APPRAISER GUILTY IN FRAUD SCHEME TO OBTAIN $4.3 MILLION IN LOANS - 06/29/12 06:46 PM
Catonsville Real Estate Appraiser Pleads Guilty in Scheme to Obtain Over $4.3 Million in Fraudulent Mortgage Loans Conspired to Obtain 17 Fraudulent Loans Resulting in Losses of More Than $2.6 Million    Press Release   BALTIMORE, MD—Real estate appraiser David C. Christian, age 62, of Catonsville, Maryland pleaded guilty today to conspiracy to commit wire fraud.
The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation; Inspector General Steve A. Linick of the Federal Housing Finance Agency; Acting Postal Inspector in … (2 comments)

TWO MEN INDICTED FOR MORTGAGE FRAUD - 06/28/12 05:11 PM
  Two Men Indicted for Bank Fraud and False Statements   Press Release   BIRMINGHAM—A federal grand jury today indicted two Birmingham-area men on charges they defrauded a bank by presenting false statements in order to obtain mortgage loans, announced U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick Maley.
The indictment filed in U.S. District Court charges JEFFREY RUSSELL HULDTQUIST, 47, of Hoover, and WILLIAM CRAWFORD KELLUM, 52, of Homewood, with four counts of bank fraud and four counts of making false statements to a bank. The indictment also charges Huldquist, individually, with four other false-statement counts.
… (3 comments)

TWO REAL ESTATE INVESTORS INDICTED - BID RIGGING FORECLOSURE AUCTIONS - 06/28/12 05:02 PM
Two Alabama Real Estate Investors and Their Company Indicted for Conspiracies to Rig Bids and Commit Mail Fraud for the Purchase of Real Estate at Public Foreclosure Auctions   Breaking News, Press Release   WASHINGTON—A federal grand jury in Mobile, Ala., returned an indictment today against two real estate investors and their company, charging them with participating in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions held in southern Alabama, the Department of Justice announced today.
The department said the father and son real estate investors, Robert M. Brannon of Laurel, Miss., and Jason R. … (0 comments)

MORTGAGE COMPANY ASSISTANT MANAGER WILL GO TO PRISON - 06/27/12 08:48 PM
Assistant Manager of Gambrills Mortgage Company Sentenced to Over Four Years in Prison in $4.9 Million Mortgage Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release   BALTIMORE—U.S. District Judge Catherine C. Blake sentenced Todd R. Bettin, age 42, of Crofton, Maryland, to 51 months in prison, followed by three years of supervised release, for conspiracy to commit wire fraud in connection with a five-year scheme to divert or hold mortgage payoff funds from clients’ closings on 17 Maryland properties. Judge Blake also ordered Pierce to pay restitution of $3,392,047.51.
The sentence and guilty plea was announced by United States Attorney … (0 comments)

REAL ESTATE AGENT GUILTY OF FRAUD - 06/27/12 12:14 PM
Real Estate Agent Pleads Guilty to Fraud Barbara M. Diaz, 37, Lehigh Acres, Florida, pleaded guilty to conspiracy to commit wire fraud and nine counts of wire fraud. According to the plea agreement, by at least April 2008, through October 2008, Diaz conspired with others to defraud mortgage lenders by way of making false statements in HUD-1 settlement statements.  As part of the scheme, Diaz, a licensed real estate agent, recruited home buyers to participate in the fraud.  Lenders were led to believe that buyers made down payments at closing, when in fact, the buyers made no down payment and were … (0 comments)

REAL ESTATE IMVESTMENT SWINDLER SENT TO JAIL - 06/27/12 12:12 PM
Real Estate Investment Fraudster Sent to Prison Maher Muhawieh, 32, San Francisco, California, was sentenced to six and one-half years in prison after he admitted running an investment fraud scheme in which he defrauded family members, friends, and many other victims out of millions of dollars. As previously reported by Mortgage Fraud Blog, on October 5, 2011, Muhawieh pleaded guilty to one count of wire fraud. According to the plea agreement, Muhawieh admitted to defrauding investors over a three-year period by falsely telling them their investments would be used to purchase and to renovate residential properties in San Francisco, California, resulting … (2 comments)

FORMER REAL ESTATE AGENT CONVICTED - 06/27/12 12:09 PM
Former Real Estate Agent Convicted of Mortgage Fraud Safiyyah Tahir Battles, Oklahoma City, Oklahoma, a former real estate agent with T&T Realty has been convicted of mortgage fraud and money laundering. As previously reported on Mortgage Fraud Blog, on November 15, 2011, Battles was indicted on three counts: making a false statement to First Security Bank, using an interstate wire facility to defraud Saxon Mortgage, and engaging in a monetary transaction with more than $10,000 from the proceeds of crime.  The evidence at trial showed that during late 2006 and early 2007, Battles borrowed about $375,000.00 from First Security Bank to … (2 comments)

NATIONAL APPRAISAL INSTRUCTOR CONVICTED FOR LYING TO LENDER - 06/27/12 12:05 PM
National Appraisal Instructor Convicted for Lying to Lender Larry Max McDaniel, 69, West Virginia, has pled guilty to making false statements to influence a federally insured financial institution. According to the January 19, 2012, Superseding Indictment, between 2002 and 2006, an individual identified as JTW was operating a company identified as AP, LLC. JTW promised investors that he and AP, LLC, would use investor money to purchase homes at a low value, renovate the homes, and then sell them to first-time home buyers for a higher value.  McDaniel, a licensed real estate appraiser residing in West Virginia, and Jackie Gale Weaver, … (0 comments)

WAMU LOAN OFFICER JAILED FOR FRAUD - 06/27/12 12:01 PM
Loan Officer Jailed for Submitting False Loan Applications Edward M. Bangasser, 66, Boca Raton, Florida, was sentenced by United States District Judge Virginia Hernandez Covington to 15 months in federal prison for conspiring to commit wire fraud and for making false statements to federally insured banks for the purpose of influencing those banks in connection with mortgage loans.  
Bangasser was a loan officer at Washington Mutual Bank (WAMU). As part of his sentence, he must also serve six months of home detention following his release from prison. In addition, the court has ordered him to pay more than $450,000 in … (0 comments)

10 CHARGED WITH MORTGAGE FRAUD SCAM & SHORT SALE FRAUD - 06/27/12 11:57 AM
10 Charged with Loan Misrepresentations and Short Sale Fraud Joel Martinez, 41, Phoenix, Arizona, has been charged in a 43 count indictment involving nine other individuals in connection with a mortgage fraud scam.  The charges include conspiracy, wire fraud, false statements, false representation of Social Security number, and aggravated identity theft. Martinez was ordered detained on June 21, 2012, pending trial. The other nine individuals charged in the indictment are: Julio Cesar Esquivel Reyes, 38;
Estefana Salazar Olivares, 38, wife of Esquivel Reyes;
Claudia Salazar Olivares, 31, sister-in-law of Esquivel Reyes;
Martha Elena Gonzalez, 39, sister-in-law of Esquivel Reyes; … (0 comments)

FINANCIAL FRAUD MONTH & MORTGAGE FRAUD PROSECUTION - 06/27/12 11:47 AM
Financial Fraud Month and Mortgage Fraud Prosecution June is Financial Fraud Month and the Middle District of Alabama has been busy, including prosecuting an attorney who stole over $2 million in a mortgage fraud scheme. U.S. Attorney George L. Beck, Jr. highlights some of the financial fraud crimes that are emerging and being prosecuted in the Middle District of Alabama.  Financial fraud cases are often incredibly complex and include such crimes as identity theft, tax fraud, embezzlement, bank fraud, mortgage fraud, health care fraud, and wire fraud, as well as other frauds that affect citizens' money. The U.S. Attorney's Office regularly … (0 comments)

MAN PLEADS GUILTY TO MORTGAGE FRAUD CONSPIRACY - 06/27/12 11:43 AM
Conspirator Pleads Guilty to Mortgage Fraud Scheme Eric Itzi, 30, Philadelphia, Pennsylvania, pleaded guilty to his role in a scheme to fraudulently obtain mortgages for properties in North Wildwood, New Jersey. Timothy Cook, 28, Eric Maratea, 27, Richard VonMinden, 33, Michael Smith, 32, and James Esposito, 41, have also been charged, in separate informations, of conspiring with John C. Lucidi, Jr., charged elsewhere, to commit wire fraud in connection with a mortgage fraud scheme. A sentencing hearing for Itzi is scheduled for September 19, 2012.
Itzi, who was charged with conspiracy, wire fraud, and money laundering, admitted that with his 2007 … (0 comments)

