Mortgage Grapevine

Questions about ELRAQ ???

Has anyone used ELRAQ.COM before? Good or bad ???
by jimrobertson1970 November 30, 2012 9:01 PM

Only an idiot would use them..
by dead eye December 1, 2012 6:40 AM

Well considering the domain was established a whopping 40 days ago, it would be pretty tough for us to have used your site already wouldn't it Jimmy?

Domain Name: ELRAQ.COM

Created on..............: 2012-10-22 14:50:24 GMT
Expires on..............: 2013-10-22 14:50:25 GMT
Last modified on........: 2012-10-22 14:50:25 GMT

PS: I love the "right away quick" part of the acronym.
by MichiganTed December 1, 2012 10:34 AM

Why would you want to do your mortgage, without seeing who you are doing business with? Forgive me, but I am old fashioned and prefer to do business with people that I trust or who are referred by others because of trust.
by McC December 1, 2012 2:25 PM

I dont own elraq. my wife and i found them on here and looked at their site. We need to refinance our home. We are trying to find someone to use and we liked the idea that they say they are fast. We just want to know if anyone has used them.
by jimrobertson1970 December 1, 2012 12:48 PM

There is nothing on their site to indicate it would be wise to use them for a refi. Their postings on this site are illegal per the site guidelines.

This is a mortgage board for lending professionals and we would have no use or a need for crooks (stole ad revenue)
like this outfit.

Would u buy a used car from someone with a site like that one.

I do believe you own the site..
by dead eye December 1, 2012 2:48 PM

The ALL CAPS on the website and the way that you typed the name in your post are a pretty strong indicator.

by MichiganTed December 1, 2012 2:58 PM

Did you see this:

DISCLAIMER: EQUITY LOAN RIGHT AWAY QUICK (ELRAQ) IS AN ALTERNATIVE FUNDING SOURCE FOR REAL ESTATE DEALS. ELRAQ IS NOT A MORTGAGE COMPANY, LICENSED NOR REGISTERED LENDER, NEITHER DOES IT GUARANTEE THAT FUNDING WILL BE PROVIDED FOR YOUR REAL ESTATE DEALS OR BUSINESS. ALL DEALS ARE REVIEWED ON A CASE BY CASE BASIS. ELRAQ IS SIMPLY A PRIVATE INDIVIDUAL LENDER SEEKING TO MAXIMISE RETURNS ON PERSONAL MONEY LOANED.
by dead eye December 1, 2012 3:04 PM

All of which doesn't exempt them from following the rules...right dead eye..
by BuySide December 1, 2012 8:30 PM

Elraq is a fraud. he takes your money by wire and does nothing. You will hear stories of his deceased wife, his sick dog and his great life. He wanted a $250.00 fee and then he wanted a $2250.00 fee. Note what it says..."NO FUNDING GUARANTEED". He will "look at it on a case by case basis". So, he wants $2500.00 to look at something? I don't believe he earns money on interest but on collecting fees and never having to do a loan.

I asked for the $250.00 back and he sent back an email saying "non-refundable".

Richard Lowman

by richlowman December 14, 2012 1:17 PM

Richlowman-- he did the same to us!!! Do you have a number we can call you at ??? We would like to compare stories before we contact the proper authorities as one of my best friends works for the FBI. He took more than that from us.
by jimrobertson1970 December 14, 2012 5:24 PM

requiring funds by wire is a good sign of a guy seeking to avoid charges of abusing the mails for fraud.

next time someone tells you they loan their own money ask for a recent statement from a deposit account...or some evidence from public records/recordings that they have money out an on loan.

i loan my own money and can easily demonstrate the fact.
by BrokerMike December 16, 2012 12:06 PM

BrokerMike - Do you have a number please?

by jimrobertson1970 December 16, 2012 6:01 PM

jimrobertson1970, I think I may have been taken by Mr. Walker as well over the past few weeks .... same thing I keep reading from you guys he has done to me. I have called him 5 times over the past 3 weeks, and he sayd I will call you right back, and never does. Has anyone ever gotten a loan from these guys?
by uswjnh January 9, 2013 9:26 PM

THIS IS ELRAQ

IF ANY OF YOU PEOPLE ARE OWED MONEY BY ELRAQ

THEN SEND AN E-MAIL

TO ELRAQ@AOL.COM
by ELRAQ 2 January 16, 2013 4:36 PM

Good day,

To Whom it may concern.

Are you in dire need of loan or investor?

We are the access to your financial freedom.

