BEWARE BANKERREO INC. SCAM...SCAM...SCAM...Just another division of ABSREO(Absolute REO)

HI folks! I really wanted to get this out there to everyone on this site. If it helps just one agent, then I've accomplished my goal. Please, Please, Please...RUN and I DO MEAN RUN...if these people approach you.

I got a call the other day from a fellow named David Martin..saying that this company handles REO listings and that they had a listing to give away urgently in my zip code. That it urgently needed a BPO done, and  the asset manager wanted to get it listed right away.

I knew that besides winning the CA lottery, the odds of ANY asset management co(that I had NEVER heard of) calling ME out of the blue and telling me they urgently needed a BPO and a property listed "that JUST so happened to be in my zip code," was like ME winning the CA lottery. Yeah, right!!!

So I listen to his spiel for a few minutes and he goes on to say, he is in Glenview, IL(which is a suburb of Chicago)...and they are a new asset management co. giving out BPO assignments and listings. And lo and behold, if I just sign the "master agreement...and PAY....GET THIS>>>that if I PAY...YES PAY $349.00, then I will be getting BPO's and listing assignements right away.

People...the old adage holds true here...If it SOUNDS TOO GOOD TO BE TRUE>>>THEN IT IS

to good to be TRUE. PERIOD! 

My "RED FLAGS" went up, because like a DUMB ASS, LAST year I had gotten this same spiel from a company called ABSOLUTE REO...aka  ABSREO ....also out of Chicago....saying the SAME thing!

And LIKE A DUMB ASS...even though I KNEW better...I paid the $349.00.  I got 1 BPO on some property, turned in the best BPO u can imagine and DID get paid..and NEVER heard another thing.  So I really, in essence, paid myself..duh.  They did a huge blast out here in CA and got tons of title people, escrow officers, and other agents to sign up. So imagine how much money these goons made NATIONWIDE>

Now that the HEAT is on, and I expect it IS!!! They need to form a NEW company to sucker in those they didn't get before and HECK those that they DID.

I researched it and yep, some of their key players are involved in both companies.

Once I sent a nasty email to them telling them that THIS WILL NOT be for me and that they are cleverly disguising themselves as a different offshoot from ABSREO, they sent an email to me (which you can tell is a generic email they send to those of us who are smarter than them or turn them down)...saying that this would not be a good fit for them and that the agent has been declined.

No...BOOBIO....YOU'VE BEEN DECLINED.

These people need to be shut down ASAP. Please contact the Illinois office of the ATTORNEY GENERAL for Consumer FRAUD DIVISION>  This division does NOT put up with this BULL and WILL go after them.

Also, since they are operating NATIONWIDE....the Attorney's office for Consumer Fraud in washington DC will handle this also, since this is a national problem.

Every single person I ran into or spoke with nationwide has NEVER gotten ANY LISTINGS From these guys. PLEASE SHUT THEM DOWN and keep your wallets closed!

RUN!!!!!!!!!!!!!!!!

Tags: absolute, absreo, bankerreo, banks, estate, foreclosures, fraud, listings, real, reo, More…scam

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Thanks for posting about this on here.  It is VERY important for people to look out for this.  Unfortunately they have duped MANY agents, here is a thread on REOPro about them as well with probably over 100 agents complaining - http://reopro.ning.com/forum/topics/banker-reo-another-wolf-in-shee...

Mike what about Economic Stabilization Project I havent heard a Peep from you on this One did you see my Post

I DID see the thread on REOPRO about these guys..and it was funny cuz right AFTER this happened and I KNEW they were affiliated with ABSREO...same fee to sign up...same everything. I was researching them and landed on REOPRO and saw this thread. Once I saw THAT...I knew I just had to tell more people, and especially the people on this forum..since many agents doing short sales have also done REOS or are doing REOS, or r are interested in doing REOS.  With sooooooooooo many other "scam"sites out there...when they pop up...all these companies that just TAKE people's hard earned money without GIVING anything in return...need to be shut down.

You are so right Mike...there are GOOD sites and BAD ones and I hope that when we find the bad ones...we need to help people from falling prey.

Why not create a list so that we of the Short sale Specialist Network can Identify and weed out ALL of the Dump Trucks in the Market Nationwide

I hate to say it Gregory, but I think they are all pretty much dump trucks.  The ONLY way to find out who is good is to actually ask other agents on forums like this!

Thanks for the info............I received the same phone call and of course I didn't fall into their trap.  They also HAD one  pre-listing property in MY zip code that would be given to me.  I told the rep I would get back to them.  I'm happy I saw your blog so that I don't have to research any more.

Thanks so much!!! :)

Irene DaSilva

Thanks for posting this.  Whatever name they use at the moment, they call me every few months. EVERYONE gets approved to join.  When I decline, they persist in asking me WHY and then the "president" send me an email asking me WHY and I tell them every time, you are a SCAM stop contacting me.

 

The word must be getting out ...they keep calling (same guy different name, same company, different name), they must be desperate.

Wow...out of Glenview?  That sucks...they're tarnishing such a beautiful area.  LOL

 

I think the best places to consider doing business with are the ones who do not charge up front, but as the deals close.  I hope that people realize, that with everything, if you have to fork money out to get something like this, it's most likely not worth it.

 

Sorry this happened to you and I hope that it doesn't happen to anyone else.  Have you reported them to your Attorney General?

Hello Sheyenne, thank you for this post. I was also duped by them. It sounded legit because their rep "Tim Franklin" claimed he had 7 BPO jobs in my area, he even sent me 1 which I researched before joining. The other 6 jobs were promised but NEVER sent. I cancelled my credit card payment right away, but BankerREO forced the payment to go through manually anyway. I now have my credit card company disputing the payment.

Everyone who was duped by this sham company should file a written complaint with the Illinois Consumer Fraud division. The PDF fill-in form can be completed on your computer, then print, sign, & mail it in:

http://www.illinoisattorneygeneral.gov/consumers/conscomp.pdf

Good luck and please do your research BEFORE paying (as I should have done)!!!

I started to fill this out until I hit the "membership" fee. I fell for one of these scams before so I thought I'd Google it first and found your comment. Thank you!!!!

 

I'll pass this along to our State Real Estate Fraud Investigation Department. They may find it interesting if not anything else.

you also might want to check out ===>> reoindustrydirectory.com - Deborah Leone - LionsGate Financial Network (which does nose jobs and counceling) and also the various federal lawsuits she is in now. Unfortunately htey have a lot of members at $600/year (about 3,300 x $600.00 = $1,980,000.00 pure profits). Search DOgpile.com for Lionsgate financial network and deborah Leone --- see http://www.manta.com/c/mtc706h/lionsgate-financial-network-inc and

Distressed Property Institute v. Lionsgate Financial Network et al  http://www.dogpile.com/info.dogpl/search/web?fcoid=417&fcop=top...=   and http://activerain.com/blogsview/547770/LionsGate-Financial-Network ===>> keep searching to no end.........

I gave them $349 in mid Nov.,  lots of paperwork - seemed legit.  Did a bpo - nothing since.  Wish I had seen this before I signed up - I did file a complaint with the FTC and my credit card company.  When I called them today, the phone answered with "the magic jack customer you are calling..." Live and learn....I have warned our local association also.

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