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Real Estate Scams
Scams targeting home and property owners in financial distress.
DRE Issues Consumer Warning on Time-Share Scams
Mix together a tough economy and hi unemployment and what do you get? Scam artists! They come out in droves to prey upon those desperate to get their hands on some cash. And, according to the Department of Real Estate, one of the current groups that are now viewed as an attractive target are time share owners.
With the bad economy in California, there are Read the rest of this entry »
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Two More Bad Real Estate Agents Meet Long Arm of the Law
Four people in Northern California have pleaded guilty to a mortgage fraud scheme that lined their pockets with more than $20 million. Among them, two real estate agents by the names of Cristeta Lagarejos and Nelda Asuncion. They cooperated in the fraud.
Hopefully, the California DRE will pursue both of these people. Asuncion’s license has been expired since 2008. Lagarejos license expires on the 12th of next month, but it should not be renewed by the state. Interestingly enough, Lagarejos has no notes against her for disciplinary action according the license lookup service provided by the DRE.
The case involved a couple, Ronald Nelson and his wife Edith, both from Discovery Bay. They used straw buyers to purchase more than a dozen properties in Northern California and they obtained loans on additional properties that they owned.
All four people have entered guilty pleas to federal charges of bank fraud and tax evasion. Good riddance!
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Stupid California Real Estate Criminals
Anyone who has sold real estate for any period of time in this market has probably had to deal with squatters. These are people who find an abandoned house, move into it, and stay there for a long period of time. It is up to the banks and nonresident owners to try and evict them.
Frankly, the laws for squatters don’t make a lot of sense. If you are walking along the street, pick up a rock and throw it through someone’s window, you can be charged with vandalism. Break their door down and enter their home, you can be charged Read the rest of this entry »
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Buyers & Sellers Need to Use DRE’s License Look-Up Before Hiring an Agent & Avoid Scams
Most buyers probably don’t think too much about the licensing status of the agents they hire. But they should. And that is especially true in this market. The scam artists are out in droves. Looking up the license of your agent will at least tell you that he or she, a) received a license from the state, b) that their license is current, and c) if there are any past or current disciplinary procedures going on with your agent. Here is a recent example of how licensing look-up can save you a lot of heartache and money.
Take the case of Michael Carabajal; a resident of Vacaville, CA. Carabajal hired a realtor by the name of Alonzo Brown, III. Brown apparently presented him with a contract to purchase a short sale home and then let him move right in. And Carabajal was making what he thought were mortgage payments to Brown. He claims to have paid out roughly $48,000. Read the rest of this entry »
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SoCal Operator of Foreclosure Prevention Company Facing Prison Time
And another scam artist bites the dust!
According to a post at LoanSafe, Fredric Alan Gladle operated a company that charged homeowners to prevent foreclosure on their homes. His scheme operated for four years.
According to the post,
“Gladle led his clients into believing he would legitimately postpone foreclosure proceedings if they signed over 1/100 of the property deed (granting fractional interest) into a debtors name who is currently going through bankruptcy. They found debtors information online through public records and the individuals had no idea Gladle was fraudulently using their information for such purposes.
Once Gladle filed the bankruptcy petition and deed with the foreclosing lender, the lender is forced to stop all foreclosure proceedings because bankruptcy causes an automatic stay. The automatic stay prohibits lenders from pursuing foreclosure until getting permission from the courts to lift the stay. Gladle used this strategy to fraudulently postpone foreclosure on hundreds of properties.”
He was charging is victim-customers around $750 per month for his services.
It is illegal in California to charge for loan modification or foreclosure prevention services but that didn’t stop Gladle. He apparently took in $1.6 million over the time he was in operation. He now faces up to 7 years in prison.
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