Wednesday, November 15, 2006

Chicago Mortgage Fraud Arrests involve Alleged Gang Members

Terry Faulkner, 41, Tinley Park, Illinois, an alleged member of the Gangster Disciples, and Rodrigo Navascues, a mortgage broker with Hammer Financial, Chicago, Illinois were charged with one count of being the organizer of a continuing financial crime enterprise.  According to media reports, Faulkner‘s home was searched by police and numerous items were removed including five cars (one of which was reportedly a Bently) and investigators also searched URB Inc., a Lincolnwood-based real estate buyer. A search warrant application claimed that the owners of URB, although not charged, were involved in the scheme, providing cheaply bought houses to Faulkner, who sold them at inflated prices to victims, according to media reports.

According to media reports, the search warrants allege a scheme whereby Faulkner would locate an unsophisticated buyer for one of the properties, promising the person could be a real estate investors with no money down. The properties were originally acquired by URB or XEZ Inc, both of which are reportedly run by Brian Urbanowski. Faulkner would take the buyer to Navascues who would obtain a mortgage based on misrepresented information concerning the person’s financial situation and an inflated appraisal for the property (the appraisers office was also searched but no charges have been filed, according to media reports). 

mortgage fraud

1. Is there a class action out there?  I have an eighteen year old step-daughter who is on the path to losing $50,000 of her trustfund (3/4 of what was rewarded to her).  She is a single mom and I do not want to she this unjust happen to her.

   Posted by  on  02/25  at  11:51 AM

2. For security reasons, I am not disclosing my name, however, I have been in a 6 year lawsuit again URB that is still in progress.  If you send contact info, I will ask my attorney if he is interested in starting a class action suit.  There are several others that I know of that the company has scammed and he considered a class action suit a couple of years ago, however, for some reason, they were afraid to come forward.

   Posted by  on  03/03  at  12:06 PM

3. I purchased a property from Urb last summer and lost it back to them because the price I paid for it in its current condition was too high and no one would buy it from me and I was told that the property values were very high in that area according to the comps from the person who works there and I asked for the comps and he refused to give them to me. I trusted that he was honest and when I found out that his comps were inflated and I eventually lost the property and $7000. It looks like I just might loose another proerty to them after I invested $20K into it, but my investors could no longer finance the property because of the recent changes in the mortgage market and It seems like they would rather take the property and sell it for more at my expense. I have 2 new investors who can buy the property but Urb wants to take it. What can I do?

   Posted by  on  03/27  at  10:50 AM

4. I also bought a property from URB, before buying i did some home work on the property and also on the company it seems at the time their where in business for 18+ years which would make 21 years now. Serving people the opportunity to be self employed and control their own destiny. By an affordable way to start their own business with a nominal amount of money to start.
   From what i know URB is responsible for updating a large portion of the south and west side of chicago. Turning deteriated properties into new up and coming neighborhoods. Raising property values in the past 5 years alone, i believe the the thousands of people involved with this undertaking should be proud and lets take our hats off for them!

   Posted by  on  04/25  at  12:03 PM

5. You have to understand that in the 21 yrs they have been in business - they have sold thousands of homes and most of them are rehabbed today!  but there are a hand full that never made it there… as in any business it can be a number of reasons bad purchase price -picked up by a “rehabber-inverstor” who also either knew or didnt know how to make this business venture work.  Unfornuratly ignorant uneducated people are everywhere and in business its a disasterous combo… and at URB this happens to be 80& or their customers!  I know trust me-

   Larry

   Posted by  on  08/24  at  07:07 PM

6. I worked for URB a couple of years ago and left because I had morals and ethics, they are scammers and dont care about their customers, and they treat their employees with such disrespect, they ALTER documents and work as a team, they should definately investigate them, I left knowing that one day I would hear something like this!

   Posted by  on  08/30  at  12:32 PM

7. I have a brother bought two properties.He did everything correctly . He listened to everything they said.  Both were resold by them for more months later, after they would not close with him. They could not produce title and had liens they could and would not cure.
   URB Inc. lied right to his face. The woman who says she is the office manager screamed at him, lied to him on the phone on tape about curing the liens ! . Avoid them like the plague !!
   Thousands of properties, no !, thousands of wronged people yes !

   Send me $5000 it’ll save you headache and despair .
   We do have now nine people for a class - action suit,revenge is sweet! !

   lwebster3@gmx.com

   Law Offices of //

   Posted by  on  04/06  at  08:32 AM