California Real Estate Fraud Report

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16
May

Reno-Gazette Publishes Article on Short Sale Fraud in Nevada

Jason Hidalgo and Brian Duggan have done the public a great service by the extensive article they recently published in the Reno Gazette Journal concerning short sale fraud and the devastating consequences it has had for homeowners in Las Vegas.

Entitled Sold Short, the writers did an extensive analysis into the short sale market in Las Vegas, establishing not only how a legitimate short sale works but what profiteering real estate agents do to take advantage of the homeowners in distress but also to suck every drop of equity from the property, which should rightfully belong to either the bank, or perhaps, partially to the homeowner.

Note: I am unsympathetic to the notion that banks are victims in short sale fraud. Proper auditing, checks-and-balances and due diligence can stop most short sale fraud in its tracks, making the banks incompetent and guilty of failing to protect their assets and investors but certainly not victims. And that doesn’t take into consideration the banks that knowingly approve fraudulent short sales.

Do I know of such cases? Of course I do – you bank with them.

I also know that law enforcement and prosecutors have completely and utterly failed to protect the public from this pernicious crime. As a result, short sale fraud flourishes, for which I again place the blame on law enforcement and prosecutors. In case anyone is asking, that would be California Attorney General Kamala Harris (who has prosecuted ZERO short sale frauds to my knowledge) and the various U.S. Attorneys General Offices in California, who among them have prosecuted at most three or four such cases. You can read a more in-depth analysis of short sale fraud in my e-book, How to Commit Short Sale Fraud . . . and Get Away with It.

© 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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