Springfield, Mo (August 21, 2012) — The Better Business Bureau of Southwest Missouri has initiated an investigation against Rock Lake Funding reportedly located in Branson after numerous consumer calls.
Consumers report receiving phone calls 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.
BBB issued a release in May with information about fraudulent companies using Green Dot MoneyPak cards to receive funds from consumers without providing a service. Before using Green Dot’s products, BBB recommends reviewing the company’s policies.
BBB’s investigation revealed that 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 company’s Web site states they can assist consumers locate the timeshare, boat and recreational vehicle of their dreams.
Your BBB offers the following tips when dealing with the sale of timeshares:
- Do not agree to anything over the telephone until you have had a chance to check out the company.
- Ask the person to send you written materials.
- Ask for references, including address and phone number and contact them.
- Ask where the company is located and in what states it does business.
- Ask if the company’s salespeople are licensed to sell real estate where your timeshare is located. If so, verify this with the state licensing board.
- Find out if the company charges a commission. Do they handle the entire closing and provide escrow services? Do they charge an up-front listing or advertising fee? What does it cover and is it refundable?
- Be wary of companies charging an advance “appraisal” fee for services. Consider opting for a company that offers to sell for a fee only after the timeshare is sold.
- Contact the Better Business Bureau, state Attorney General’s office, and local consumer protection agencies in the state where the company is located to find out if complaints have been lodged against the company.
For more information about this company or selling your timeshare, contact BBB at 417-862-4222. Remember, before you invest, investigate.