Possible Fraud? - 92602

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brealiving_IHB

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<p>This might be another on in a series of uncovered frauds on the blogs.</p>

<p>looking at mls listing: <nobr><strong>I703388.</strong> The property is located at 5 Winterfield Rd, 92602. Originally purchased on 11/05 for 726k with $500 down. Now listed for 739k. </nobr></p>

<p><nobr>I used Lexis to find out about outstanding mortgages and see who the owner is and noticed the following purchases:</nobr></p>

<p><nobr>1 Thornhill for $840k on 9/05 with $0 down.</nobr></p>

<p><nobr>78 Sorenson for $715k on 9/05 with $0 down.</nobr></p>

<p><nobr>2 of the properties show up on foreclosure.com. There are additional properties under her husband's name, shows up on foreclosure.com too.</nobr></p>

<p><nobr>Anyone have the time to research?</nobr></p>
 
<p>Definitely something fishy going on with these. What is the husband's last name that you are pulling up? I found a Schumacher but it is under a warranty deed. Does anyone know how a warranty deed works? I pulled up five properties all in 92602 plus one in Riverside. I will have to look into this some more later and probably see if there is enough info for fraud and forward the info to ocrenter. </p>

<p>Good catch brealiving!</p>
 
<p>I found these on Foreclosure.com under ZIP 92602</p>

<p>3 Del Mar - $0 down</p>

<p>131 Talmadge - $0 down</p>

<p>43 Modesto - $0 down</p>

<p>63 Modesto - $0 down</p>

<p>39 Modesto - $0 down</p>

<p>68 Arcata - $0 down</p>

<p>11 Soltice - $0 down</p>

<p>1 Amory - $0 down</p>

<p>86 Sorenson - $0 down</p>
 
39 Modesto was the home that started my post: <a target="_blank" href="http://www.irvinehousingblog.com/2006/10/10/bad-investment-fraud-or-what/">Bad investment, fraud, or what?!?!?!</a>





There is a lot of shady stuff going on here and graphrix actually contacted me a few weeks ago with some more info. I need to follow up on some of that and create an update.





But keep posting whatever you find! :)
 
<p>OMG this one looks like it will be big. I am gathering more info and I will email Zovall tomorrow if he is up doing a post on his blog about this one. I warn you it could be very long.</p>

<p>Can someone provide me with the listing agent's name for 86 Sorenson or 43 Modesto?</p>
 
Listing Agent for 43 Modesto (MLS I703441) AND 86 Sorenson (MLS I703639) is Darlene Gallegos from Century 21 Beachside
 
<p>My realtor sent me old MLS listings:</p>

<p>43 Modesto - Both listing and buying - Remax Premier Realty</p>

<p>86 Sorenson - Listing ERA Newstar Realty - Buying - Out of area</p>
 
lol.. I looked up the current listings for 43 Modesto and 86 Sorenson





IrvineMom has the info for the previous sales :)


43 Modesto was sold on 12/30/2005 for $750,000 - Listing Agent was Talin Muradyan from Re/Max and Selling Agent was Mimi Nguyen from Re/Max


86 Sorenson was sold on 12/22/2005 for $735,000 - Listing Agent was Selena Chweb from ERA New Star and I don't have any info on Selling Agent (just Out of Area)
 
<p>zovall - I searched Homeseekers.com and did not see 43 Modesto listed. Is there another site for this type of properties? Thank you </p>
 
IrvineMom, for the current listings, they are both in RedFin or Ziprealty. Just search using the MLS numbers above.





For the old listings, I use MLS Alliance which is a MLS website for realtors (I'm a licensed RE agent but I use a buddy's login to get access).
 
OT -- Here's another flip. 2 Bramblewood, Irvine, 92602 (MLS<strong><strong>#</strong></strong> S472587). According to zillow, the sales history was: Sold on 11/10/98 for $530K; Sold again on 07/05/06 for $1,150,000. Currently listed for $1,289,000. I remembered seeing this one sitting and sitting last year before it finally sold (after numerous reductions and being pulled from the market to have the floors refinished). After all of the flips I've witnessed in this area, I guess I wasn't too surprised to see it listed again so soon. What I am surprised by, however, is that it is under contract. Is there really a GF out there who is going to pay $139K more than last year when the market is clearly declining?
 
<p>I am impressed with the work of Zovall, Graphix, and ocrenter - Once exposed, I think the RE and Loan agents would be more careful to spot potential frauds and not be part of it; thus, mimize loss for everyone. Maybe I am too wishful with my thinking.</p>
 
Just wondering what incentive the brokers/agents would have to prevent fraud. Their livelihood is based on selling and moving properties. I realize in the end it hurts them by having a weak market, but why not game the market as long as possible.
 
brealiving - I don't think anything can prevent them from committing fraud. Its just like stock brokers and hedge fund mgrs that use insider trading to runaway with big gains, money always talks.





One issue that scares me even more about RE's and Loan Agents is many of them only have what is equivalent to high school degrees and they are in roles that can cost ppl tons of money along with credit damage. With that said I sometimes really don't think they comprehend the legal implications of what is going on, only the fact that they are getting a couple thousand dollars here and their which they inturn go out and buy their new BMWs.
 
<p>Speaking of high school dropouts, one of our family friends drives a ferrari. The guy is a mortgage broker, dumb as a door knob. To top it off, bought a $2M house 2 years ago. He was pulling in close to $200k. I went to school and got a degree and am working hard to save for a downpayment to buy a house. </p>

<p>I should've dropped out too.</p>
 
Brealiving...it happens far to often. However, give this guy another yr or two and I bet you wouldn't wish that. Not only do many of them lack integrity or professionalism but they also lack good judgement when it comes to fiscal responsibility.
 
Does that guy live in woodbridge by any chance? There's a guy with a yellow Ferrari with the customized license plate HOM3SALE or something like that here in north woodbridge. The funny thing is that he parks it outside on his driveway, not in his garage.
 
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