We offer the following financial services outlined below:

1). Business / Start up capital loan

2). Home / mortgage loan

3). Auto / car loan

4). Student or tuition loan

5). Personal / Home refinance loan

6). Investment and partnership.

We also offer trade finance to corporations and we participate in trade and project financing.

For more informations and application, You can contact us now at: < finaccess@blumail.org >.

our goal is to provide access to your financial freedom and make sure we give you the best service quality, customer service.

Financial Access.

Email: < finaccess@blumail.org >

Tel: +44 702 409 1928

Website: http://financialaccess.gnbo.com.ng
by finaccess January 19, 2013 5:39 PM

Broker Mike - do you have a number or contact information? we are 5 weeks into an escrow and are now feeling stalled by our lender.
by BeachN8V January 23, 2013 10:29 AM

Jim, Rich, and USWJNH,

Did any of you get your money refunded, services rendered, or any level of restitution with this Douglas Walker of ELRAQ. I was considering using him which now seems to be an obvious mistake?
by willconklin360 January 24, 2013 11:58 AM

we are waiting on a promised refund... will post with an update next week.
by BeachN8V January 26, 2013 8:59 PM

Did anyone ever get their money back from Elraq?
I have a bad feeling we were scammed too.

Losing that money and not getting the loan is going to cause us to lose 4 rental properties. He seemed genuine. Seemed like he really was going to help.

It's sad that people will take advantage of others when they are at their worst point.

This is horrible. What can I do to get our money back?
Please let me know what I can do.
by Dummy I am January 27, 2013 8:39 PM

Dummy I am,

How long have you been waiting from the time you gave your money and how long did he say it would take to get funding. Has he returned any of your calls. Cause he seemed like he really wanted to help when I spoke to him also. That of course is what makes some scam artist good.

Willconklin360
by willconklin360 January 27, 2013 8:55 PM

He has been great about returning calls and emailing me back.
But, I haven't spoken to him since Friday. I have a deadline with the bank Monday- tomorrow. I need to present a commitment for the loan. We had an agreement together but we had hit a few snags. As a private lender in PA he can loan monies for investment properties but not home residents.
The bank said they would release our house because they have enough collateral but they wanted the commitment or agreement. He has always responded to my calls and emails up until now. I'm a nervous wreak and now after reading all this we probably lost $4000 on top of it.
by Dummy I am January 27, 2013 9:15 PM

Hello,

I wanted to let everyone know that things did not work out with Douglas from Elraq. He will not be going through with the financing.

As for our money.... we are still not sure about that. My attorney is communicating with Douglas. He said he is going to be keeping 40% of the fee that he charged us. Anyway, we would like to have all our money returned... We'll see what happens.

by Dummy I am January 29, 2013 11:00 PM

We too are waiting on the promised refund. He returned our call today saying he has been feeling too ill to have been able to make it to the bank. We will be contacting the police tomorrow and finding out what steps we can take to get our money back.
by BeachN8V January 29, 2013 11:11 PM

BeachN8V

Did you get your money back??

I too am waiting for my money to be returned.

Please let me know the outcome.

by Mad as Hell February 27, 2013 12:38 AM

Douglas....

Do you think the AG of FL would be interested in seeing all the comments from these people???

I think she would.

I am waiting.

by Mad as Hell February 27, 2013 12:40 AM

Douglas Water is a thief. He requested $250, which was to be refunded if he was not capable of doing the loan. No other funds were to be expended on my part until close of escrow at which point he would draw due diligence fees, underwriting fees, points, etc.

AFTER he received my $250, He then refused to go forward on the loan, with no certainty that the loan would close, unless he received another $4,550 for research and origination fee. Origination fees are paid at closing.

Bottom line, he refused to return the $250, and he refused to move forward on the loan.

Everyone who has had trouble needs to file a report on ripoffreport.com immediately!

DO NOT, REPEAT DO NOT, DO business with this thief!
by candoeasy1 February 28, 2013 2:45 PM

Mad As Hell,

We received 60% of our deposited fees back, as per the requirements of his contract.

He never did go through with our loan, and more than wanting my money back - I wanted the house we were trying to purchase. It's been 2 months, and I still can't bring myself to unpack the boxes I had ready, in anticipation of our move.

But bottom line - he did eventually refund the minimum he was required too.
by BeachN8V March 13, 2013 11:30 PM

This man is a criminal - he is on probation for previous mortgage fraud. http://www.naplesnews.com/news/2009/jul/17/marco-island-man-jailed-amid-charges-bad-deals-bro/

As I said, we were returned 60% of our money - but only after my husband found his real name, his business partners and his attorney.

by BeachN8V April 11, 2013 12:15 AM