BRANSON: Earlier this year the BBB issued a warning about fraudulent companies using Green Dot MoneyPak cards to receive funds from consumers without providing a service. One of those fraudulent companies might be a timeshare resale company called Rock Lake Funding, reportedly located in Branson, which has caused the local BBB to be on the receiving end of lots of complaints lately.
Consumers report receiving phone calls claiming claiming to have buyers for their timeshare properties with a selling price offers well above what the properties are worth. Consumers are told the buyer is in the process of securing funds from a mortgage broker and they will follow up.
The consumers then receive phone calls from Rock Lake Funding claiming to be the mortgage broker in the sale of their property. They inform the consumer the buyer has been approved for the mortgage on the property including half of the closing costs. They then ask the consumer to pay for the other half of closing by using a Green Dot MoneyPak card, with promises of being reimbursed after closing. Consumers are told their closing cost portion is up to $700 or more. The company’s Web site states they can assist consumers locate the timeshare, boat and recreational vehicle of their dreams.
Of course that’s all a lie, and so is the company’s claim of a Branson address. According to the BBB the address provided by the company to consumers does not exist and they are not licensed by the state of Missouri as a mortgage broker. Phone calls to the company are not answered or are disconnected.
The BBB has launched an investigation of Rock Lake Funding. In the meantime, if you get a call from them I have one word of advice: RRUUUUNNNNN!!!!
MILWAUKEE: And here’s another one just like the other one. The Wisconsin Better Business Bureau is warning people about a company called PHB Title, claiming to be based in Milwaukee, which is telling timeshare owners around the country it’s the title company for their property and it has a buyer.
The timeshare owners are promised as much as twice what they originally paid. But before they can continue the owner needs to wire transfer $1,400 to cover fees. The bureau says they’re receiving numerous complaints every day about the calls, though so far they have no reports of anyone paying up or losing money from this.
The BBB says there is no such company at the address it claims to have on North Martin Luther King Drive. AND the state Bureau of Consumer Affairs confirms PHB Title is not licensed by its office and has not filed any paperwork to incorporate in Wisconsin.
Run like the wind if they contact you!
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