JURY CONVICTS MORTGAGE FRAUDSTER OF FLIPPING SCHEME - 06/27/12 11:39 AM
Jury Convicts Mortgage Fraudster of Flipping Scheme Travis Richard Hymas, 28, Cedar Hills, Utah, formerly of Meridian, Idaho, has been convicted of five counts of wire fraud related to mortgage fraud. During the eight day trial, the jury heard evidence that between November 2006 and March 2007, Travis Hymas defrauded five lenders on loans valued in excess of $1 million.
In December 2011, a federal grand jury returned a superseding indictment charging Hymas and his wife Season with five counts of wire fraud. In the near future, the case against Season Hymas will be set for trial.
In a separate case, … (0 comments)

REEFER & MORTGAGES DON'T MIX - POT GROWER'S PIPE DREAMS NOW JAIL TIME - 06/27/12 11:34 AM
Marijuana Grow House Owner Sentenced for Mortgage Fraud Jenny Chi Ha, aka Phuong A. Ha, 44, Fresno, California was sentenced to 21 months in prison for her role in fraudulently acquiring two residential properties in Fresno that were used for growing marijuana. As previously reported on Mortgage Fraud Blog and according to court documents, Ha, a former card dealer at Table Mountain gaming casino, conspired to commit mail fraud when applying for mortgages by overstating her wages and tips at Table Mountain, failing to acknowledge her children as dependents, failing to disclose the fact that she was in the process of … (0 comments)

BARCLAYS ADMITS LIBOR & EURO INTERBANK MISCONDUCT - $160M PENALTY - 06/27/12 11:27 AM
Barclays Bank PLC Admits Misconduct Related to Submissions for the London InterBank Offered Rate and the Euro InterBank Offered Rate and Agrees to Pay $160 Million Penalty   Bank Crime, Financial, Fraud, International, Press Release, White-Collar Crime   WASHINGTON—Barclays Bank PLC, a financial institution headquartered in London, has entered into an agreement with the Department of Justice to pay a $160 million penalty to resolve violations arising from Barclays’ submissions for the London InterBank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR), which are benchmark interest rates used in financial markets around the world, announced Assistant Attorney General Lanny … (0 comments)

APPRAISER PLEADS GUILTY TO MORTGAGE FRAUD SCHEME - 06/27/12 09:23 AM
Appraiser Pleads Guilty in Mortgage Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release   PITTSBURGH—A resident of McKeesport, Pennsylvania pleaded guilty in federal court to a charge of wire fraud conspiracy, United States Attorney David J. Hickton announced today.
Joel Reck, 47, of 2907 Jenny Lind Street, McKeesport, Pennsylvania, pleaded guilty to one count before United States District Judge Nora Barry Fischer.
In connection with the guilty plea, the court was advised that Reck was an appraiser who participated in a mortgage fraud scheme by knowingly overstating the fair market values of properties serving as collateral for loans.
Judge Fischer … (0 comments)

SHMUCKLER WILL GO TO JAIL - 06/25/12 05:35 PM
Mortgage Rescue Business Owner Sentenced to 90 Months for Fraud   Breaking News, Financial, Fraud, Mortgage Fraud, Press Release   ALEXANDRIA, VA—Howard R. Shmuckler, 68, of Virginia Beach, Virginia, was sentenced today to 90 months in prison, followed by three years of supervised release, for running a fraudulent mortgage rescue business that received substantial fees but actually modified clients’ mortgages in only a few cases. The court ordered that this sentence be served consecutive to a 75-month federal sentence Shmuckler received on April 5, 2012 in the District of Columbia involving a counterfeit check scheme.
Neil H. MacBride, United States Attorney … (3 comments)

When a Skunk Comes Into the House Everybody Runs - 06/25/12 12:50 PM
How do you deal with a stinky, nasty smelling house rank with the odor of dog poop, cat pee, mold, rotting food and vegetables, diaper hampers, and in-law gastrointestinal discharge ?
Will you take a listing that needs some attention in the fresh air department ?

Seems as though every home has it's own "smell print".

 
 
 
 
 
 
 
 
 
 
 
… (4 comments)

PROSECUTING WHITE-COLLAR CRIMES - 06/25/12 10:19 AM
White-Collar Crimes Prosecuted in the Middle District   Bank Crime, Embezzlement, Financial, Fraud, Press Release, White-Collar Crime   MONTGOMERY—June is Financial Fraud Month, according to U.S. Attorney George L. Beck, Jr. As such, U.S. Attorney Beck wants to highlight some of the financial fraud crimes that are emerging and being prosecuted in the Middle District of Alabama.
Financial fraud cases are often incredibly complex and include such crimes as identity theft, tax fraud, embezzlement, bank fraud, mortgage fraud, health care fraud, and wire fraud, as well as other frauds that affect citizens’ money. The U.S. Attorney’s Office regularly prosecutes these crimes. … (0 comments)

FIVE PLEAD GUILTY IN MORTGAGE FRAUD CASE - 06/25/12 10:12 AM
Five Defendants Plead Guilty in Mortgage Fraud Case   Financial, Fraud, Mortgage Fraud, Press Release   SAN FRANCISCO—Hasina Safdari, Idriss Safdari, Josue Loayza, Thomas Gomez, and Nicolas Munoz have pleaded guilty in federal court in San Francisco to conspiracy to commit wire fraud, wire fraud, and false statements, United States Attorney Melinda Haag announced. The charges arose out of numerous fraudulent loan applications submitted by Palm Tree Financial and Realty (Palm Tree), a mortgage brokerage company formerly located in Hayward, California. Hasina and Idriss Safdari owned Palm Tree, while Josue Loayza and Thomas Gomez were employed there as loan agents. Nicolas … (0 comments)

CONVICTION RETURNED IN MULTI-DEFENDANT MORTGAGE FRAUD CASE - 06/25/12 10:08 AM
Travis Hymas Convicted on Multiple Counts of Wire Fraud Case Related to Multi-Defendant Crestwood Mortgage Fraud   Bank Crime, Financial, Fraud, Mortgage Fraud, Press Release   BOISE—A federal jury in Boise today convicted Travis Richard Hymas, 28, of Cedar Hills, Utah, formerly of Meridian, Idaho, on five counts of wire fraud related to mortgage fraud, U.S. Attorney Wendy J. Olson announced. Sentencing is set for September 4, 2012, before U.S. District Judge Edward J. Lodge at the federal courthouse in Boise.
During the eight-day trial, the jury heard evidence that between November 2006 and March 2007, Travis Hymas defrauded five lenders … (0 comments)

BROKER FINED 50K FOR FRAUD - WILL NEVER WORK AS BROKER AGAIN - 06/25/12 10:03 AM
Loveland Mortgage Broker Fined $50,000 for False Statements on Loan Applications Agrees Never to Work as Mortgage Broker   Bank Crime, Financial, Fraud, Mortgage Fraud, Press Release   DENVER—The United States Attorney for the District of Colorado, John F. Walsh, announces that a former mortgage broker from Loveland has paid a penalty of $50,000 for false statements made on residential mortgage loan applications. Julie Ann Stephenson paid the fine in settlement of civil allegations that she committed fraud on loan applications that affected federally insured financial institutions.
According to the agreement between Ms. Stephenson and the United States, Ms. Stephenson personally … (0 comments)

Real Estate Practice : Lesson 1720 - 06/25/12 09:52 AM
                                                           #1720
When we talk about retail space and office buildings we're usually speaking of examples of special use real estate and commercial property.
Please take your time. The answer is posted below the wildlife photo.
Is this true or false?

A. False
When we speak about office builkdings or any type of retail space we're referring to commercial property or commercial real estate.
Industrial real estate is real estate that includes factories and warehouses.
Special use real estate includes churches of housing facilities for the homeless. 
… (0 comments)

Real Estate Practice : Lesson 1719 - 06/25/12 09:47 AM
                                                             #1719
When we talk about REALTORS® we're talking about professionals that are members of the National Association of Real Estate Brokers.
Is this true or false ?
This is a very tough question, so please take your time before you scroll down below the wildlife photo for your solution.

 
A. False
When we talk about members of the National Association of Real Estate Brokers we're referring to Realists.
When we talk about REALTORS® we're talking about members of the National Association of REALTORS®.
 
