FLIPPING FORECLOSURE DECEPTION - FLORIDA FIRM BUSTED
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In a follow –up to my featured article SHORT SALE RESCUE FRAUD ON DESPERATE HOMEOWNERS, the Palm Beach Post front page today headlines:Investment firm offers salvation to distressed homeowners, but some say they were misled. The article quotes me saying, “"You have to look through to the intent of the transaction," said West Palm Beach attorney Richard Zaretsky, who is representing a St. Lucie County resident who filed the police report in Boca Raton.”Why are they collecting rent? They don't own the home, they didn't buy the home, there was no documentation, they're not assuming the mortgage."
But Nationwide Investment Firm seems to have many arms: There is the title company that has been handling their transactions. But the Post reports the Florida Department of Financial Services has no record of a license for a title company called Interstate Title Services and Escrow, which is listed at the same address as Nationwide and is named as a closing agent on a Sept. 29 settlement statement obtained by The Palm Beach Post. Interstate Title Services and Escrow is also an inactive company according to the Florida Department of State's Division of Corporations.
Further, they have sold homes to third parties using this title company, but without ever obtaining marketable title to the properties.
Then there is the straw buyer "Nationstar" - also apparently a related firm with the same address and almost the same name as Nationwide.
Not to worry, says their in-house counsel, Lewis Rothman an attorney from California not licensed in Florida. The Post writes that civil lawsuits claim that neither Nationwide nor Dieuvil – the front man bringing in mostly Haitian immigrants in financial trouble - is licensed to conduct real estate or mortgage transactions in Florida. (According to state records, Dieuvil had a 2006 mortgage broker license, but it expired Dec. 31, 2010.)
And the Post’s investigation showed that Nationwide Investment Firm’s website says it has offices in the Chrysler building in New York and in the Miami Downtown Center, but calls by the Post to the New York number rang to a different company and the rental agency for the Miami building said Nationwide does not have an office there.
The Post reports: “The business model is legally sound and bails out struggling homeowners, Nationwide's Hollywood-based lawyer Kevin Fabrikant said.
Further, Nationwide Vice President Louis Rothman argued that no one is pushed into signing a contract.
"We explain to them clearly what we do," Rothman said. "When they leave they have a new property, a new house and they have equity."
But attorneys who filed the suits against the firm and its president, Guilfort Dieuvil, say the company, in truth, is violating arm's-length short sale rules meant to prevent the type of house flipping partly responsible for the economy's epic failure”.
The arm’s length transaction issue was discussed in my previous articles STAND-OFF WITH FREDDIE MAC OVER SHORT SALE ADDENDUM - ALTA GETS INVOLVED, Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK SO!!, and SHORT SALE ARMS LENGTH AFFIDAVIT MAJOR REVISION NEGOTIATED TODAY.
Watch here for developing news on this saga………..
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Copyright 2011 Richard P. Zaretsky, Esq.
Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader. Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660Email - RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com Website www.Florida-Counsel.com.See our easy to understand articles at:
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