This is my first post regarding real estate investments made in Mexico that have either fallen through, because of the financial downturn, or because they were simply fraud on buyers/investors. Since I am in the Southern California/Northern Baja California region this blog will mostly deal with real estate developments in Tijuana, Rosarito, Ensenada and San Felipe. So, here are all of my disclaimers and notices: Yes, I am an attorney but it is important to establish from the outset that none of the information that will be posted in this blog will be legal advice and should not be considered as legal advice. If I provide any information regarding the laws of Mexico it will be done exclusively to illustrate general principles of Mexico’s laws and not so that such information can be used as a substitute for specific legal advice regarding your case or someone else’s case. Also, reading this blog does not make me your attorney. If you want to retain me as an attorney then you will have to enter into a retainer agreement with my law firm just like anyone else would have to (provided our law firm has no conflict of interest in accepting you as a client, of course). Following is another very improtant notice: any post made to this blog is not intended or written to be used by a US taxpayer for the purpose of avoiding penaltied that the US IRS may impose on the taxpayer.
One of the rumors that I have kept hearing is regarding Desarrolladora Homex’s negotiations with Citigroup for the sale of TSD Loreto Partners S. en C. por A. de C.V. (commonly known as the Loreto Bay Company). If this is true, then what does it mean to a homebuyer that did not have their home construction completed by TSD Loreto Partners? What if they hired a third party contractor to finish their construction, such as the “global solution” for the Aqua viva homes as proposed by Beck Internacional de Mexico?
It is clear that there are many questions that remain unanswered for the buyers of the Loreto Bay development in the Nopolo area of Loreto, Baja California Sur, Mexico. We will have to wait and see how things develop.
Today I learned about a website (http://sanfelipedevelopments.com/) that allegedly was formed to “collect” information from victims of real estate fraud in San Felipe developments so that the “authorities” could act on such information. The website is supposed to have been put up by “…unfortunate victims of fraud and misrepresentation…” that are just like the visitors for the website. They are collecting information regarding people that have had problems with their real estate investments in real estate developments located in San Felipe, Baja California, Mexico. A very interesting thing is that the website does not list anyone as being behind this website. This begs the questions: Who is behind this website? Why are they hiding their identities?
I did some searching on the WHOIS internet domain names database (see the following link http://www.networksolutions.com/whois-search/sanfelipedevelopments.com) to find out that whomever registered the website did not want anyone to find out their true identities as they used a “proxy”, One and one Private registration service, to hide their identities. I personally would not give any of my information to someone that hides their identity from me. There probably are many people that will give their information to the owners of this website. Hopefully they will not fall victims of another internet scam.