All wildlife photos are royalty free.
… (0 comments)

Real Estate Practice : Lesson 1718 - 06/25/12 09:41 AM
#1718
Power plants, warehouses and factories are considered examples of commercial property when the various classes of real estate are applied to identify such properties.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
Power plants, warehouses and factories are not commercial properties.
They're classified as industrial properties because of the nature of the businesses they house.
… (0 comments)

Real Estate Practice : Lesson 1717 - 06/25/12 09:36 AM
                                                          #1717
When we consider the supply of labor and the cost of construction we also consider that supply of labor and cost of construction will impact the demand for real estate in any market region.
Is this consideration true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Cost of construction and the supply of labor impact the supply of real estate in any market region.
Job opportunities and relocation, such as the opening of a military installation, can impact the demand for real estate or housing in all of it's … (0 comments)

Real Estate Practice : Lesson 1716 - 06/25/12 08:35 AM
                                                 #1716
There are five classes of real estate.
They are commercial, residential, agricultural, rental, and special purpose.
Is this characteriztion of the five classes of real estate true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
The five classes of real estate are commercial, residential, agricultural, industrial and special purpose.
Rental is not considered a class of real estate.
Rental property could find it's way into an investment category.
… (0 comments)

Real Estate Practice : Lesson 1715 - 06/25/12 05:16 AM
                                                             #1715
When something has the quality of being of uniform throughout in it's composition or structure or has the quality of being similar or comparable in kind or nature we call it homogenoeous.
Land has some of this quality. Land is indestructable and immobile. Parcels of land share some of this homogenous quality.
But when land has a lack of uniformity, when it is considered unlike other parcels of land, dissimilar so to speak, there is another term which describes land of this nature.
What is the term that describes this lack of uniformity ?
Please take your time. The answer is posted … (0 comments)

Real Estate Practice : Lesson 1714 - 06/25/12 05:13 AM
                                                              #1714
A man is building a deck on the rear patio slab of his new home.
He has just purchased the lumber which he needs to build the deck.
The lumber has just been delivered by the trucking company and left in the driveway for him.
Is the lumber considered to be real property (property to be affixed to the existing structure), or personal property ?
Remember to take your time. The answer is posted below the wildlife photo.

A. Personal property because it isn't affixed to the property.
By converting personal property (the lumber) into an assembled fixture … (0 comments)

Real Estate Practice : Lesson 1713 - 06/25/12 05:06 AM
                                                           #1713
When considering the concept of real estate, most of the follwing would be included in the sale of a parcel of land except which of the following items ?
1. Air Rights above the property
2. The rights to the trees
3. The rights to the mineral substance below the surface of the land
4. The annual crops produced on the land
Please take your time. The answer is posted below the wildlife photo.

A. The annual crops produced on the land
Fruit, vegetables, corn, soybean, cotton or other crops are considered personal property and are transferred  in … (0 comments)

Real Estate Practice : Lesson 1712 - 06/25/12 05:01 AM
                                                        #1712
When a buyer purchases a parcel of land and turns around and negotiates the sale of the oil rights to a petroleum refinery or mineral rights to a mining group what kind of right is the buyer rescinding to the buyer of the mineral or petroleum company ?
Take your time. The solution is posted below the wildlife photograph.

Subsurface rights.
The buyer has given up the rights to the natural resources lying below the surface of the land in the sale negotiation.
… (0 comments)

Real Estate Practice : Lesson 1711 - 06/25/12 04:57 AM
                                                           #1711
A man owns a building in a commercial section of the community.
The man has a tenant that rents space in the property that he owns.
The tenant operates a beauty parlor.
The tenant has installed display shelves. These are fixtures fastened to the walls which house beauty products for sale to her customers.
What are these fixtures commonly referred to by the owner of the property?
Take your time. The answer is posted below the wildlife photo.

The fixtures are known as trade fixtures and the fixtures may be removed by the tenant before the expiration of the lease.
… (0 comments)

REALTOR CONVICTED OF MORTGAGE FRAUD - 06/22/12 04:04 PM
Realtor Convicted of Mortgage Fraud   Fraud, Mortgage Fraud, Press Release   OKLAHOMA CITY—Safiyyah Tahir Battles, formerly a real estate agent with T&T Realty in Oklahoma City, has been convicted of mortgage fraud and money laundering after a five-day trial, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.
On November 15, 2011, Battles was indicted on three counts: making a false statement to First Security Bank, using an interstate wire facility to defraud Saxon Mortgage, and engaging in a monetary transaction with more than $10,000 from the proceeds of crime. Today a jury found her guilty … (0 comments)

UNEMPLOYED MAN LIES ON APPLICATIONS - $2.2 MILLION MORTGAGE FRAUD - 06/20/12 09:51 AM
Unemployed Man Lies on Applications and Obtains $2.2M in Mortgages Dennis O. Edwards, 49, Silver Spring, Maryland, pleaded guilty to conspiracy to commit bank fraud in connection with a scheme in which he submitted fraudulent loan applications to obtain over $2.241 million to purchase or refinance homes. During the scheme, Edwards was unemployed and received Social Security disability payments of approximately $1,000 a month. According to Edwards' guilty plea, in early January 2006, Edwards purchased a home on Dennis Avenue, Silver Spring, Maryland, claiming on the loan application that he worked as a nurse and as a mover, earning a combined … (0 comments)

TITLE COMPANY PRESIDENT SENTENCED TO PRISON FOR STEALING CLOSING FUNDS - 06/20/12 09:47 AM
Title Company President Sentenced for Stealing Closing Funds Jason Sheppard, 31, Pittsburgh, Pennsylvania, has been sentenced by Senior United States District Judge Maurice Cohill in federal court to 55 months of incarceration on his conviction of wire fraud. Sheppard has been incarcerated since his arrest after he violated the conditions of his bond and fled the jurisdiction. As part of his sentencing, he was ordered to pay approximately $1.5 million in restitution.
According to information presented to the court, Sheppard was the president of TruClose Financial Services, which is a company that closed loans collateralized by real estate. For much of … (1 comments)

JURY CONVICTS MAN FOR RECRUITING STRAW BUYERS - 06/20/12 09:44 AM
Jury Convicts Man for Recruiting Straw Buyers Tarl Brandon, 46, Las Vegas, Nevada, who recruited straw buyers and used fictitious identities to purchase more than 20 houses in the Las Vegas area in order to obtain millions of dollars of cash from the loan proceeds, was convicted by a jury of conspiracy and fraud charges.  
The defendant was convicted of three counts of conspiracy and 15 counts of wire fraud following a seven-day trial. Brandon was convicted in three separate cases, which were joined for trial. Brandon faces up 30 years in prison on two conspiracy counts and 20 years … (0 comments)

MAN FORGES SIGNATURES & NOTARY STAMPS TO OBTAIN LOANS - 06/20/12 09:39 AM
Man Admits Forging Signatures, Notary Stamps to Obtain Loans Hamlet Sardariani, 42, Sylmar, California, has pleaded guilty to federal conspiracy and tax evasion charges, admitting that he plotted with others to fraudulently obtain four loans for more than $5 million by pledging houses that they did not own as collateral, falsely claiming that the houses had enough equity to secure the loans, forging documents, and falsifying notary stamps. The defendant pleaded guilty in United States District Court. Sardariani was scheduled to go on trial before United States District Judge Virginia A. Phillips.
Three other members of the conspiracy have previously pleaded … (0 comments)

TITLE OFFICER SENT TO PRISON FOR FALSIFYING CLOSING DOCUMENTS - 06/20/12 09:34 AM
Title Officer Sentenced for Falsifying Closing Documents Michelle Austin-Wilks, 38, Parkland, Florida, has been sentenced for her participation in two separate mortgage fraud schemes in Broward and Palm Beach Counties, Florida. At the sentencing hearing, U.S. District Judge James I. Cohn sentenced Austin-Wilks to 63 months in prison, to be followed by five years of supervised release. Austin-Wilks was also ordered to pay $6,269,547 in restitution to the victims of her fraud. Austin-Wilks previously pled guilty to conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349, and four counts of wire fraud, in violation of … (0 comments)

FORMER TAYLOR, BEAN & WHITAKER CEO SENTENCED FOR MORTGAGE FRAUD - 06/20/12 09:30 AM
Former Taylor Bean & Whitaker CEO Sentenced for Mortgage Fraud Delton de Armas, 41, Carrollton, Texas, a former chief financial officer of Taylor, Bean, & Whitaker Mortgage Corp., was sentenced to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW. De Armas was sentenced by U.S. District Judge Leonie M. Brinkema in the Eastern District of Virginia.
De Armas pleaded guilty in March to one count of conspiracy to commit bank and wire fraud and one count of making false statements.
According to court documents, de Armas joined … (0 comments)

WIFE INDICTED FOR FALSIFYING EMPLOYMENT ON MORTGAGE LOAN APPLICATION - 06/20/12 09:26 AM
Wife Indicted for Falsifying Employment on Loan Application Sandra Artichoker, 51, has been indicted by a federal grand jury for allegedly falsifying her spouse's employment status on a bank loan application and thereafter receiving funds.  
The defendant was indicted by a federal grand jury on June 5, 2012, for bank fraud. She appeared before U.S. Magistrate Judge Veronica L. Duffy on June 11, 2012, and pleaded not guilty to the indictment. The maximum penalty upon conviction is 30 years' imprisonment and/or a $1,000,000 fine. The charge is merely an accusation, and Artichoker is presumed innocent until and unless proven guilty.
… (0 comments)

