Product: Mortgage

Overview : On XX/XX/2019, we were invited to a free two-night accommodations at XXXX XXXX XXXX, XXXX XXXX, Pennsylvania. The catch was to be present during a sales presentation and sales tour. We were induced to buy a property. Based on the sales pitch of the sales representation, XXXX XXXX : the property was an excellent investment, it increases its value to 6-8 % annually, resell in the future is easy and they will help us to resell if we want to. Based on these information, we bought a property and signed a sales contract ( Exhibit 1 ). We are XXXX and we drove more than 6 hours to see this investment opportunity. Few days after the sales meeting, while we were reviewing our copies of sales documents back in XXXX, we noted that we have NO COPY of a PROPERTY REPORT. We became curious about the importance of this Property Report because it is stated in bold letters, in almost all of the sales documents ( Exhibit 1 page 4 ) the sales representative handed to us. It states IF YOU DID NOT RECEIVE A PROPERTY REPORT PREPARED PURSUANT TO THE RULES AND REGULATIONS OF THE CONSUMER FINANCIAL PROTECTION BUREAU, IN ADVANCE OF YOUR SIGNING THE CONTRACT, THE CONTRACT OF SALE MAY BE CANCELLED AT YOUR OPTION FOR TWO YEARS FROM THE DATE OF SIGNING. Due to our curiosity : we texted the sales representative about the copy of our Property Report and he answered back that the property report was on the flash drive he gave at the end of our sales meeting together with the sales documents ( Exhibit 2 ).

we researched, under U.S. Code Title 15, Chapter 42, Section 1707 : A property report relating to the lots in a subdivision shall contain such of the information contained in the statement of record, and any amendments thereto, as the Director may deem necessary. A property report shall also contain such other information as the Director of Consumer Protection Bureau may by rules or regulations require as being necessary or appropriate in the public interest or for the protection of purchasers.

we then printed our own copy of Property Report which contains 31 pages and started reading them.

o After reading the Property Report, especially in page 4 of this report, we realized that buying the lot from XXXX XXXX XXXX was a big scam. Opposite from what the sales representative had told us : The future value of the lot we bought is not expected to increase in value. 
That the resale of this lot maybe difficult or impossible, since we may face competition of XXXX XXXX XXXX Program and local real estate brokers may not be interested in listing our lot.

o Other information contain in the Property Report were NOT revealed to us such as the taxes, violations and litigations, subdivisions characteristics, and climate and many more. 
o We became frustrated, upset, and felt victimized with unlawful practices of XXXX XXXX XXXX. 
o If only we were given the Property Report, and if only we were given the opportunity to read this prior to signing the sales contract we should have made a wise decision not to buy property from XXXX XXXX XXXX. 

Due to our frustrations, we decided to cancel our sales contract with XXXX XXXX XXXX asserting our consumer rights. We submitted our purchase cancellation on XX/XX/2019 through registered mail ( Exhibit 3 ). Four days later, we received a call from Double Diamond Co, a parent company of XXXX XXXX XXXX, denouncing our rights to cancel the sales contract. Mr XXXX XXXX, a Senior Mortgage Specialist of Double Diamond Cos reasons were a ) the 7 days grace period to cancel was over before we submitted our cancellation notice, and b ) we signed an Acknowledgment Receipt ( Exhibit 4 ) that we received the Property Report.

With Mr XXXX XXXX, we were trying to fight for our consumer rights for it was clear through our text messages that Sales Representative XXXX XXXX ( Exhibit 2 ) acknowledged that he gave us a flash drive and did not talk about the Property Report during the sales meeting. Exhibit 2 will justify that said representative did not allow us to read the report before inducing us to sign the sales contract, instead he concealed this report in a flash drive. He did not give us the flash drive before signing the contract, did not explain what was inside the flash drive, did not give us the computer so we can open whats inside the flash drive and read them before signing the sales contract. 

We sent another registered mail on XX/XX/2019 to XXXX XXXX XXXX XXXX and Double Diamond Co  with the same message we sent in XX/XX/2019 with no response. On XX/XX/XXXX ( Exhibit 5 ), we emailed them again with a request copy of our Purchase Cancellation but said companies continued to remain silent. We were thinking that their silence means a positive cancellations, but unexpectedly we received a Notice of Foreclosure from XXXX XXXX XXXX on XX/XX/XXXX stating that our account with XXXX XXXX XXXX is still active and we have 30 days to cure this default. 

