California Real Estate Fraud Report

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Allegations of Appraisal Fraud & Title Fraud in Hurst Financial

Hard money lender Hurst Financial Inc. is not the only San Luis Obispo entity that investors are eyeing for restitution of the millions of dollars that have been lost. Investors and creditors who have lost millions of dollars to local hard money lenders may find financial reprieve through a plethora of entities with dirty hands. Developers, appraisers, title companies, accountants, and bankers may be tangled up in a conspiracy that created this Ponzi scheme that may have that may have already cost thousands of investors, primarily seniors, more than $500 million in non-returned investments.

Cuesta Title may have a bull’s-eye painted on it following its appraisal of developer Kelly Gearhart’s Vista del Hombre property, which the title company showed to be free and clear of all liens and encumbrances, when at the time it had liens exceeding $27 million. By the time the bank had received the appraiser’s report, it had already lent Gearhart another $1 million.

Hurst’s appraiser, Terry L. Pippin, claimed the Vista del Hombre development would be worth more than $100 million if it were completed – and that’s a big “if”. The bank’s appraisal came in at less than 1/4 of Pippin’s appraisal. Pippin is apparently only licensed to conduct residential appraisals.

This story of fraud and financial ruin in the Central Coast is much smaller than Bernard Madoff’s Ponzi scheme, yet is just as devasting for the investors in that region.

Read the Full Article in the CalCoast News.

© 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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