MORTGAGE MODIFICATION COMPANY CHARGED WITH UNLICENSED ACTIVITY - 06/20/12 09:22 AM
Utah Loan Modification Company Charged in Minnesota Charles Craig Brown, Chad Gettel, and C.C. Brown Law, LLC are the subjects of search warrants executed at three locations for allegedly engaging in unlicensed mortgage modification activities in Minnesota. According to the investigation, C.C. Brown Law allegedly used a national marketing campaign containing misleading information that appeared to be sent by the government. They collected up-front fees for service in 94 reported instances in Minnesota and failed to return advance fees after not completing the loan modifications.
The statement of charges issued by the Commissioner includes allegations that C.C. Brown Law, Charles Craig … (0 comments)

SENTENCE HANDED DOWN FOR MORTGAGE SCAM INVOLVING 100 HOMES - 06/20/12 09:15 AM
Sentence Handed Down for Mortgage Scam Involving 100 Homes Brett Depue, 38, Gilbert, Arizona, was sentenced to 262 months in prison for defrauding financial institutions of over $24 million in a Las Vegas, Nevada, mortgage fraud scheme that involved over 100 properties in Las Vegas and Henderson, Nevada. The defendant is currently in federal custody. Depue was sentenced by U.S. District Judge Roger L. Hunt. Judge Hunt also ordered Depue to serve five years of supervised release and to pay restitution of approximately $1.5 million. Depue was convicted by a jury in March 2012 of conspiracy to commit bank fraud, mail fraud, … (1 comments)

THREE ARRESTED FOR SHORT SALE FRAUD - 06/20/12 09:12 AM
3 Arrested for Short Sale Fraud Scheme Atiqullah Nabizada, 29, Coto de Caza, California, Kenneth Moore, 49, Tustin, California, and Ahmed Tariq Asghari, 32, Sherman Oaks, California, have been arrested and charged with allegedly defrauding homeowners, financial institutions, and real estate investors in schemes that targeted the distressed homeowner market and allegedly caused more than $10 million in losses.  
A federal grand jury in Los Angeles returned two indictments on June 1, 2012, that charge three defendants with fraud violations and identity theft in connection with a variety of schemes utilizing real or purported short sale real estate transactions and … (0 comments)

REALTOR GOES TO JAIL FOR $391,000 MORTGAGE FRAUD - 06/20/12 09:05 AM
Branson Realtor Sentenced for $391,000 Mortgage Fraud   Financial, Fraud, Mortgage Fraud, Press Release   SPRINGFIELD, MO—David M. Ketchmark, Acting United States Attorney for the Western District of Missouri, announced today that a Branson, Missouri real estate agent has been sentenced in federal court for her role in a $391,519 mortgage fraud scheme.
Vickie Kay Lind, 48, of Branson, was sentenced by U.S. District Judge Richard E. Dorr on Monday, June 18, 2012, to 18 months in federal prison without parole. The court also ordered Lind to pay $70,426 in restitution.
On October 28, 2011, Lind pleaded guilty to participating in … (1 comments)

CHESAPEAKE MAN SENTENCED FOR MORTGAGE FRAUD SCHEME - 06/19/12 12:18 PM
Chesapeake Man Sentenced for Mortgage Fraud Scheme   — filed under: NORFOLK, VA—Philip Villasis, 41, of Chesapeake, Virginia, was sentenced today to 33 months in prison followed by 24 months of supervised release for conspiracy to commit wire fraud in connection with a fraudulent foreclosure rescue scheme. Villasis also will be required to pay over $216,000 in restitution to his victims. Neil H. MacBride, United States Attorney for the Eastern District of Virginia, and John Boles, Supervisory Agent in Charge of the Federal Bureau of Investigation, made the announcement after sentencing by United States District Senior Judge Robert G. Doumar. Villasis … (1 comments)

MISSOURI WOMAN SENTENCED TO PRISON FOR ARSON OF BIRACIAL MANS HOME - 06/19/12 08:52 AM
Missouri Woman Sentenced to 63 Months in Prison for Vandalism and Arson of Biracial Man’s Home   Civil Rights, Hate Crime, Major Thefts/Violent Crime, Press Release   WASHINGTON—A Missouri woman was sentenced today to 63 months in prison for her role in the vandalism and arson of a biracial man’s home in Independence, Missouri, the Department of Justice announced.
Teresa Witthar, 43, of Independence, was sentenced in the Western District of Missouri by U.S. District Judge Dean Whipple.
On February 2, 2012, Witthar pleaded guilty to one count of conspiracy, one count of violating the Fair Housing Act, and one count … (2 comments)

FORMER WAMU LO WILL GO TO PRISON FOR MORTGAGE FRAUD - 06/19/12 08:44 AM
Former Washington Mutual Bank Loan Officer Sentenced to 15 Months in Federal Prison for Mortgage Fraud Scheme   Financial, Fraud, Press Release   TAMPA—United States District Judge Virginia Hernandez Covington yesterday sentenced Edward M. Bangasser (66, Boca Raton) to 15 months in federal prison for conspiring to commit wire fraud and for making false statements to federally insured banks for the purpose of influencing those banks in connection with mortgage loans. Bangasser was a loan officer at Washington Mutual Bank (WAMU). As part of his sentence, he must also serve six months of home detention following his release from prison. In … (0 comments)

PRESIDENT OF BROWARD TITLE AND ESCROW SENTENCED FOR MORTGAGE FRAUD - 06/19/12 08:40 AM
President of Broward Title and Escrow Company Sentenced in Two Separate Multi-Million-Dollar Mortgage Fraud Schemes   Financial, Fraud, Mortgage Fraud, Press Release   Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office; Paula Reid, Special Agent in Charge, United States Secret Service, Miami Field Office; and Linda Charity, Interim Commissioner, State of Florida’s Office of Financial Regulation, announced the sentencing of defendant Michelle Austin-Wilks, 38, of Parkland, Florida, for her participation in two separate mortgage fraud schemes in Broward and Palm Beach Counties.
… (0 comments)

SERIAL REAL ESTATE SWINDLER SENTENCED TO FIVE YEARS IN PRISON - 06/19/12 08:32 AM
Annapolis Serial Fraudster Sentenced to Five Years in Prison for Over $2.6 Million in Losses from Real Estate, Business Loan, and Social Security Fraud Schemes   Bank Crime, Financial, Fraud, Identity Theft, Mortgage Fraud, Press Release   BALTIMORE—U.S. District Judge Marvin J. Garbis sentenced Winnie Joanne Barefoot, a/k/a Winnie Jo Budzina, a/k/a Winnie JoAnne Conn, a/k/a Joanne Knopsnyder, a/k/a Olivia JoAnne Morgan, a/k/a Olivia JoAnne Barefoot Morgan, age 59, of Annapolis, Maryland, today to five years in prison, followed by five years of supervised release, for bank fraud, arising from her use of numerous identities to fraudulently obtain real estate and … (2 comments)

Unreal Estate - 06/18/12 11:50 AM
Royalty-free property disclosure music that wll make the seller confess if there's a rat hole in the hallway closet. … (0 comments)

Real Estate Practice : Lesson 1710 - 06/18/12 07:48 AM
                                                         #1710
A local construction company recently purchased 75 acres of land and decided to build a number of storage facilities on the property for the storage of building matrerials and machinery.
What is the most significant and notable condition which has been satisfied by the construction of the storage facilities on the property ?

The construction of the the storage facilities on the property establishes inprovement of the property.
When an improvement is built on a parcel of land it can have an impact on the land's value.
Improvements can also have an effect on the land and neighborhoods surrounding … (0 comments)

Real Estate Practice : Lesson 1709 - 06/18/12 07:44 AM
                                                                                   #1709
Appraisal, financing, property management and development may all be considered example of what ?

A. All of these things are considered specializations within the real estate industry.
Property management is the professional charge of effectively directing and watching the day to affairs of real estate.
Appraisal is the professional estimate of a parcel of real estates market value.
Financing is the funding of the financial resources necessary to make a real estate project a possible.
Development is the act of improving by expanding, enlarging or refining some aspect of real estate.
… (0 comments)

Real Estate Practice : Lesson 1708 - 06/18/12 07:39 AM
                                                              #1708
When we talk about a REALTOR®, what kind of a person are we referring to ?
Please take your time. The answer is posted below the wildlife photo.

A REALTOR® is a member of the National Association of REALTORS®, which is also the nations largest trade organization supporting the needs of the real estate community.Many facets of the industry are examined under the aegis of this historical organization representing over a million members.
… (0 comments)

Real Estate Practice : Lesson 1707 - 06/18/12 07:37 AM
                                                            #1707
When we consider the supply in the real estate markets, between the options of demographics, population, employment, and government financial policies, which one of these has the most impact ?

