Wellington Florida Real Estate News: Mortgage Fraud Comes To Wellington

Scott Miller- Oh, a lot more than 8 people have been arrested in the last 2 years and there are many more ongoing investigations. But this is a sampling of what happened in just this one community of 400 homes. Out of these 400 homes, only about 1/4 of them were bought by real folks who wanted to make a nice life in this fabulous area. Wellington has its share of fraud and we get a lot of calls asking what is wrong with that neighborhood- why are the prices so much lower than when people bought the homes. We love that area, it is beautiful and one day it will be populated by residents who take pride in this awesome area.

I write a lot of posts whenever we get the news of the mortgage fraud or any real estate fraud here in our area of south Florida. Miami is so filled with fraud that most title underwriters won't even issue title there but that has been going on there for years and years. Remember the swamp land deals?

Fred- not in your life time, LOL!

Dave- There is always fraud in all areas of markets. It is the investigating and knowing that you are going to be punished when you get caught that needs to be spoken loud and clear.

John- The sad thing is that these are gorgeous neighborhoods in communities and the few people that actually bought a home there to really live in are the ones who get hurt. After all, the state made the documentary tax money on the sales, the town of Wellington and the county benefited from the first taxes collected at closing but the residents who live there all lost their shirts. But it is building back up.

Kris- yep, I can believe it to. I would never have the nerve to do something like that and since it is not ethical or legal I would not participate. 

Tim- What I really was surprised is the cases where it was happening after the melt down. How did anyone even believe that the prices were going up when they were going down? That was blatant fraud with even the big players out in front.

Dick and Dixie- That is one of the reason we do short sales also. There are innocent people who just wanted to buy a home. Then there are those who wanted to game the system and then there were those who wanted to live in million dollar homes who make 30K a year and were able to get into a house they should never have been able to buy and that they could not even afford the upkeep on. Then there were all those flippers. People who wanted to make a living flipping houses. They got caught when the bubble burst. I don't feel sorry for them. They took the risk and lost, that is the risk you take. But we never sold one of those people the house! I can sleep at night!

Loreena- Yes, you need to move here and become our buyers agent:) We have many communities with this price range!

Todd- Yep, if they are guilty- well- I don't believe in crowding our jails and prisons with non violent crimes- I think that all people that are convicted of fraud and those kinds of crimes should be made to do work for the communities. They are the ones that should be spending all those hours serving the people they hurt. The way it is set up now, they hurt innocent people financially then they hurt those people even more because those people now have to pay for their stay in jail and the court system. We need those people to be mowing everyone else's lawns and building the roads, cleaning the streets, oh, I can think of a big list that the government pays companies to do that they only need to enlist the prisoners to do. We are starting to do that here in Florida.

Larry, Lenn, Jim, Scott Loper-

Of course this crime is still a crime and therefore needs to be prosecuted. But it baffles me how fast we all turn on these criminals, how the attention is turned to the Bernie Madoff's and the like and yet the biggest fraud ever perpetuated on the American People goes unpunished and is not ever allowed to even be looked into- the Banks and the FEDERAL RESERVE! 

I have a post I am drafting about the complete takeover of our financial system and free markets by the FED reserve board and how the banks have gotten away with the biggest kidnapping ever in history! What a joke! And no one did anything about it. It was the biggest scam ever with their stupid derivatives! Ron Paul presented a bill to audit the FED- of course, they told him to go take a hike. They said they would NEVER EVER let us see their secret society behind those walls.

Ted- wait til you read the stats I found out about the ones that perpetrated this and opened it up to be able to have this fraud be so abundant. I am sure it is A LOT!

Elizabeth- I would think that in California with the tighter laws that this would be harder to accomplish but then again, I am no longer surprised since that huge loan mod scam in CA where the principles and Pres are all attorneys, over 8000 complaints of then taking money from homeowners and not doing the loan mod processing, these same attorneys owned subprime mortgage companies and made 33 billion $! That was not enough, they then changed their company to this loan mod scam and these guys are not disbarred from CA BAR????

Todd- For many people prison life is great- they get free health care, 3 square meals a day, fitness program, library program, bible study and many other things that many people outside of prison don't get. Don't take my comment the wrong way- I know many innocent and low crime cases and how bad the prisons are even here for people who got the rotten end of the system. But it certainly is better than the prisons in other countries! That is a great idea, BTW. You don't have the right to come to any country to commit crimes.

The Spanish newspapers here are having a field day talking about these guys as they are all Spanish in this one ring, and most of them are Columbians. We were just reading some of the Spanish newspapers about what they think of these scumbags. They are not tolerant at all. The Spanish people here are so mad at them for doing this because it reflects on the rest of their community here.

Renee- Really??? A Realtor was implicated? That is sad! I don't know of any agents that were arrested. Many of those that did this were not agents but people selling real estate without a license, which is a felony in Florida.