Seven years ago Michael Schumacher was introduced to me. A friend of mine and I were looking for funding to build spec homes on small acreage parcels north of Seattle, Wa. We had at the time enough money, $60,000 to get a hard money loan for one spec house to be built. Hard money lenders typically want a 20 per cent involvment from borrowers for new house construction...
Schumachar told us he had a funding project he called "bank guarantee." or BG.....This program was to alow us to start four houses instead of just the one we already had approval for. This sounded good to us, so we listened. Schumacher told us as long as we paid the interest carry on the loan we coud keep the loan for up to 10 years if we wanted to do this.
We told Mike Schumacher we had the $60,000 and a loan approval for one house to be built. What Schumacher was telling us was some new to us and we took two months time to investigate Schumacher, his bank guaranty, his BizDoc company....the crappy part was we could find nothing at all about Schumacher or BizDoc. Nothing bad or good....yet Schumacher had answers and explanations for every thing we asked about.
Schumacher was demanding a $15,000 up front fee to get us into this program. We both told him we were to old for this not to work and were concerned. My friend told him of his wife he just brought home from a year hospital stay and was paralyzed from the waist down. He told Schumacher because of this and his age he did not have the time or energy to come after Schumacher to get the money back....Mike assured my friend the funds would be available to us within 30 to 40 days. I told Schumacher I had just lost a daughter and did not have the time or energy to come after him if this BG did not happen. Schumacher assured me the same as my friend. The funding would be there
We asked for and Schumacher agreeed to put into writing we would get our money back inthe event the funding did not occur. Schumacher, on his own forms, drew up the documents for this loan with the guaranty we would get our funds back if there was no loan. We sent to Schumacher the $15,000 up partial fee for his services. About a month later Schumacher called me and told me to go out and tie up the land we would need to build three houses on. I did this and wrote earnest money checks for the land we needed. I also wrote checks for different parts of my feasibility studies for each parcel. These checks totaled another approximate $15,000. At that time we were now into this BG thing because of Schumacher a total of $30,000.
The offers we made were accepted with the need for a proof of funds letter from the lender. Schumacher, on his own Biz Doc lettterhead, drew up the proof of funds document and signed it....there was then and to this date been no funding...We have not gotten our money back from Schumacher. As time went on Schumacher would call me and pass on lies regarding the funding and promises that the funding project was about to happen...It has not......
I was very patient for the first two years with Schumacher. He had told us for him to get into this BG thing he had to put up $250,000 of his own money, not known as just one more of his lies. At about three years into this mess of Schumacher's he was getting mad at me for asking to many questions and my running out of patience. He did not like it when I questioned him or swore at him or stated my opinion or asked for my money to be returned or for him (because he is supposedly a hard money broker) to get us funding from another source.
Guess what? He could not do this because hard money lenders want a 20 per cent involvement from the borrower. We did not have enough money because Schumacher demanded the $15,000 for his up front fee and he had spent it instead of putting it in to an escrow account. And the $15,000 we had put up for earnest money and feasibility studies was gone as forfeited earnest money and the work done for us for the studies. Schumacher in effect had put us out of business before we had even gotten started.
At about the third or fourth year of this crap, Schumacher calleed me and offered to sign a note that would pay us back the money we had lost....Schumacher sent a few checks that were good and then he tried to skip a pay period and then he sent us bad checks. They bounced....In Schumacher' s head this was my fault...He was mad at me for demanding him to make the checks good,he did not....what few checks I received that were good did not even cover the interest either on the note and certainly not for the whole period since we sent him the original depostit of $15,000.
The long and the short of this is that Michael Scumacher is a thief. a liar, a fraud. His written word and certainly his spoken word is no good...He is not to be believed and certainly belongs in prison. He is blatant fraud, scammer, liar, thief.......Every thing stated here is the truth and is fully supported by emails, the note, the bad checks...there is more to scam of his, but this is the gist of it....I sincerely hope no one else falls victim to Schumacher and his lies and practices...
I have been in contact with a New Mexico attorney that had as a client another person Schumacher placed in a similar situation. I would sue this man if it were not for the fact that an attorney wants a $10000 retainer and I dont have the money...FYI, my friend's paralyzed wife has since this crap started has now died. In additon my friend just passed away as well...and two years ago I suffered a massive heart attack and d**n near died myself. I was told afterwards my docs were about to call me dead twice. I have no doubt at all the stress caused by Schumacher was and is at least part of the cause for my hear attack...