A. Govermnment financial policies.
The way the economy is behaving is the key to financing opportunities. The rate of inflation and whether or not the resources for mortgaging a home are available have an impact on the decision to purchase a home. When the Federal Reserve Board establishes the discount rate of interest for the money it lends to banks, the discount rate will have an effect on the … (0 comments)

Real Estate Practice : Lesson 1706 - 06/18/12 07:32 AM
                                                            #1706
What factor is most likely to influence the demand for real estate ?

A. Employment opportunities and the wage levels offered.
If wages are low and the opportunity for employment is scarce, the demand for real estate becomes low. If the reverse is true the demand for real estate is high.
… (0 comments)

Real Estate Practice : Lesson 1705 - 06/18/12 07:29 AM
                                                        #1705
In general, when the supply of a certain commodity increases, what tends to evolve as a natural result of this phenomenon ?

A. Prices tend to drop.
Increase in supply can be the result of less demand or over-production, as well as other factors which may include stockpiling ( which may have the reverse effect because of an increase in demand)
… (0 comments)

Real Estate Practice : Lesson 1704 - 06/18/12 07:26 AM
                                                                                           #1704
Some licensees, after dedicating years of service to marketing properties, might decide to retire but not get out of real estate all together.
They may decide to help clients make decisions about investing in or purchasing property.
What capacity would a licensee serve in this manner ?

A. Real estate counselor
… (0 comments)

Real Estate Practice : Lesson 1703 - 06/18/12 07:24 AM
                                                               #1703
A bill of sale is a document which is used to transfer the title of personal property from one person to another.
Do you believe this fact to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
A bill of sale is a document used to transfer personal property title from one person to another.
… (0 comments)

Real Estate Practice : Lesson 1702 - 06/18/12 07:21 AM
                                                            #1702
An estmate of a property's market value conducted in a manner based on methods that have been established and undertaken by trained professionals applying professional judgement about market value is performed by whom ?
Take your time. The answer is posted below the wildlife photo.

A. A real estate appraiser
 
… (0 comments)

Real Estate Practice : Lesson 1701 - 06/18/12 07:19 AM
                                                         #1701 
An investor bought two lots for 40 thousand dollars each. He decided to divide the parcel into three lots and then sold each parcel for 30 thousand dollars.
(A.) How much did the investor make after he sold the three parcels ?
(B.) What percentage of profit did the investor realize on his investment ?
The answers, along with the corresponding solution, will be posted below the photographs at the bottom of the page, so spend a little time on it before you make your way to the bottom. It helps to keep your math skills sharp. Hope you … (0 comments)

EX CFO TAYLOR, BEAN & WHITAKER WILL GO TO JAIL - 06/15/12 04:31 PM
Former Chief Financial Officer of Taylor, Bean, & Whitaker Sentenced to 60 Months in Prison for Fraud Scheme   Breaking News, Financial, Fraud, Press Release, White-Collar Crime   WASHINGTON—Delton de Armas, a former chief financial officer (CFO) of Taylor, Bean, & Whitaker Mortgage Corp. (TBW), was sentenced today to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW.
De Armas was sentenced today by U.S. District Judge Leonie M. Brinkema in the Eastern District of Virginia. The sentence was announced today by Assistant Attorney General Lanny A. Breuer … (1 comments)

ARRESTS MADE TODAY FOR SHORT SALE FRAUD - 06/15/12 04:25 PM
Three Arrested in Los Angeles and Orange County for Fraud Involving Short Sale Real Estate Transactions   Bank Crime, Financial, Fraud, Press Release, White-Collar Crime   Agents with the FBI and U.S. Secret Service arrested three men who were named in federal indictments that allege they defrauded homeowners, financial institutions, and real estate investors in schemes that targeted the distressed homeowner market and allegedly caused more than $10 million in losses, announced André Birotte Jr., the United States Attorney in Los Angeles; Steven Martinez, FBI Assistant Director in Charge in Los Angeles; and Joseph Beaty, Special Agent In Charge of the … (0 comments)

WOMAN SENTENCED FOR ROLE IN HOME ELEVATION PROGRAM BRIBERY - 06/15/12 04:09 PM
Woman Sentenced for Role in Home Elevation Program Bribery   Financial, Fraud, Press Release   NEW ORLEANS—Brianna LaFrance, age 31, of New Orleans, Louisiana, was sentenced to two years’ probation by the U.S. District Court Judge Jane Triche Milazzo after admitting she conspired to bribe a mitigation analyst in the state’s home elevation program, announced U.S. Attorney Jim Letten.
LaFrance pled guilty in February to a one count bill of information charging her with conspiracy to bribe an agent of an organization receiving federal funds. According to court documents, LAFRANCE assisted Rickey Davis in soliciting the assistance of Wanda Acker Williams, … (0 comments)

Why Do You Enjoy Being a Broker ? - 06/15/12 01:06 AM
Are most real estate brokers unemployed home tour guide supervisors ?
 

Let's make a little noise ! … (0 comments)

SWINDLER PLEDGES HOMES HE DIDN'T OWN AS COLLATERAL FOR LOANS - 06/14/12 05:30 PM
Sylmar Man Pleads Guilty in $5.4 Million Loan Fraud Case   Financial, Fraud, Press Release   RIVERSIDE, CA—A Sylmar man has pleaded guilty to federal conspiracy and tax evasion charges, admitting that he plotted with others to fraudulently obtain four loans for more than $5 million by pledging houses that they did not own as collateral, falsely claiming that the houses had enough equity to secure the loans, forging documents, and falsifying notary stamps.
Hamlet Sardariani, 42, pleaded guilty yesterday afternoon in United States District Court. Hamlet Sardariani was scheduled to go on trial next week before United States District Judge … (0 comments)

WILL ALLEN STANFORD DIE IN PRISON ? - 06/14/12 05:24 PM
Allen Stanford Gets 110 Years for Orchestrating $7 Billion Investment Fraud Scheme   Bank Crime, Breaking News, Financial, Fraud, Press Release, White-Collar Crime   HOUSTON—R. Allen Stanford, the former board of directors chairman of Stanford International Bank (SIB), has been sentenced to a total of 110 years in prison for orchestrating a 20-year investment fraud scheme in which he misappropriated $7 billion from SIB to finance his personal businesses.
The sentencing was announced by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division; U.S. Attorney Kenneth Magidson of the Southern District of Texas; FBI Assistant Director Kevin Perkins … (4 comments)

SIX YEARS IN PRISON FOR $16.8 MILLION MBS FRAUD - 06/14/12 05:14 PM
Monroe Beachy Sentenced to Over Six Years in Prison for Defrauding Nearly 2,700 People and Businesses out of $16.8 Million   Financial, Fraud, Press Release, White-Collar Crime   Monroe L. Beachy was sentenced to 6 ½ years in prison for operating a scheme in which he defrauded 2,700 businesses and people, many of them Amish, out of more than $16.8 million, federal officials announced today.
Beachy, 78, of Sugarcreek, Ohio, pleaded guilty last year to one count of mail fraud before U.S. District Judge Benita Pearson.
“This was fraud on a massive scale,” said Steven M. Dettelbach, United States Attorney for … (0 comments)

33 MONTHS IN PRISON FOR MORTGAGE FRAUD - 06/14/12 04:59 PM
East Haven Paralegal Sentenced to 33 Months in Federal Prison for Role in Mortgage Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release   David B. Fein, United States Attorney for the District of Connecticut, today announced that Louise Lampo-Diglio, 43, of East Haven, was sentenced yesterday by Senior United States District Judge Alfred V. Covello in Hartford to 33 months of imprisonment, followed by two years of supervised release, for her role in a mortgage fraud scheme.
According to court documents and statements made in court, in 2006 and 2007, Lampo-Diglio participated in a mortgage fraud conspiracy by serving as … (0 comments)

INDICTMENT FOR $2.4 MILLION FRAUD - TAX LIEN SWINDLE ? - 06/14/12 04:50 PM
Barren County Financial Advisor Charged with Embezzling Approximately $2.4 Million from Clients   Embezzlement, Financial, Fraud, Press Release, White-Collar Crime   BOWLING GREEN, KY—A Barren County, Kentucky financial advisor has been indicted by a federal grand jury meeting in Bowling Green on charges of defrauding clients residing in Kentucky and southern Indiana of approximately $2.4 million, announced David J. Hale, United States Attorney for the Western District of Kentucky.
Jonathan Neal Leber, 36, of Glasgow, is charged in a one-count indictment with devising a scheme to defraud and to obtain money and property by means of false and fraudulent pretenses, representations, … (2 comments)

REPEAT FRAUDSTER GETS PRISON SENTENCE FOR HOTEL DEVELOPMENT FRAUD - 06/13/12 03:36 PM
Repeat Fraudster Sentenced to Prison, Ordered to Pay More Than $2.6 Million for Scamming Morgan Stanley, Hotel Development Companies in Separate Frauds Committed Bank Fraud While on Bail for Separate $2.25 Million Wire Fraud Scheme   Financial, Fraud, Press Release, White-Collar Crime   NEWARK—A Teaneck, New Jersey man was sentenced today to 63 months in prison for two separate fraud schemes—swindling Morgan Stanley Smith Barney LLC and two individuals out of more than $200,000 while he was free on bail for the separate $2.25 million fraud, U.S. Attorney for the District of New Jersey Paul J. Fishman announced.
Moshe Butler, 33, … (0 comments)

