Friday, December 06, 2013
Short Sale Realtor Fraud
No doubt readers are shocked at the scurrilous headline. Realtors engaged in fraud? Here's the story:
They would assist clients facing default on their current loans to arrange for short sales of their properties but unknown to the lending institutions, they would arrange for the properties to be sold to straw buyers and the original owners would remain in the properties, and enjoy the benefits of the new loans that the lenders assumed were made to other individuals, the grand jury contends.
If convicted, Ms. Marquez and Mr. Keatts face a maximum statutory penalty of 30 years in prison and a $1 million fine.