Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
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 Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar
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New Yorker Pleads Guilty to Stealing and Selling a Disabled Man’s House
Shawn Corcas, 39, St. Albans, New York, pleaded guilty to stealing the identity of a 68-year-old Jamaica, Queens, man who had been disabled as a result of a stroke and then secretly selling his house out from under him and pocketing the profits.
The defendant pleaded guilty before Queens Supreme Court Justice Joseph Grosso to one count of second-degree grand larceny and one-count of first-degree falsifying business records. He was ordered to pay $95,000 in restitution to the victim, Keith Simmons. As a condition of the plea, the defendant agreed to pay $40,000 restitution by September 14, 2009, the date of his sentencing. If he adheres to that condition he is expected to be sentenced to five years' probation. If the defendant fails to make that amount of restitution by that date he is expected to be sentenced to three to nine years in prison. The defendant's sister, Patricia Corcas, 55, of 141-25 247th Street in Rosedale pleaded guilty earlier this year to first-degree falsifying business records and is expected to be sentenced on July 15, 2009 to five years' probation.
Queens District Attorney Richard A. Brown announced the guilty plea and said that, according to the charges, Shawn Corcas is the president and Patricia Corcas is the vice-president of Profit & Profit, which does business out of Shawn Corcas' residence. The defendants sold the home of the victim, Keith Simmons, 68, located at 143- 10 Shore Avenue, Jamaica, New York, on March 6, 2008, without his knowledge, then deposited the proceeds of the sale - $95,801.29 - into the business account of Profit & Profit. The victim suffered a stroke in January 2008 that left him without the ability to speak coherently.
The District Attorney said that the victim's house was sold to a 62-year-old woman, Carolyn Hailey, through the use of a power of attorney held by her husband, Musa Bey. The closing took place at 3 Grace Avenue, in Great Neck, New York, at the office of the lender's closing agent. The entire transaction was organized by defendant Shawn Corcas, who approached a branch of Golden First Mortgage Company, in South Ozone Park, New York, and said that his client, Carolyn Hailey, was interested in obtaining a loan to buy the Simmons home. An investigation by the District Attorney's office revealed that the information regarding the purchaser's employment, income and assets was false.
Furthermore, neither Keith Simmons nor Carolyn Hailey were at the closing. An unidentified man is alleged to have posed as Keith Simmons using a fraudulent driver's license in his name as identification. Musa Bey allegedly used a fraudulent power of attorney to act on behalf of his wife at the closing. He is alleged to have agreed to purchase the property after being persuaded by Shawn Corcas that it was a sound investment that could be renovated and quickly resold for a profit. The mortgage in Carolyn Hailey's name has not been paid and foreclosure is imminent.
District Attorney Brown said, "The victim was swindled out of his home by this defendant with the help of his sister. He took advantage of an elderly man suffering from disabilities to strip the equity dollars from his home without regard to the financial and emotional consequences that his actions would cause. Fortunately, the victim's niece reported the crime. Today's guilty plea - and the ordered restitution - provide a measure of justice for this victim."
The investigation was conducted by Detective Richard Lewis of the District Attorney's Detective Bureau, under the supervision of Lieutenant Robert Burke, and under the overall supervision of Chief Investigator Lawrence J. Festa and Deputy Chief Investigator Albert D. Velardi.
Assistant District Attorney Khadijah Muhammad-Starling, of the District Attorney's Elder Fraud Unit, is prosecuting the case under the supervision of Assistant District Attorney Kristen A. Kane, Chief of the Elder Fraud Unit, and Assistant District Attorneys Gregory Pavlides, Bureau Chief of the District Attorney's Economic Crimes Bureau, and Christina Hanophy, Deputy Bureau Chief, and the overall supervision of Executive Assistant District Attorney Peter Crusco and Deputy Executive Assistant District Attorney Linda Cantoni of the Investigations Division.
Mine is a question rather than a comment. Rather than the restitution, would a victim in a case like this be able to get him home back? Or is that option too complicated and bogged down by the contractual elements?
Thank you
Posted by on 07/15 at 05:29 AM
Out of state closings are common. Documents can be signed by you, in person at a title company or real estate attorney where you are. OR some companies provide a closer who comes to your home or business and helps you sign your part & notarizes your documents.
Failed Mortgage Firm Trustee Allowed $50,000 in Fees Union Leader
U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc.
Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov
As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010.
Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com
Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area.
Lend America, VP Ashley Banned from FHA Housing Wire
Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week.
Countrywide Tries to Pin Blame on Insurer Court House News
Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse.
Investors Say They Were Swindled in Property Scheme Fox 13 Now
Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches.
Greenfield Man Accused of Housing Scam The Republic
A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said.
Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire
Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes.
Ownership Rights to Get Another Look TBO.Com
State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County.
Thursday, February 18, 2010 F. Jeffrey Miller Trial Continued Testimony
As reported by Anne Mitchell, who viewed the trial:
Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the...
Wednesday, February 10, 2010 F. Jeffrey Miller Trial Coverage Continued - Witness Testimony
Steve Middleton Testimony - Coverage Provided by Anne Mitchell
The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's...
Monday, February 01, 2010 F. Jeffrey Miller Trial Coverage - Continued Witness Examination
According to Anne Mitchell, who is present in court for the trial:
Next Witness: Kelly Sanford
Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in...
Wednesday, January 27, 2010 F. Jeffrey Miller Trial - Prosecution Witnesses Continued
According to Anne Mitchell, who is viewing the trial:
January 13, 2010
Witness: Rick Hayes
Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John...
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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.
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 
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