REAL ESTATE LOAN COMPANY PRESIDENT GETS 55 MONTHS IN PRISON FOR FRAUD - 06/13/12 10:04 AM
President of Real Estate Loan Company Sentenced to 55 Months in Prison, Ordered to Pay $1.5 Million for Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release, White-Collar Crime   PITTSBURGH—A resident of Pittsburgh, Pennsylvania has been sentenced in federal court to 55 months of incarceration on his conviction of wire fraud, United States Attorney David J. Hickton announced today.
Senior United States District Judge Maurice Cohill imposed the sentence on Jason Sheppard, 31, formerly of 800 Penn Center Boulevard, Pittsburgh, Pennsylvania. Sheppard has been incarcerated since his arrest after he violated the conditions of his bond and fled the jurisdiction. … (0 comments)

ANOTHER GUILTY PLEA FOR MORTGAGE FRAUD - 06/12/12 04:18 PM
Montgomery County Man Pleads Guilty in Mortgage Fraud Conspiracy Submitted Fraudulent Applications to Obtain Loans Totaling Over $2.2 Million   Financial, Fraud, Mortgage Fraud, Press Release   GREENBELT, MD—Dennis O. Edwards, age 49, of Silver Spring, Maryland, pleaded guilty today to conspiracy to commit bank fraud in connection with a scheme in which he submitted fraudulent loan applications to obtain over $2.241 million to purchase or refinance homes. During the scheme, Edwards was unemployed and received Social Security disability payments of approximately $1,000 a month.
The guilty plea was announced by United States Attorney for the District of Maryland Rod J. … (0 comments)

MORTGAGE GROUP PRESIDENT SENT TO PRISON - 06/12/12 04:05 PM
Former President of Keyworth Mortgage Funding Group Receives 13-Month Prison Sentence for Bank Fraud Conviction   Bank Crime, Financial, Fraud, Press Release   ALBUQUERQUE—Yesterday, a federal judge in Santa Fe, New Mexico sentenced Manuel Garcia, 70, currently residing in Los Angeles, California, to a 13-month prison sentence, to be followed five years of supervised release, for his bank fraud conviction. Garcia also was ordered to pay restitution in the amount of $585,243.59 to U.S. Bank of Albuquerque, which was formerly known as First Community Bank (FCB). Garcia was ordered to surrender to a federal correctional institution to be designated by the … (0 comments)

Real Estate Practice : Lesson 1700 - 06/12/12 01:14 PM
                                                                       #1700
When we consider the words broker and REALTOR® are they alike or unrelated ?
Take your time. The answer is posted below the photo.

A. The terms are unrelated .
A broker is a real estate licensee and a REALTOR® is a member of the National Association of REALTORS®. More specifically, the term REALTORS® or REALTOR® represents a proprietary, protected trademark owned by the national REALTOR® organizaton.
 
… (0 comments)

Real Estate Practice : Lesson 1699 - 06/12/12 01:11 PM
                                                     #1699
A beneficiary is someone who is a decendant of Benny Fish.
Is this fact true or false ?
Please remember to take your time. The answer is posted below the wildlife photo if it's too tough for you.

A. False
A beneficiary is a person or entity which will receive the benefit from specific acts or actions which have been or are to be performed.
 
 
… (0 comments)

Real Estate Practice : Lesson 1698 - 06/12/12 01:08 PM
                                                           #1698
A bearer is one who searches for objects that reflect the life of a bear when decorating a home or staging.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.
 
A. False
A bearer is the person or entity that has possession of any instrument which is considered to be a negotiable instrument.
… (0 comments)

Real Estate Practice : Lesson 1697 - 06/12/12 01:05 PM
                                                        #1697
When we talk about the intitial basis we're referring to the basic reason why a buyer wanted to buy a home in the first place.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The initial basis is the amount of the original investment in a property.
It's basically the collective costs which include closing and any other expenses necessary to purchase a property, including the purchase price of the property.
… (0 comments)

Real Estate Practice : Lesson 1696 - 06/12/12 01:03 PM
                                                          #1696
An adjusted basis would be a property owner's basis in the property which includes expenses for improvements minus any deductions for depreciation.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
basis+improvement costs-deductions for depreciation=adjusted basis
 
… (0 comments)

Real Estate Practice : Lesson 1695 - 06/12/12 01:02 PM
                                                         #1695
The basis is the carbon copy of a mortgage document.
Is this fact true or false ?
Please remember to take your time. The solution is posted below the wildlife photo.
theory
A. False
The basis is a figure which is used to calculate gain on the sale of real estate as required for federal income tax.
… (0 comments)

Real Estate Practice : Lesson 1694 - 06/12/12 12:59 PM
                                                    #1694
A balloon mortgage is a contract for the purchase of a home which is delivered to the buyer by the lender by a lighter than air method of transportation known as a balloon.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
A balloon mortgage is an interest-only or partially amortized loan for a mortgage that requires the borrower to make a payment of the remaining principal balance of the loan at the end of the term of the loan.
It's called a balloon mortgage because of the … (0 comments)

Real Estate Practice : Lesson 1693 - 06/12/12 12:57 PM
                                                        #1693
When we talk about the bad debt/vacancy factor were referring to an income approach to an appraisal whereby a percentage will be deducted from a property's expected gross income and an estimate of the income that is most likely to be suffered because of tenants who default on their payments, including vacancies, will be projected.
Is this fact true or false ? 
Please remember to take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 1692 - 06/12/12 12:42 PM
                                                          #1692
An audit in real estate means the ability to hear, in audible terms, the price of the property in a normal speaking voice.
Is this fact true or false ?
Please take your time as I know this question is a difficult one. Of course, if you just can't wait, the solution is posted below the wildlife photo.
 
A. False
An audit is an examination of records and an inspection of accounting procedures by a trained accountant, CPA or other official.
… (0 comments)

Real Estate Practice : Lesson 1691 - 06/12/12 12:39 PM
                                                              #1691
An assumption fee is a fee that a lender will charge a borrower for assuming that his or or loan will be approved.
Is this fact true or false ?
Please take your time with this extremely difficult answer, and  consult with an expert if you think you might have any problems solving this one.
As usual, the solution is posted below the wildlife photo if you just can't stand it anymore and just have to peek.

A. False
An assumption fee is a fee that lender will charge when a buyer assumes the seller's loan.
The fee is … (0 comments)

D.C. COUNCIL CHAIRMAN GUILTY OF BANK FRAUD AND CAMPAIGN VIOLATIONS - 06/08/12 09:52 PM
Former Council Chairman Kwame R. Brown Pleads Guilty to Bank Fraud and Campaign Finance Violation Resigns from Office as Part of Plea Agreement   Financial, Fraud, Press Release, Public Corruption, Washington Field Office Top Stories   WASHINGHTON-Kwame R. Brown, the former Chairman of the Council of the District of Columbia, pled guilty today to a federal charge of bank fraud and a second criminal charge involving a violation of the District of Columbia’s campaign finance laws.
The guilty pleas were announced by U.S. Attorney Ronald C. Machen Jr.; Ronald T. Hosko, Special Agent in Charge of the FBI Washington Field Office’s … (0 comments)

3 ATTORNEYS 1 DISBARRED ATTORNEY GUILTY $66 MILLION MORTGAGE FRAUD - 06/08/12 02:16 PM
Three Attorneys and One Former Attorney Plead Guilty in Manhattan Federal Court for Participating in $66 Million Mortgage Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release   Preet Bharara, the United States Attorney for the Southern District of New York, announced that attorneys Jacquelyn Torado, Neal Sultzer, and Kevin Hymes and former attorney Michael Schlussel pled guilty to conspiring to commit wire fraud and bank fraud in connection with a $66 million mortgage fraud scheme involving over 100 home mortgage loans for residential properties in the New York City area, Westchester County, Dutchess County, and Long Island. Sultzer, Schlussel, and … (0 comments)

TAX PREPARER SENTENCED TO 24 MONTHS FOR MORTGAGE FRAUD SCEME - 06/08/12 02:11 PM
Tax Preparer Sentenced to 24 Months for Mortgage Fraud Scheme   Financial, Fraud, Mortgage Fraud, Press Release   ALEXANDRIA, VA—Osvaldo A. Mercado, 54, of Gainesville, Virginia, was sentenced today to 24 months in prison, followed by three years of supervised release, for engaging in a mortgage fraud scheme that defrauded Virginia banks of nearly $2.4 million in fraudulent loans.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia; James W. McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office; Jon T. Rymer, Inspector General, Federal Deposit Insurance Corporation (FDIC); and John P. Torres, Special Agent in … (4 comments)

