This week were going to take a closer look at some of the homes we mentioned in the Grove last week, we're going to start with 3146 Hibiscus street. What we've been able to glean from the County Recorders office is pretty damning, remember all we're doing here is looking at deeds that are available online and pointing out what we see, we're not accusing anyone of doing anything illegal. We've blacked out names and addresses of the buyers and sellers, take a look at the documents and draw your own conclusions.
Lets start with the Warranty Deed from who we'll call seller "A":
What we see here is that the home was purchased by party "B" from seller "A" on June 3, 2008, there is no mortgage recorded for this transaction so we can assume if the transaction was on the up and up that the home was paid for in cash, specifically based on the $1,230 in documentary stamps we can conclude (based on 60 cents/$100) that the purchase price of this home was $205,000. So far so good.
Now, we find another warranty deed for the same property where party "b" is selling the property ON THE SAME DAY HE PURCHASED IT to buyer "C"! Take a look:
Now on this last transaction we also have a mortgage recorded from Flagstar Bank with buyer "C" as the borrower. Based on the documentary stamps for this transaction we come up with a sales price of $490,000!!!!!! Thats a one day profit of $285,000!!!!!!!!!!!
Now here we have the icing on the cake:
Less than 8 months later Flagstar Bank files a foreclosure suit on the borrower, considering how short the period of time was between the inception of the loan to the foreclosure, one can only assume that there wasn't a single payment made on the loan. Lets take a look at what we got here, the person who sold the property to buyer "C" purchased the property the same day that he sold it and in a matter of hours realized a $285,000 profit, then the mortgage that buyer "C" obtained went into default almost immediately after the closing. Not to mention the fact that the same title company handled both transactions.
Draw your own conclusions. I've checked all the resources available online yet I see no evidence of a criminal case. For our followers in the MDPD, someone please be kind enough to explain to the former ace mortgage fraud Detective what went on here.
More to come tomorrow...
Nathaniel Reed ... by gimleteye
4 days ago