Mortgage fraud is alive and well in Wellington Florida and the FBI is not holding back on arrest warrants and the grand jury is handing down indictments for those who are committing and have committed mortgage fraud here in Wellington Florida.
In the highest priced upscale luxury new home development in Wellington Florida called Versailles with all it's splender and multi million dollar homes and clubhouse- there was a hot bed of scams to fraud lenders going down. This group of about 400 homes was built by Transeastern homes right before the mortgage meltdown and the bubble bursting right here in South Florida where the explosion was so intense and fast that we turned into ground zero of lost equity and flippers left holding their goods.
Think twice before you commit fraud or being an accomplice to the fraud in obtaining your mortgage for your next home. You may get away with it or you may not. The FBI is seriously coming after people now.
The list is long of indictments that are going down. Three new names were added to a fraud ring that is being broken up by the FBI; a mortgage fraud ring that was buying up homes in Versailles of Wellington Florida. We are a very small community and words spreads fast. Good thing is most of these folks are not residents of Wellington that were committing this fraud.
The head of an insurance agency in Delray Beach was indicted and arrested and is facing two counts of fraud. He was faking that people were working for his insurance agency and filling out Verifications of employment for bogus amounts of income. One of his alleged claims was saying that a part time cashier at our local supermarket was making $350,000 a year with his company! Can you just believe that! Like, a person making that kind of money as an insurance salesman is really going to work at your local food store! Something wrong with that picture.
Then there is the employee of Bank of America who allegidly was signing forms stating that straw buyers on doctor applications had six figures in their bank accounts. She is facing 3 counts of fraud for doing this so far. Let me make it clear these are allegations by the FBI.
I wrote a post last year about a mortgage broker who was arrested and was alleged to commit mortgage fraud. I printed his name in my blog. He called me after he read my blog, yelling and screaming at me that he was going to sue me. The problem I told him with his threat to sue me was that every paper in our county and Broward county had already printed this story about him and that is where I got my information from. He said he was sueing all of them too and that he was sueing the FBI. He said the FBI was dropping their case against him and that I was ruining his name in front of all these agents on Active Rain by telling them of his arrest, which was public record BTW.
Instead of reacting to his threats I decided to respond instead. I told him that if he was innocent we would all love to hear his side of the story. He said that he would be happy to. We set up a time but he never did call me for our interview of his side of the story.
For that reason I am not mentioning the names of the people indicted. Just not worth the aggravation. I do believe in due process and that you are innocent until proven guilty.
So don't go falsifying documents for lenders to get mortgages approved. It is not worth the consequences. And the worst thing is this beautiful community of Versailles has taken a huge hit on values because so many people in these mortgage fraud rings were buying up these homes and then just letting them go into foreclosure. If you are making $35,000 a year you do not qualify for a house that is being sold for $1,300,000! Enough said!
Now is a great time to buy a home in Versailles. To learn more about this upscale resort style group of homes on the edge of Wellington Florida click here. Call Nestor Gasset or Katerina Gasset, at 561-753-0135 Versailles home selling experts to get your property in Versaille sold or to buy one of our gorgeous listings in Versailles.
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Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Mortgage Fraud Comes To Wellington Florida- FBI Is Taking Action! *