BUSINESS OWNERS INDICTED FOR CREDIT REPAIR FRAUD TARGETING HOMEOWNERS - 06/07/12 04:26 PM
Two Fresno Business Owners Indicted for Defrauding Hundreds of Homeowners and Other Customers Seeking Debt Relief and Credit Repair   Financial, Fraud, Mortgage Fraud, Press Release, White-Collar Crime   FRESNO, CA—On May 31, 2012, a federal grand jury returned a 46-count indictment charging Sharanjit Kaur, 36, and Baljit Singh, 47, both of Fresno, California, with conspiracy, mail and wire fraud, and international money laundering, United States Attorney Benjamin B. Wagner announced, following the defendants’ arrests today in Fresno.
The indictment alleges that between July 2010 and June 2011, Kaur and Singh owned and operated several companies based in Fresno, California, for … (0 comments)

CONTRACTOR NETS 27 MONTHS IN PRISON FOR MORTGAGE FRAUD - 06/07/12 10:36 AM
Norwich Contractor Sentenced to Federal Prison for Role in Mortgage Fraud Scheme   Financial, Mortgage Fraud, Press Release   David B. Fein, United States Attorney for the District of Connecticut, today announced that Brian Guimond, 45, of Norwich, was sentenced yesterday by Senior United States District Judge Alfred V. Covello in Hartford to 27 months of imprisonment, followed by one year of supervised release, for his participation in an eastern Connecticut mortgage fraud scheme.
According to court documents and statements made in court, from approximately 2004 to 2007, Jose Guzman and others used mortgage brokerage, property management, and home improvement companies … (0 comments)

ATTORNEY CHARGED IN SOUTH AFRICAN PONZI SCHEME - 06/07/12 10:28 AM
Virginia Attorney Charged in South African Ponzi Scheme   Financial, Fraud, Press Release, White-Collar Crime   NORFOLK, VA—Brian Ray Dinning, 47, of Toronto, Canada, has been indicted by a federal grand jury on wire fraud charges.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made the announcement after the indictment was returned by the grand jury. Dinning has been charged with 25 counts of wire fraud, which each carry a maximum penalty of 20 years in prison, if convicted.
According to the indictment, Dinning was a graduate of Regent University Law School and also obtained an LL.M … (0 comments)

Kisses From Memphis - 06/06/12 12:02 PM
Don't crank it up too loud or you'll do structural damage to your ceiling.
The amplifier will make your hair stand up. … (0 comments)

FORECLOSURE LAWYER REPRIMANDED BY STATE BAR - 06/06/12 10:39 AM
Foreclosure Lawyer Reprimanded by State Bar David M. Sostchin, Hialeah, Florida, an attorney, was publicly reprimanded following a March 8, 2012, court order. Public reprimand is a form of public discipline which declares the conduct of the lawyer improper, but does not limit the lawyer's right to practice.  Sostchin was admitted to practice law in 1978.   Sostchin was retained to represent a client in a foreclosure proceeding in which a final order of foreclosure had already been issued and a sale date had been set. Although there were no defects in the underlying proceeding, Sostchin failed to ensure that the client … (0 comments)

THREE CHARGED FOR REAL ESTATE INVESTMENT SCAM - 06/06/12 10:34 AM
3 Charged for Real Estate Investment Scam Melvin Russell "Rusty" Shields, Michael Sims, and Sam Stafford, the three founders of S3 Partners who allegedly defrauded numerous individual investors and banks out of more than $21 million in connection with a real estate investment fraud scheme were arrested and arraigned on 33 counts of conspiracy, wire, mail, bank and securities fraud. According to the indictment, which was filed in San Jose federal district court on May 23 and unsealed on May 24, 2012, from 2006 to 2009, Shields, 42, Granite Falls, N.C.; Sims, 58, Gilroy, Calif.; and Stafford, 56, Campbell, Calif., defrauded … (0 comments)

YET ANOTHER REAL ESTATE AGENT SENTENCED TO PRISON FOR FRAUD - 06/06/12 10:31 AM
Real Estate Agent Sentenced for Mortgage Scam Isaura Guzman, 28, New London, Connecticut, was sentenced by Senior United States District Judge Alfred V. Covello to 37 months of imprisonment, followed by three years of supervised release, for her participation in an eastern Connecticut mortgage fraud scheme. According to court documents and statements made in court, from approximately 2004 to 2007, Jose Guzman, his daughter, Isaura Guzman, and others used mortgage brokerage, property management and home improvement companies to arrange for individuals ("borrowers") to purchase real estate, primarily residential housing properties located in New London County, Connecticut, by obtaining funding from various … (0 comments)

REAL ESTATE DEVELOPER SENT TO PRISON FOR FRAUD - 06/06/12 10:23 AM
Developer Sent to Prison for Downpayment Fraud Richard Cartagena, 43, Oldsmar, Florida, was sentenced to 21 months in federal prison for mortgage fraud conspiracy. Cartagena was one of the developers of La Encantada Villas, a development consisting of seven townhomes located on Watrous Avenue, Tampa, Florida. According to court documents, Cartagena was one of the developers of La Encantada Villas from May 2007 through July 2008. He later purchased one of the townhomes himself. Cartagena was aware of fraudulent mortgage practices in connection with at least two of the townhome purchasers. The fraudulent practices included payments received for down payments and … (0 comments)

EIGHT CHARGED FOR FRAUDULENTLY OBTAINING REAL ESTATE LOANS - 06/06/12 10:19 AM
8 Charged for Fraudulently Obtaining Loans Juan Carlos Sanchez, 39, New York, NY, Quelyory Rigal, a/k/a "Kelly," 36, Homestead, FL, Sandra P. Campo, 34, Colombia, South America, Osbelia Lazardi, 54, Southwest Ranches, FL, Dayanara Montero, 37, Miramar, FL, Edward R. Mena, 36, Miami, FL, Celeste Mota, 29, Fort Myers, FL, and David Arboleda, 27, Doral, Fl, are charged in a federal indictment in connection with fraudulently obtaining mortgages for the purchase of condominium units at Marina Oaks Condominiums in Fort Lauderdale. All but one defendant made their initial appearances in court. Defendant Sandra Campo remains at large. The indictment charges the defendants … (0 comments)

INDICTMENT HANDED DOWN FOR STRAW BUYER SCHEME - 06/06/12 10:15 AM
Indictment Handed Down for Straw Buyer Scheme Jonathan Mendoza Martinez, 34, Bellevue, Washington, his sister, Jazmin Villalba Martinez, 30, Seattle, Washington, Celia Perez Morales, 35, Kirkland, Washington and Jorge Castrejon Pichardo, 41, Mountlake Terrace, Washington, have been arrested on a 21 count indictment charging them with conspiracy, bank fraud, wire fraud and mail fraud for a straw buyer mortgage fraud scheme. The mortgage fraud scheme ran from 2006-2008 and defrauded more than ten banks, financial institutions, and mortgage lenders, of more than $8.6 million. More than 50 mortgages were involved on properties in a variety of communities around Puget Sound including Medina, … (0 comments)

BANK AND 19 EMPLOYEES CHARGED WITH MORTGAGE FRAUD - 8 PLEAD GUILTY - 06/06/12 10:10 AM
Bank and 19 Employees Charged with Mortgage Fraud Abacus Federal Savings Bank and eleven of its former employees in a false document mortgage fraud scheme resulting in the sale of hundreds of millions of dollars worth of fraudulent loans to the Federal National Mortgage Association, commonly known as "Fannie Mae." An additional eight former employees have already waived indictment and admitted their guilt in connection with this conspiracy. The 184-count indictment charges eleven individuals and Abacus itself with residential mortgage fraud, securities fraud, grand larceny, conspiracy, and falsifying business records, among other related charges.[1] The defendants include former senior managers, as … (1 comments)

FOUR CHARGED IN MORTGAGE SCAM - 06/06/12 10:04 AM
4 Professionals Charged in Country Club Mortgage Scam Hakeem Rashid, 39, Miami, Florida, a loan originator, Kareem Broughton, 39, Chicago, Illinois, a mortgage broker, Marguerite Elise Dixon-Roper, also known as "Elise Dixon," 46, Darien, Illinois, an attorney, Jada Elaine Lucas, aka "Sophia Youssef," 52, Chicago, a loan processor—were indicted for allegedly participating in a scheme to fraudulently obtain at least 35 mortgage loans totaling more than $16.2 million from various lenders. The indictment alleges that the mortgages were obtained to finance the purchase of properties throughout Chicago and in suburban Country Club Hills by buyers who were fraudulently qualified for loans, … (0 comments)

