California Real Estate Fraud Report

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04
Sep

Father and son charged in short sale fraud of their properties

Two New Jersey men have been charged with bank fraud for allegedly setting up fraudulent short sales of their own properties in Emerson and Park Ridge.

George Bussanich Sr., 56, of Park Ridge, and George Bussanich Jr., 35, of Upper Saddle River, were charged with one count of conspiracy to commit bank fraud and two counts of bank fraud.

Bussanich Sr. is alleged to have sold the Emerson and Park Ridge properties as short sales to straw buyers, for which he provided the purchase money. He later re-purchased the properties from the straw buyers. His son is alleged to have lied to one of the mortgage servicers about one of the properties.

The intended outcome of selling one’s own properties to a straw buyer and then re-taking ownership is to get a write-down in the principal owed on the property, at the expense of the original lender.

 

In 2014, the Bussaniches agreed to pay to pay $5.5 million – including $4 million in restitution – to settle allegations that they defrauded more than 30 investors and spent the money on Maseratis, a Ferrari and expensive homes, charges which they denied.

Read the original article in NorthJersey.com

© 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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