is my money. I am the person who organized and spoke at Monday's meeting. I could use your help as everybody at the meeting wants to get the information too. Please email me at ron@cooperdevelopment.com or call at 818-225-1528 at your earliest opportunity. WE NEED YOUR HELP. Thanks.


By: Anonymous on 3/18/08 [Delete]

I have 11 loans with Estate

Financial and they are not providing me with the information I need. I want to organize the other investors so we can take control and action to save our investments. Estate Financial continues to collect their monthly fees for doing nothing on our behalf. They have taken money and used it on their own property development.

They will not file notice of defaults because they will be

foreclosing on their own property! Too many conflict of interest issues for me to accept.

Lets organize.


By: Anonymous on 3/18/08 [Delete]

Anonymous

If your name is not on the Title you probably have a problem figuring out where your money went.

If you put your money in a "pool fund" it may be a little more difficult to trace. Any paperwork that you have recieved from EF should have identified what project your money went to. The property should be identified by an address or an APN (assessor parcel number). If you have one let me know.


By: Anonymous on 3/18/08 [Delete]

The prelim for the mortgage pool reflects the recorded document number for the assignments of deed trust. Go the the SLO Clerk Recorders site and enter the doc number. You should get names.


By: Anonymous on 3/18/08 [Delete]

And if a prelim Title report does not include the names of all EF investors, what then?


By: Anonymous on 3/18/08 [Delete]

Preliminary Title reports on properties should itemize the investors with EF. Each investor should be listed with a dollar amount invested and the corresponding percentage of their investment in the property.


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