California Real Estate Fraud Report

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30
Mar

Two Plead Guilty in Massachusetts Short Sale Fraud

Four persons are facing the justice system for their involvement in a short sale fraud scheme that occurred in Essex County in Massachusetts.

Jasmin Polanco, 37, a real estate closing attorney, and Vanessa Ricci, 40, a mortgage loan officer, each pleaded guilty yesterday to one count of conspiracy to commit bank fraud. Both women have not yet been sentenced.

In the same alleged scheme, Methuen real estate broker Greisy Jimenez, 49,  was indicted this week on two counts of bank fraud and one count of conspiracy to commit bank fraud.

On March 22, 2017, U.S. District Court Judge Rya W. Zobel sentenced a fourth person, Hyacinth Bellerose, 51, a real estate closing attorney from Dunstable, to time served and one year of supervised release to be served in home detention.

Jimenez, Polanco, Ricci, Bellerose and others allegedly submitted materially false and misleading documents to different banks so that the lenders would approve short sales. Approved short sales are required to be arms-length transactions where the seller and buyer are not acquainted through familial, business or other pre-existing relationships with one another. Also, the seller/borrower is almost always required to move out of the property following the sale.

Read the original article in The Patch.

© 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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