Wellington Florida Real Estate News: Mortgage Fraud Comes To Wellington Florida.
We get asked quite often why the prices have dropped so dramatically in Versailles of Wellington Florida. Versailles in Wellington Florida was built right at the height of the boom and right before the bubble burst.
The homes are stunningly beautiful in old French Provincial themes and the most extravagant entrance probably in all of Wellington. The entrance alone cost the developer millions of dollars. This is a gated community with a resort style clubhouse and pool. You can read more about Versailles Wellington Homes For Sale on this post that I wrote.
By the time the building started you could not touch the smallest home in Versailles for under $600,000 with many of the homes selling between 1 million to 3 million dollars at that time. This attracted wannabe investors who were planning to flip these properties before the completion of the building. So what would happen is the buyer would go to the sales office, pick out their lot and their model to get built, then put down a very small deposit, usually about $10,000 To $15,000. The buyer did not have to go through the loan process until the end of construction. Some people bought two or more of these properties this way. Then the bust came and these buyers were stuck with having to close on the loans since they could not flip them during escrow because the values started to decline. Some people leased their properties and many just walked away and let them get foreclosed which drives the prices lower still.
A federal grand jury just indicted 8 South Florida licensed mortgage brokers, title agents and straw buyers. These people have all been indicted for committing fraud on buying five homes in Versailles of Wellington.
The indictment consists of 15 counts. The indictment alleges that these people flipped these 5 properties sometimes TWICE in the same day!!! And doubling the value of the property in ONE DAY! The group recruited buyers who did not have to bring any money to closing, took title to the property and then 24 hours later transferred the title. For doing this they each were paid $10,000.
Then when the second buyer took title to the property 24 hours later they were getting $437,000 of the mortgage money from Washington Mutual, WAMU. Then they walked away from all of these homes and allowed those homes to go into foreclosure and committing fraud against WAMU to the amount of $8.5 million dollars.
Please remember that all people accused of a crime have the right to defense and are innocent until proven guilty. The following names are in the indictment, a matter of public record and reported also in the local newspapers:
Most of the defendants are from Miami Florida and some also from Columbia, Rony Alberto Aguilar, Reinaldo Perez-Sanchez, Pablo Atouro Aponte-Torres from Puerto Rico, Fabio Salazar, Roger Omar Nunez- Murillo, Idalmis Arias, Ericson Perez of Georgia and Juan Carlos Lopez of Miami.
You can get a really good price on a magnificent mini mansion in Versailles Wellington Florida! Their loss is your gain!
To view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today. Wellington Florida Real Estate News Mortgage Fraud Comes To Wellington - Copyright © 2009 by Katerina Gasset* all rights reserved*
To view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.
Wellington Florida Real Estate News Mortgage Fraud Comes To Wellington - Copyright © 2009 by Katerina Gasset* all rights reserved*
Authored by Katerina Gasset
Nestor Gasset and Katerina Gasset- Realtors®, CIPS, ABR, SFR, GRI, REOS