California Real Estate Fraud Report

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Seal Beach Man Ordered to Pay $5 million in Foreclosure Fraud Case

A man whom federal prosecutors accused of operating a foreclosure fraud business that managed to victimize homeowners, renters, the U.S. Department of Housing and Urban Development (HUD) and lenders in the Inland Empire is going to have to reach deep into his pockets for his misdeeds.

U.S. District Judge Virginia Phillips ordered Terrill Meisinger, aka Terry Meisinger, to pay the $5 million penalty to settle the civil mortgage fraud case, which U.S. Attorney Andre Birotte Jr. said was one of the largest ever pursued against one person.

Unfortunately, Meisinger is not required to admit any liability or violations of the law.

What, no prison time?

The allegations charge that Meisinger convinced homeowners who were in default to deed their property to him for between $500 and $1,000. He promised to bring their mortgage payments to current status and that when the home was sold, they would get an additional $5,000 to $10,000. In actuality, Meisinger transferred the properties into the names of unsuspecting third parties and filed bankruptcy petitions in those persons’ names. While the bankruptcy stay was in force, Meisinger then rented out the homes and collected over $1.5 million in rent from more the more than 100 properties.

Terry Meisinger, who does not have a real estate license, is barred from filing bankruptcy petitions for others without court approval.

Read the original article in the Press Enterprise and the OC Register.

© 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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