California Real Estate Fraud Report

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13
May

Foolish Investors Trash Their Own Credit

In what has to be deserving of the comment “What were you thinking?”, a number of investors in San Diego County traded their good credit for . . . . well, nothing.

The investors attended a presentation given by James McConville. McConville, who worked for Fremont-based Diamond House Development, confessed and was convicted in 1998 of grand theft. In his latest shady dealing, offered to pay the investors $5,000 to $10,000 for every mortgage they took out on the developer’s properties, using no money of their own, just their good credit. The gullible investors, happy to act as “straw buyers”, never received the promised fees and their credit scores went straight south, after all the properties were foreclosed upon.

Read the Full Article in the San Diego Union-Tribune.

© 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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