California Real Estate Fraud Report

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17
Jun

Hoda Samuel, 58, of Elk Grove, the owner of Liberty Mortgage Co. and Liberty Real Estate and Investment Co., has been indicted along with nine alleged accomplices on federal mortgage fraud and mail fraud charges.

The 48 count indictment charges Samuel and his alleged co-conspirators with making 30 home purchases from April 2006 through Feb. 2007 by submitting fraudulent loan applications. Twenty-eight of the homes have been foreclosed upon at a loss of $5.5 million. Among the charges are conspiracy to commit mortgage fraud, mail fraud and making false statements in mortgage applications to federally insured banks.

A unique twist to this fraud is that the defendants offered more than the listing price for the properties and explained to the sellers that the excess funds were going to be used to make the properties habitable by disabled people, when the money actually was going into the pockets of the defendants.

Read the full article in the Modesto Bee.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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