Judge Orders Real Estate Company To Stop Doing Business
Posted June 20, 2005 2:20 a.m. EDT
FAYETTEVILLE, N.C. — A judge ordered a company to stop doing business that had been the subject of an investigation by the state attorney general's office.
Earlier in June, Five On Your Side brought you the story of Alycia Ragey, who signed a contract with Integrity Investment Properties last year. Under the deal, Integrity owner Steve Gray would find someone to "rent to own" Ragey's home and Integrity would make money handling the sale and promised to pay the mortgage in the meantime.
However, many payments were late, racking up hundreds of dollars in fees. Some payments were never made. The mortgage company threatened foreclosure unless she came up with more than $5,400 immediately.
Ragey was one of at least 16 people who complained to North Carolina's Attorney General Roy Cooper. Cooper filed suit against Integrity and Gray. The suit claims that along with not paying mortgages Gray collected large downpayments from renters then forced them to forfeit the money if could not get financing.
Cooper said Integrity inflated home prices above their value making financing unlikely. Cooper said, "Intregrity failed to live up to its name at every turn."
Five On Your Side was unable to reach Gray, but the last time we spoke with him, he said for financial reasons Integrity, which also goes by the name of "Mi Casa," is already out of business.
Anyone who questions business they did with Integrity should call the
state Attorney General's Office