Southern California Real Estate Scam – 3 Charged
I think we will be seeing more and more of these scams as 3 Southern California suspects were charged with identity theft and making false mortgage loans to swindle homes that were in foreclosure. The thieves would pay off the mortgages under foreclosure using straw men or identities that had been stolen and then refinance the homes pocketing the extra money. The total amount of theft was in the 12 million dollar range.
The scam targeted homeowners who were in default on their mortgages. According to the indictment, the defendants found their victims in databases listing pending foreclosure sales. They cut a wide swath in Southern California, paying unsolicited visits to homeowners in cities such as Artesia, Carson, Downey, El Monte, Gardena, Lakewood, La Puente, Los Angeles, San Bernardino, Van Nuys, Wilmington, West Covina and Westminster.
The victims were approached by the defendants allegedly promising them the possibility of stopping their foreclosures with short-term loans and by refinancing mortgages with a co-signer who has good credit.
Instead of getting the refinancing, the defendants allegedly submitted loan applications to banks under the names of individuals supposedly buying the homes. The application information always contained false information about the buyers, the indictment said. via the Press-Telegram
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Comment by Marla on 12 May 2007:
I uncovered a trillion-dollar real estate theft operation in Fresno, CA. ID theft, missing persons, forged and fraudulent deed, illegal conversion of assets. Verified.
It is linked to corruption among developers, and officials, and entails illegal re-routing and cross-connection of sewer/water lines. I think we may be headed for a disaster of major proportions, but due to the magnitude of corruption, I cannot get any help.
By simply digging into the lot next to mine, the biggest and most corrupt operation in the history of CA would be exposed. Help?
Comment by Marla on 27 June 2008:
Massive real estate theft operation in Fresno, CA behind Mayor Autry’s so-called, “infrastructure upgrade.” Running people off their property, ID theft, forged deeds, fraudulent financing information, illegal conversion of assets, missing persons, suspected homicide. Patched and re-built structures being sold as “original” to unsuspecting buyers. Property lines altered, plat/parcel maps altered to cover up evidence. Water system is being secretly altered. Click below:
http://fresnorealestatefraudtheft.blogspot.com/2008/06/title-company-fraud-corruption-fresno.html