Tuesday, April 15, 2008
Man Tries To Obtain A HELOC On Home He Rents
Eduard Sargsyan, 55, was arrested by special agents with the Federal Bureau of Investigation after completing loan documents to secure a $500,000 home equity line of credit on the house he was renting at a Bank of America branch in Sherman Oaks, California.
According to a criminal complaint, during fall of 2007, Sargsyan rented a Valley Village, California home, which was owned by a family trust. In February, 2008, a Trust Transfer Deed was recorded with the Los Angeles County Recorder’s Office, which transferred title of the home to Sargsyan. In March, 2008, Sargsyan used Bank of America‘s website to apply for a home equity line of credit on the property. During two meetings at Bank of America where an FBI agent posed as a loan officer, Sargsyan said he owned the home and wanted prompt funding of a $500,000 line of credit. Sargsyan was arrested at the bank branch.
Appearing in United States District Court on Friday afternoon, Sargsyan, who is also known as Genadi Verdiyan and Gehadi Verdiyan, was ordered held without bond until a detention hearing scheduled for this Thursday. An arraignment in the case is scheduled for April 28.
A criminal complaint contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until proven guilty. The bank fraud charge in the criminal complaint carries a statutory maximum penalty of 30 years in federal prison.
mortgage fraud
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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