Friday, September 25, 2009

'McMansion' Mortgage Fraud Scam: Huge Homes Allegedly Became Boardinghouses

The Washington Post reports that allegedly that the family of Ruben Rojas would recruit straw buyers, help them file false loan applications and execute phony "HUD-1" settlement statements on down payments and closing costs. The Rojases would allegedly pay the straw buyers and reap the benefits of quick "flip" sales along with real estate commissions in some cases. Investigators have identified 34 houses bought using unqualified buyers and turned into illegal boardinghouses. The total value of those properties is about $20 million, police said. Investigators expect that the scheme might ultimately involve more than 200 houses in Virginia.

For more information, please click on the link below.

Va. Family Targeted in 'McMansion' Mortgage Fraud Scam

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