Monday, January 03, 2005
25 of 200 Vance County, North Carolina Foreclosures are within Creative Real Estate Subdivisions
Inflated appraisals reflect 200% of tax value appraisal
The annual number of foreclosures in Vance County, N.C. nearly quadrupled between 1998 and 2001. Manufactured homes, including at least 25 in Creative Real Estate subdivisions, accounted for most of the 200 foreclosures last year. ...I don't know where they got those numbers," Creative Real Estate owner Donald Gupton said about the difference between a $115,000 appraisal received by his company for a home and the $52,000 value listed at the tax office. "Whatever it closes for should be the amount that goes on the tax record."
A Wake County firm handled most of the appraisal work for Creative Real Estate in the past few years. But that firm said it is not doing work for Creative now because the firm is too busy in the Raleigh-Durham area.
We're not doing any appraisals up in Vance County. It got to be too much," Michael Kindt said. "I stopped about a year and a half ago." Kindt works for the Hinch Appraisal Group in Raleigh. He said Kevin Hinch, also an appraiser for the firm, "stopped too because the bulk of our business is down in this area." Mr. Kindt works for the Hinch Appraisal Group in Raleigh. He said the high number of foreclosures in Vance County in the past couple of years changed the market, resulting in a lower assessment at the tax office.
Kindt said he always enters a property and never conducts a drive-by appraisal. "I always go inside," he said. He couldn't explain how he had placed a fireplace that didn't exist inside one of the mobile homes he appraised in Vance County. The North Carolina Appraisal Board received a joint complaint against Kindt and Hinch in 1999 for overvaluing a particular property, but the claim was dismissed later.
In 2000, Hinch had another complaint filed against him and was found guilty by the board. The Appraisal Board issued a consent order requiring him to complete a standards course and a sales comparison course by June 30, 2001. The problems included falsified down payment information on credit applications and misrepresentations about the terms, the price or the home itself.
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Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.
Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
