Real Estate Developer LGTM Corporation – Really Bad Experience
Putting your hard earned money in an investment is a wise thing to do. Or at least that’s what I thought before my experience with LGTM Corporation. This real estate developer so far has given me nothing but headaches. If you want to know why, read on.
Last September of 2008, I decided to purchase 2 subdivision lots with LGTM corporation. I wanted to avail of their zero percent installment plan so I purchased the lots payable in 1 year. For 11 straight months, I have paid every installment for these lots on time. There was not a single installment made past due date. And when I am about to pay for the 12th and final month, they told me that I should hold off paying it and that final payment should only be paid when they finally award the titles for the 2 lots that I purchased. More than a year has passed and dozens of follow ups are made but they can’t give me an answer on when can they give the titles for my purchased lots!
Just this September of this current year, by a weird coincidence, we found out there is a loan under our name in RCBC Savings Bank. Of course, this was shocking for us. But eventually, I came to learn that it was just an assigned receivable by the LGTM Corporation to RCBC Savings Bank. Good thing I was a graduate of an accounting course so this was not difficult to understand. However, we found out that the loan under my name, the assigned receivable, is more than five times as much as the last payment I was told to hold on to until the title can be handed to me! Well, I was of course wondering why is that the case? It has been a year since I made all eleven payments and if there was an assigned receivable under my name, it should be equal or maybe less than the amount that I am holding for the last payment. Doesn’t this also mean that the release of my titles is not being processed? From my point of view, this is still not a good sign.
This made me more impatient of waiting for the titles to be handed to me. As advised by a legal counsel, I insisted on paying the last and final installment for my purchase of the two lots and demanded for a Certificate of Full Payment:
I also asked for an undertaking agreement that should state the exact date when I should get my hands on my purchase lots’ titles:
Despite the undertaking agreement that they issued, I still don’t have the land titles of my purchased lots. This is just really frustrating!
Now do you think putting your hard earned money in an investment such as a parcel of land is still a good idea? I’m no longer sure… So far, buying a land from LGTM corporation has given me nothing but headaches.
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15 Comments on “Real Estate Developer LGTM Corporation – Really Bad Experience”
sorry to hear that joe.d. It is really frustrating! You did the right thing at least you have some papers to hold on now but hopefully everything will work out…
Hi Yani. Yes at least I have some documents that I can use to take legal action. If you have any friends here in the Philippines that could be buying properties, let them know about my situation. This will save them from headaches!
Awww! I feel sorry for you for what happened. But I hope things will still be fixed. And I agree with Yani, at least you have some documents with you that you can use against the company if worse comes to worst. But I’m still hoping that things will be fine. Godbless!
This is really sad and frustrating! Hope that this issue will be resolved soon and that you’ll be able to get your rightful rights to the lots you purchased.
We should have read your blog before we were f@#%ed up by
that real estate company. My mother really regrets and hates
that she entered into a transaction with them. They did the same
ploy to my mother, and it’s hard for me to see my mother
painfully taking that sad truth that she was one of those people
fooled by that fu@#!ing company. I also read the blog of Mr. Ballesteros
about that company. I hope and pray that the Camachos would
return all the money they took from us or they get jailed for their
bad deeds.
Hi, Joedel! I have a bad experience with LGTM also. If it may help you, I knew an organization who had defeated LGTM in the court. I could give you their contact numbers.
Hi Jenny, I would appreciate any help. I tried contacting you through your email but I’m getting a delivery failure. Can you please let me know how to contact you or that organization? Thanks
The Homeowner’s Association Contact Numbers are 399-2664 and 0907-1916597. Hope they could help you.
Hi Jenny,
I also have a bad experience with LGTM and need some help
with
this organization you are mentioneing. I would appreciate any help you can give me. My email is Bosstsip@aol.com.
Christine
Hello there! Isa rin po ang tita ko sa naloko ni Mr.Camacho. May nakausap na po kaming group na gusto rin magsampa ng kaso laban kina Mr.Camacho, at meron silang kilala na group din na maaring mkatulong sa atin kasi marami silang hawak na dokumento against Mr.Camacho. Ang advise po ng lawyer nila, magsama sama tayong mga naloko ni Mr.Camacho para mas mapadali ang pagdesisyon sa kaso.
@jenny -can you give me information regarding the court case that defeated the lgtm… I too had a bad experience in this company… I am fully paid in their lot in st. George in baguio since 2007 and until now i don’t have the title… I already sent them letters but until now they don’t respond… Can you help me please…
Froy
@Sir Froilan & ma’am Christine. kindly join the forum in this link : http://www.pinoymoneytalk.com/forum/index.php?topic=32223.15
Marami din pong naloko si Mr.Camacho ang nag-uusap kung ano ang ggawin para mapanagot siya. May nagsumbong na po sa Imbestigador at ang sabi daw po ay makikipag-ugnayan sila sa mga naloko ni Mr.Camacho. Ito po ang tel number ng Imbestigador 9284713, maari daw silang tawagan Lunes hanggang Biernes, 9AM to 5PM o kaya naman ay maari daw mag email sa imb_sumbunganngbayan@gmanetwork.com. Meron din silang Facebook account. Ifollow up nyo din po sa Imbestigador ang case ng LGTM upang makita nila na talagang marami na syang naloko.
Hi, Guys.
Kami naman Mt. Everest Properties, Inc., I believe sa kanila rin ito kasi si TEODORO CAMACHO IV din ang nakasign sa mga contracts namin. This is relative sa St. Gregory Homes, Antipolo. We religiously paid for five(5) years. After that wala ng development na nangyari. In 2008, We wanted a refund. So they computed. We have a document from them saying mga P608,909.76. Pero they didn’t pay. What we did in 2009, we filed a complaint sa HLURB-NCR. Hindi gumalaw ang kaso. We sought the intervention of the Office of the Ombudsman, gumalaw! May decision na kami ngayon na hawak where HLURB ruled for us. Hinihintay na lang namin maserve sa Mt. Everest ang decision.
i am also a victim of LGTM. pinacancelled ko na po kasi yong account ko sa kanila since mar 2010 at hanggang ngaun di pa nila binabalik young refund ko, puro lang sila pangako na ganitong date pero wala. i want to join para din magreklamo laban kay mr. camacho.
Isa po ako sa mga nabiktima ng LGTM. kumuha ako ng lote sa St. Pauline homes Deparo, Caloocan City. nakapag full paid nko sakanila at puro pangako rin ang ngyari sa titulo, ang site ay walang improvement kaya nag desisyon akong i refund nalang ang binayad ko, nag file ako ng refund noong December 2011, hanggang ngayon ay puro pangako parin ang sinasabi nila.
Sa mga nakakuha ng Lote sa St., Pauline Homes, Deparo. kung nais nyo mag reklamo ay magsama-sama tayo, dahil pwede natin silang kasuhan ng multiple stafa at kung ano-ano pang kasong panloloko.