California Real Estate Fraud Report

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Seal Beach man pleads guilty to mortgage rescue fraud

Terry Meisinger, 74, pleaded guilty last week to two counts of wire fraud, admitting he defrauded a distressed homeowner by inducing him to sign a quitclaim. The quitclaim was purportedly in exchange for promises  by Meisinger that he would negotiate a short-sale agreement with the victim’s lender for a property located in North Las Vegas.

According to his please agreement, Meisinger instead recorded a deed of trust on the property, which was followed by a fraudulent bankruptcy on behalf of the person who supposedly now held an interest in the home. During the period of the bankruptcy stay, he rented the home to another person.

Meisinger admitted repeating “the process of causing the recording of deeds of trusts in the names of various beneficiaries whose identities he controlled and causing the filing of bankruptcies on behalf of those lenders to delay the foreclosure proceedings, while collecting rents.” Between 1999-2014, he “earned” over $1.5 million on his scheme, which involved approximately 150 properties and at least 50 victims, which included the borrowers/owners, lenders and tenants.

The prosecution of Terry Meisinger resulted from an investigation by the United States Department of Housing and Urban Development, Office of the Inspector General (HUD-OIG).

Read the original article in the Press-Telegram.

© Copyright 2007-2018 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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