Residents Concerned about Losing Home After Real Estate Investment Scheme 01/10/14
January 10, 2014
Midland - After news broke of the multi-million dollar real estate investment scheme yesterday – many of our viewers have reached out to us wondering how they will be affected in all of this. Experts CBS 7 spoke with are confirming that if you bought property from one of these realtors and have signed a contract you will be able to keep or receive the property just as expected.
According to the indictment four midland residents Stephen Hilliard, Michael Cowan, Cynthia Hirch and Berta Mcfaddin all worked together in the real estate scheme that involved 800 properties and 45 million dollars in loans.
Now homeowners who bought property from these realtors are afraid that their homes could be on the line. “We don’t know what to do and we’re scared that because of their mistake they did, we’re going to lose our house,” said an Odessa homeowner.
Allegedly the scheme involved multiple agencies throughout eight years such as Katpast Enterprises, HGP Management, Gayle Hirsch Realtors and Property Pros of Texas just to name a few. Those in the industry, however say their clients have nothing to worry about.
“People who have already purchased the home, their home is mortgaged through a mortgage company so there is nothing that has been in the media that will reflect anyone under contract that have purchased the property or that has a property that is listed,” said member of Odessa’s Board of Realtors Connie Coots.
But those who used these realtors aren’t satisfied and say they still will be seeking out advice from a lawyer.
As of Friday all but Cowan have been released on bond. The government was concerned that Cowan could be a flight risk, on Tuesday he will go in front of the court again and have another chance to receive bond.