Tuesday, November 15, 2005
Myrtle Beach Sees Increasing Tide of Mortgage Fraud
The Sun News of Myrtle Beach, South Carolina has been running a series on mortgage fraud in their area. The initial stories appeared October 23 with follow-ups on November 13. Further stories are expected.
So far, the following stories have been featured:
Bank-account boosts help secure mortgages, by David Wren, The Sun News - November 13, 2005
Two Laurel Woods subdivision home buyers received deposits into their bank accounts from mobile home dealer Randy Conner, thus making it appear to mortgage companies that the buyers had enough money for down payments and other loan fees, The Sun News has learned. . .
U.S. attorney: Mortgage fraud cases on rise; by David Wren, The Sun News - November 13, 2005
Kevin McDonald, an assistant U.S. attorney in Columbia, said the number of mortgage fraud cases he’s seen has grown in recent years, due in part to the state’s hot housing market, particularly in the Upstate and along the coast.
Last year, for example, McDonald successfully prosecuted 21 individuals in the Greenville area who took part in a fraud scheme in which appraisers, mortgage brokers, attorneys and loan officers falsified mortgage documents and inflated the value of the property they were selling. . . .
NO CASH, NO HOME; by David Wren, The Sun News - November 13, 2005
At least 106 families have lost their homes to foreclosure since 1999 in Laurel Woods, a 135-acre manufactured-housing neighborhood with 369 homesites in the Burgess community, an investigation by The Sun News shows.
That is the highest foreclosure rate - an average of more than one out of every four homes - for any Grand Strand neighborhood, according to Michelle Halstrom, a local real estate agent who tracks foreclosures. . . .
Company misrepresented facts, suits say, by David Wren, The Sun News - October 23, 2005
Beach Mortgage, the company that arranged financing for some of the foreclosed Laurel Woods homes, is facing a pending lawsuit in Horry County claiming that it provided inaccurate financial information, such as a nonexistent down payment, on a mortgage application.
It is the second lawsuit since 2000 in which home buyers say Beach Mortgage included misleading information on loan documents. . . .
A couple’s disappointing run at the American dream; by David Wren, The Sun News - October 23, 2005
It has taken Sylvia Orlando more than three years to start to rebound from the foreclosure of her home at 8373 Cherrywood Drive, and the recovery is far from complete.
Orlando is trying to put a 2001 bankruptcy filing behind her and has been renting a home for the past year with help from the Myrtle Beach Housing Authority. She hopes to qualify for a mortgage in the coming months through a federal program that helps the disabled get home loans.
“Now that I’ve gotten my credit cleaned up, I’m hoping things start working out better,” she said. . . .
One home, two families, same problems; by David Wren, The Sun News - October 23, 2005
The home at 8546 Woodfield Drive has been sold twice in the past four years, and in both cases seller Clayton Mobile Homes has released the owners from their purchase contract because of complaints that the Laurel Woods home is uninhabitable because of mold and water damage.
“We thought we had found our dream home,” said Traci Dellinger who, with her husband, Allen Dellinger, bought the double-wide mobile home in September 2001.
“But it was just one problem after another,” she said. “In the end, it wasn’t worth sacrificing our health to live there.” . . .
A SAMPLING OF HOMES IN LAUREL WOODS; by David Wren, The Sun News - October 23, 2005
The owner | Daimon Gamble
The home | Gamble financed a 2001 mobile home at 8177 Woodland Drive in April 2001 with a $103,500 mortgage from First American Mortgage Securities Inc.
What happened | The 30-year mortgage had a 12.99 percent annual interest rate and payments of $1,144.11 per month. Gamble made four payments before defaulting, and a foreclosure suit was filed in March 2003. His home was sold at auction for $500. . .
mortgage fraud
Had no idea such mortgage fraud was so rampant in the industry.
Are people needing credit recovery or a chance to recover from bankruptcy?
Posted by
Edward Bisquera on 11/20 at 07:49 AM
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Some Sources require Registration.
Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
CNNMoney.com
The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...
Mortgage Fraud Case Appears Headed to Jury in Jackson County Circuit Court
The Jackson Citizen Patriot - MLive.com
The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.
U.S. Attorney Targets White-Collar Crime
Wall Street Journal
In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.
Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.
10 Accused of Mortgage Fraud at PR Coastal Resort
Forbes
A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...
Strodtman Jury Selected in Mortgage Fraud Trial
Greeley Tribune
Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.
FHA Digging Out After Loans Sour
Wall Street Journal
Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...
Mortgage Fraud Probe Nets 105 Across State
Bradenton Herald
At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.
Mortgage Fraud Increases
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.
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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 
