California Real Estate Fraud Report

You have just entered the #1 private-sector resource on Google for real estate fraud in California. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Dare to sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

07
Jan

Vista Real Estate Agent Sentenced for $4.5m Mortgage Fraud

Miguel Romero was a busy man, simultaneously wearing the hats of a real estate agent, insurance dealer, income tax preparer and credit repair expert.

But many of his fellow Latino clients would say he drove them to ruin (affinity fraud) and a staggering number of his home sales have fallen into foreclosure. Of the 122 homes Miguel Romero has sold since 2004, at least 75 have fallen into foreclosure. Twenty-one of the additional 63 homes his network of real estate agents sold have also entered foreclosure status.

Other clients of Romero, who attended his weekly seminars on how to grow wealth by using the equity in their homes to invest in other properties, have lost not only those properties but their principle residences, which had equity and which they were able to afford before they met Romero.

Now the long arm of the law has finally caught up with Miguel Romero: he is being sentenced today to four years in prison for fraud, theft and conspiracy to commit a crime. With his unique business plan that consisted of overstating income on mortgage loan applications (mortgage fraud, loan fraud, real estate fraud) to buy homes they could truly not afford, there was no way his clients would not be victimized.

Read the full article in the North County Times.

Comments are closed.

© Copyright 2007-2014 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetans WP-Copyprotect.