California Real Estate Fraud Report

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Homeowners Sue Builders, Want Sales Reversed in Mortgage Fraud Lawsuit

Homeowners who purchased new homes in subdivisions built by big-name developers got new life breathed into their class-action lawsuit, when U.S. Court of Appeals for the 9th Circuit reversed an earlier decision by a lower court to dismiss their mortgage fraud lawsuit.

Attorneys at McCune Wright, LLP had sued Centex Homes, D.R. Horton Inc., Richmond American Homes, Lennar Corporation, Beazer Homes USA Inc., Shea Homes Inc., and the Ryland Group Inc. They claim the builders failed to disclose to the plaintiffs, all of whom had made 20% down-payments, that they were marketing, financing and selling the homes to unqualified, subprime buyers.

The plaintiffs allege they paid inflated prices as a result and are seeking damages, as well as demanding the builders buy back the properties at the original sales prices.

Read the original article in the Sun.

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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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