California Real Estate Fraud Report

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09
May

All in the Family Fraud Ring Busted in San Bernardino

A past felony conviction and prison term didn’t stop Andrew Whitaker, 52, and ten of his relatives and associates from committing predatory lending crimes against San Bernardino County residents in Rancho Cucamonga to the tune more than $2 million in fraudulent mortgages.

San Bernardino Deputy District Attorney Larry Roberts said the victims were homeowners trying to stay out of foreclosure who thought they were obtaining refinancing. Instead, their homes were sold to straw buyers after whatever equity that existed was sucked out by the Whitakers through inflated commissions and escrow fees.

Whitaker’s daughter Heather Nicole Whitaker served as president of two companies — Nationwide Discount Home Loans and Preferred Metropolitan Escrow Inc. were run by Whitaker’s daughter, Heather Nicole Whitaker, who served as the president. His ex-wife wife Majgan (Mona) Cox, of ReMax/Allegiance Realty was the licensed real estate broker. Current wife Karren Whitaker was the licensed real estate appraiser doing business as Pacific Coast Realty Appraisals Inc.

The Whitakers’ scheme, for which they obtained mortgages of more than $2 million, operated by providing non-existent down payments and untrue information about the buyer’s credit and income on the loan applications. Once the loans were funded, they were quickly sold to Countrywide, which was unaware of the deception.

Read the Full Article in The Press Enterprise 

© 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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