Networked Blogs
Posts Tagged ‘mortgage fraud’
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!
Share and Enjoy
And Another Agent Horror Story – Time to Increase Licensing Requirements
As anyone who reads this blog knows, I think it is far too easy to get a real estate license. You don’t have to look too hard to find one example after another of agents who shouldn’t be involved in California real estate.
This past week, the FBI arrested a San Diego County agent, his wife and several other people who were allegedly involved in a loan fraud scheme from Read the rest of this entry »
Share and Enjoy
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 »
Share and Enjoy
From Mortgage Fraud to Hiring a Hit Man
If there is anything that you can be thankful for, it is that you don’t know a crook by the name of Aaron Hand. The good news is that this mortgage fraudster is already locked up. The bad news is that being locked up didn’t stop him from attempting to hire a hit man.
Aaron Hand is serving a term of 8 to 25 years in New York for bilking banks and investors out of more than $100 million in a mortgage fraud scheme. He was convicted on that scheme last October and was apparently more than a little peeved about the testimony of one of the witnesses. So, he did what any Read the rest of this entry »
Share and Enjoy
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 »
Follow CalDistressed!
You can follow all of the news posted on CalDistressed.com here.