REALTOR PLEADS GUILTY TO TAX FRAUD RELATED TO MORTGAGE FRAUD SCHEME - 06/06/12 09:58 AM
Real Estate Agent Admits Acting as Straw Buyer Edna Ledoux Jamieson, 44, Moneta, Virginia, a former employee of Genesis Mansions, pleaded guilty in the United States District Court for the Western District of Virginia to tax charges related to money she earned through her participation in a mortgage fraud scheme. Jamieson waived her right to be indicted and pleaded guilty to one count of filing a false tax return for FY 2007. At sentencing, the defendant faces a maximum possible penalty of up to three years in prison and/or a fine of up to $250,000.
Jamison, who was a former employee … (0 comments)

REAL ESTATE INVESTOR CHARGED FOR SCAM INVOLVING 38 HOMES - 06/06/12 09:50 AM
Real Estate Investor Charged for Scam Involving 38 Homes Kevin D. Hightower, 42, Reynoldsburg, Ohio, is the subject of a seven-count indictment charging him with defrauding lenders out of approximately $3,592,099.32 in mortgage loans in connection with 38 Columbus, Ohio, properties he purchased through his real estate investment company, Suite 500 LLC. According to the indictment, Hightower bought the properties for $1,370,000 and intended to break up the properties and sell each of them individually for a profit. Hightower and others allegedly recruited prospective investors, often offering to provide the money for the buyers' down payments because they were unable to provide … (0 comments)

INSPECTIONS SUPERVISOR & REAL ESTATE DEVELOPERS ARRESTED FOR BRIBERY - 06/06/12 09:45 AM
NYC Department of Housing Preservation and Development Inspections Supervisors and Three Real Estate Developers Arrested on Bribery Charges   Financial, Fraud, New York Top Stories, Press Release, Public Corruption   Federal and New York City law enforcement agents and officers today arrested the director of Construction Services for the New York City Department of Housing Preservation and Development (HPD) and three others on bribery charges in connection with a widespread scheme to bribe high-ranking HPD officials in return for lucrative construction contracts, and a fifth defendant has been charged with soliciting and receiving illegal kickback payments from a general contractor on … (0 comments)

TWO BUSINESSMEN SENTENCED TO PRISON FOR MORTGAGE FRAUD SCHEME - 06/06/12 09:40 AM
Two Augusta Businessmen Sentenced to Federal Prison for Mortgage Fraud Scheme   Bank Crime, Financial, Fraud, Mortgage Fraud, Press Release   SAVANNAH, GA—Robert J. DeMello Jr., 49, formerly of Augusta, Georgia, and Raymond W. Turner, 70, of Hephizibah, Georgia, were sentenced yesterday by United States District Court Judge J. Randal Hall to 58 and 62 months’ imprisonment, respectively, based on their earlier guilty pleas to count two of an indictment that charged them with defrauding Southern Bank, in Waynesboro, Georgia, and other financial institutions of thousands of dollars by submitting false information and fraudulent appraisals relating to mortgage loan applications. Evidence … (0 comments)

ATTORNEY AMONG FOUR DEFENDANTS INDICTED FOR REAL ESTATE FRAUD $16,2m - 06/04/12 04:46 PM
Attorney Among Four Defendants Indicted in Alleged $16.2 Million Mortgage Fraud Scheme Involving at Least 35 Residential Loans   Breaking News, Financial, Fraud, Mortgage Fraud, Press Release   CHICAGO—Four defendants—an attorney, a loan originator, a mortgage broker, and a loan processor—were indicted for allegedly participating in a scheme to fraudulently obtain at least 35 mortgage loans totaling more than $16.2 million from various lenders, federal law enforcement officials announced today. The indictment alleges that the mortgages were obtained to finance the purchase of properties throughout Chicago and in suburban Country Club Hills by buyers who were fraudulently qualified for loans, while … (0 comments)

FOUR ARRESTED FOR MORTGAGE FRAUD - NEARLY $8.7 MILLION LOST - 06/04/12 04:38 PM
Four Indicted in Mortgage Fraud Scheme Defendants Allegedly Exploited Immigrant Straw Buyers to Defraud Multiple Banks Financial, Fraud, Mortgage Fraud, Press Release   Four Seattle-area residents were arrested today on a 21-count indictment charging them with conspiracy, bank fraud, wire fraud, and mail fraud, announced U.S. Attorney Jenny A. Durkan. The mortgage fraud scheme ran from 2006 to 2008 and defrauded more than 10 banks, financial institutions, and mortgage lenders of more than $8.6 million. More than 50 mortgages were involved on properties in a variety of communities around Puget Sound including Medina, Renton, South Seattle, Bellevue, Redmond, and Kirkland.
 Jonathan … (0 comments)

Real Estate Practice : Lesson 1690 - 06/04/12 04:24 PM
                                                   #1690
An assumption is when one party or another assumes that the property is going to be given to them as part of a devise.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
If a buyer takes over the responsibility of repaying a seller's existing mortgage, and subsequently the buyer becomes liable to the lender, this is known as an assumption.
If the seller is not released by the lender the seller may still remain secondarily liable for repayment of the loan.
 
… (0 comments)

Real Estate Practice : Lesson 1689 - 06/04/12 04:21 PM
                                              #1689
An assignor is one who has engaged in the practice of breeding mules and donkeys.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
An assignor is one who assigns rights or interests to another person or entity.
The assignor is the party who makes the assignment.
 
… (0 comments)

Real Estate Practice : Lesson 1688 - 06/04/12 04:16 PM
                                                       #1688
To assign in real estate terms means to assign parking spaces to the employees in a brokerage based of the number of homes they've sold in the last 90 days.
Is this fact true or false ?
Please take your time on this difficult question as it may appear on a brokers exam one day. :-)
As usual, the solution is just below the pink birdies.

A. False
Assign means to transfer interests and rights to another.
 
 
… (0 comments)

Real Estate Practice : Lesson 1687 - 06/04/12 04:15 PM
                                                       #1687
When we talk about an assignment, when discussing real estate, we're actually referring to the homework which is assigned by the instructor or professor in your real estate class.
Do you have any doubt in your mind as to whether or not this fact is true ?
What's your verdict ? True or false ?
Please take your time because, as we all know by now, the solution is posted below the wildlife photo.

A. False (were you stumped ?)
When contract rights are transferred from one party to another it's know as an assignment.
… (0 comments)

Real Estate Practice : Lesson 1686 - 06/04/12 12:24 PM
                                                    #1686
An assignee is one who has placed their name on a legal document and has had it witnessed by a government official.
Is this fact true or false ?
Please take your time. The soution is posted below the wildlife photo.

A. False
One who has had interests or rights assigned to them is known as an assignee.
Wasn't that easy ?
… (0 comments)

Real Estate Practice : Lesson 1685 - 06/04/12 12:19 PM
                                                 #1685
Liquid assets are things of value that have fallen into the river and need drying off, or whiskey which may be sold for cash and valuable prizes.
Is this fact true or false ?
Please remember to take your time.
If this question is too difficult to answer please seek medical attention.
The solution is posted below the wildlife photo.
 
A. False
Liquid assets are things of value which may be converted into cash as needed.
Cash is also a liquid asset.
 
… (0 comments)

Real Estate Practice : Lesson 1684 - 06/04/12 11:50 AM
                                                          #1684
An asset is a special seat, stool or chair designed to conform to the contour of the posterior hind end of quadrupeds and gorillas.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False (duh)
An asset may be considered to be anything of value owned by a person or other entity.
… (0 comments)

Real Estate Practice : Lesson 1683 - 06/04/12 11:47 AM
                                                    #1683
Depreciation is a term which, by it's absolute meaning in real estate, represents the decrease in the value of an asset.
It is also considered to be the opposite of appreciation which is the increase in the value of an asset.
Is this fact considered to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
Depreciation is the decrease in the value of an asset.
… (0 comments)

Real Estate Practice : Lesson 1682 - 06/04/12 11:41 AM
                                                            #1682
Appreciation is a term which, by it's absolute meaning in real estate, stands for the increase in the value of an asset.
It is also considered to be the opposite of depreciation which is the decrease in the value of an asset.
Is this fact considered to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
Appreciation is the increase in the value of an asset.
… (0 comments)

Real Estate Practice : Lesson 1681 - 06/04/12 10:54 AM
                                                     #1681
An appraiser is a professional with skill and expertise that are both utilized in estimating the value of a piece of property.
An appraiser will seek qualification through training, study and experience.
An appraiser is an expert who will estimate the value of real estate.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Chasing the Chicken - 06/03/12 09:59 AM

Goofing off with a guitar, an instrument that I know nothing about. … (0 comments)

 
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David Saks

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Memphis, TN

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The Real Estate Mart of Tennessee, Inc.

Address: 4040 North Watkins, Suite #4, Memphis, TN, 38127

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Legal Disclaimer:

The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

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