Michael Schumacher Reviews
Seven years ago Michael Schumacher was introduced to me. A friend of mine and I were looking for funding to build spec homes on small acreage parcels north of Seattle, Wa. We had at the time enough money, $60,000 to get a hard money loan for one spec house to be built. Hard money lenders typically want a 20 per cent involvment from borrowers for new house construction...
Schumachar told us he had a funding project he called "bank guarantee." or BG.....This program was to alow us to start four houses instead of just the one we already had approval for. This sounded good to us, so we listened. Schumacher told us as long as we paid the interest carry on the loan we coud keep the loan for up to 10 years if we wanted to do this.
We told Mike Schumacher we had the $60,000 and a loan approval for one house to be built. What Schumacher was telling us was some new to us and we took two months time to investigate Schumacher, his bank guaranty, his BizDoc company....the crappy part was we could find nothing at all about Schumacher or BizDoc. Nothing bad or good....yet Schumacher had answers and explanations for every thing we asked about.
Schumacher was demanding a $15,000 up front fee to get us into this program. We both told him we were to old for this not to work and were concerned. My friend told him of his wife he just brought home from a year hospital stay and was paralyzed from the waist down. He told Schumacher because of this and his age he did not have the time or energy to come after Schumacher to get the money back....Mike assured my friend the funds would be available to us within 30 to 40 days. I told Schumacher I had just lost a daughter and did not have the time or energy to come after him if this BG did not happen. Schumacher assured me the same as my friend. The funding would be there
We asked for and Schumacher agreeed to put into writing we would get our money back inthe event the funding did not occur. Schumacher, on his own forms, drew up the documents for this loan with the guaranty we would get our funds back if there was no loan. We sent to Schumacher the $15,000 up partial fee for his services. About a month later Schumacher called me and told me to go out and tie up the land we would need to build three houses on. I did this and wrote earnest money checks for the land we needed. I also wrote checks for different parts of my feasibility studies for each parcel. These checks totaled another approximate $15,000. At that time we were now into this BG thing because of Schumacher a total of $30,000.
The offers we made were accepted with the need for a proof of funds letter from the lender. Schumacher, on his own Biz Doc lettterhead, drew up the proof of funds document and signed it....there was then and to this date been no funding...We have not gotten our money back from Schumacher. As time went on Schumacher would call me and pass on lies regarding the funding and promises that the funding project was about to happen...It has not......
I was very patient for the first two years with Schumacher. He had told us for him to get into this BG thing he had to put up $250,000 of his own money, not known as just one more of his lies. At about three years into this mess of Schumacher's he was getting mad at me for asking to many questions and my running out of patience. He did not like it when I questioned him or swore at him or stated my opinion or asked for my money to be returned or for him (because he is supposedly a hard money broker) to get us funding from another source.
Guess what? He could not do this because hard money lenders want a 20 per cent involvement from the borrower. We did not have enough money because Schumacher demanded the $15,000 for his up front fee and he had spent it instead of putting it in to an escrow account. And the $15,000 we had put up for earnest money and feasibility studies was gone as forfeited earnest money and the work done for us for the studies. Schumacher in effect had put us out of business before we had even gotten started.
At about the third or fourth year of this crap, Schumacher calleed me and offered to sign a note that would pay us back the money we had lost....Schumacher sent a few checks that were good and then he tried to skip a pay period and then he sent us bad checks. They bounced....In Schumacher' s head this was my fault...He was mad at me for demanding him to make the checks good,he did not....what few checks I received that were good did not even cover the interest either on the note and certainly not for the whole period since we sent him the original depostit of $15,000.
The long and the short of this is that Michael Scumacher is a thief. a liar, a fraud. His written word and certainly his spoken word is no good...He is not to be believed and certainly belongs in prison. He is blatant fraud, scammer, liar, thief.......Every thing stated here is the truth and is fully supported by emails, the note, the bad checks...there is more to scam of his, but this is the gist of it....I sincerely hope no one else falls victim to Schumacher and his lies and practices...
I have been in contact with a New Mexico attorney that had as a client another person Schumacher placed in a similar situation. I would sue this man if it were not for the fact that an attorney wants a $10000 retainer and I dont have the money...FYI, my friend's paralyzed wife has since this crap started has now died. In additon my friend just passed away as well...and two years ago I suffered a massive heart attack and d**n near died myself. I was told afterwards my docs were about to call me dead twice. I have no doubt at all the stress caused by Schumacher was and is at least part of the cause for my hear attack...