Inflated Appraisals Lawsuit

Several lot owners, through the Ballinger Law Office, are suing Ginn (and related entities) on the basis that Ginn inflated appraisals. Some of these suits are in response to Ginn suing first for lack of payment on Ginn Financial Mortgages. The lawsuit claims "Defendant Bobby Ginn caused Defendants Ginn Financial and McCracken to suborn the preparation of fraudulently inflated appraisals as part of the underwriting process for mortgage loans offered to GSM purchasers, including Mortgagor Plaintiffs ... At the moment Mortgagor Plaintiffs closed on their GSM lot purchases, those Plaintiffs were saddled with mortgage loans with a debt to equity ratio far in excess of 100% because those mortgage loans were made for amounts far in excess of the true market value of the GSM lots at the time of their purchase."

Lots more to read at GoToby, including the filed complaints (Complaint, Emergency Motion to suppress, Opposition to Ginn's Motion to Suppress)