Our Complaint : A. XXXX XXXX XXXX XXXX, performed in unlawful sales practices based on the following : 1. 15 U.S.Code section 1703a states " It is unlawful for any developer, or agent, to sell any lot unless a printed property report has been furnished to the purchaser in advance of the signing of any contract by such purchaser. '' XXXX XXXX XXXX XXXX sales representative did not give us a readable copy of a Property Report and did not give us an opportunity to read it before we signed sales contract. Instead of providing customers with a printed copy of Property Report and giving them opportunity to read them, they are concealing this report in a flash drive and gave this flash drive after signing the contract.

2. 15 U.S. Code Section 1703c states In the case of any contract for the sale of a lot for which a property report is required by this chapter and the property report has not been given to the purchaser in advance of his or her signing such contract, such contract or agreement may be revoked at the option of the purchaser within two years from the date of such signing, and such contract or agreement shall clearly provide this right.

Bounded by this law, we mailed two cancellation letters addressed to XXXX XXXX XXXX XXXX, Double Diamond Co, and XXXX XXXX XXXX in two different occasions in XX/XX/2019 and XX/XX/2019 but no written response was received from them except a phone calls and emails from Mr XXXX XXXX ( mentioned above ) rejecting our rights to cancel our purchase contract. When we asked why we were not given the Property Report before the signing of the contract and why we were not given an opportunity to read during the meeting, and why the property report were concealed in a flash drive, he did not give his answer, instead, he harassed us with more phone calls and threatened us with collection agent, our credit status, legal actions, and foreclosure if we will not pay the outstanding balance.

3. Under Title 12 of Code of Federal Regulations Chapter 10 Bureau of Consumer Financial Protection Part 1011.2 Unlawful Sales Practices ( 12 CFR 1011.20 ), In selling, leasing or offering to sell or lease any lot in a subdivision it is an unlawful sales practice for any developer or agent, directly or indirectly, to : ( a ) Give the Property Report to a purchaser along with other materials when done in such a manner so as to conceal the Property Report from the purchaser.

( b ) Give a contract to a purchaser or encourage him to sign anything before delivery of the Property Report.

( c ) Refer to the Property Report or Offering Statement as anything other than a Property Report or Offering Statement.

( d ) Use any misleading practice, device or representation which would deny a purchaser any cancellation or refund rights or privileges granted the purchaser by the terms of a contract or any other document used by the developer as a sales inducement.

( h ) Use, as a sales inducement, any representation that any lot has good investment potential or will increase in value unless it can be established, in writing, that : ( 1 ) Comparable lots or parcels in the subdivision have, in fact, been resold by their owners on the open market at a profit, or ; ( 2 ) There is a factual basis for the represented future increase in value and the factual basis is certain.

4. Under 12 CFR 1011.25 Misleading Sales Practices Section ( n ) Lot Exchanges : Sales Representative of XXXX XXXX XXXX talked about lot exchange privileges but no conditions were clearly stated. 
Section ( o ) Resale Program : XXXX XXXX XXXX made representation that implies that the developer or agent will resell or repurchase the property at some future time but XXXX XXXX XXXX does not have any program concerning this.

5. Fraudulent Misrepresentation : a. We became a victim of XXXX XXXX XXXX. They made a misleading account about investing with XXXX XXXX XXXX and induced us to sign the Acknowledgement Receipt ( Exhibit 4 ) to show that we received the Property Report but the truth is that they did not provide us the Property Report in readable form and did not allow us to read this prior to contract signing. They concealed this in a flash drive ( Exhibit 2 ) in order to hide the truth about this investment and to make sales on that day.

b. When sales representative induced us to sign the Acknowledgment Receipt ( Exhibit 4 ), we asked where the Property Report was, and he answered hell give it to us together with all other documents at the end of our meeting. We trusted him, we signed the receipt but he did not give us the Property Report in paper, did not give us the opportunity to read it, what he gave was a flash drive with no explanation whats in there.

Our hope from your office : The purchase price of the lot we bought from XXXX XXXX XXXX Co was {$37000.00} and we paid a down payment amounting to {$2200.00} on XX/XX/2019. We did NOT receive the Sales Gift amounting to {$500.00} and the golf club they promised. We are not concern about these gifts but through your office, we are hoping that we will receive help, 1. in order that our sales contract be cancelled, 2. and that our down payment will be refunded to us, and the 3. notice of foreclosure will be deemed null and void.

Moreover, we are hoping that your office will assist us in our fight for our consumer rights to be respected, and the public will be protected from the unlawful actions the XXXX XXXX XXXX XXXX and Double Diamond are practicing. Thank you in advance for all your help.