Attended a meeting today, due to a request by former colleague who is now a pastor. He was with a fellow religious couple who are in a financial strait. They were a scam victim.
The couple acquired a condominium in a CBD of QC and they were trying to sell this. However, the deal to buy the unit used scam. The buyer who said they were to get P55M from a fund coming from South Africa suggested that to pay for the balance, they were to to mortgage their property for P3.5Million from a funder (ha?) and they executed a MoA for this. To support the transaction they had a MoA. The buyer supporte the transaction with a PDC.
The funding agreement ended in May and the threat of foreclosure (there was a REM,) is 11 days after.
Our comment was:
1. The South African funding promise was a scam;
2. The loan should have been taken by the buyer, not the seller;
3. The PDC should be used as an evidence vs. violation of BP 22 and RPC 315;
4. There are now two liens on the property: the funding indebted (the orignal CCT is wtih the funder) and the MoA with the buyer. Thus the Moa has to be cancelled via a recession of contract.
We have to be careful with our transactions. As Desiderata says, we have to be careful because the world is full of trickery. Even the religious who are supposed to be good should not be scam victims
