Could this be true? The City of Miami's Chief Financial Officers home was foreclosed on? Is it actually possible that the man that's in charge of the city's purse strings is so financially irresponsible that he let his own home slip into foreclosure? Let's take a look.
The property in question is located at 14421 Polk Street in lovely Miami-Dade county...
Mr. Spring purchased the home back in December of 2004, according to the county records the home was purchased for $150,000 with a mortgage from Peninsula Bank for $147,682. Here's the mortgage as it appears on the Miami Dade county recorders website...
14421 Polk Street first Mortgage
Now, a little over two years later, Mr. Spring goes ahead and refinances the same property for $191,250, once again here's the mortgage as it appears in the he county recorders website...
Larry Spring 14421 Polk Street Mortgage
So far so good, right? Problem is just two years later the bank that Mr. Spring has his mortgage with decides to file a foreclosure suit against him as evidenced by this lis pendens filed against the property on March 11, 2008...
Larry Spring Lis Pendens for 13321 Polk Street
In case there's any doubt that the Larry Spring who's home was foreclosed on is the same Larry Spring who's the CFO of the City of Miami, take a look at this signature that we obtained from the mortgage in question...
Now, compare that signature to the City of Miami CFO's signature as it appears on the city's 2009 annual report...
Any doubts now?
Disregard the fact that Mr. Spring refinanced the property two years after he purchased it for $41,250 more than what he had purchased it for, also disregard the fact that a man making as much money as Mr. Spring couldn't keep up the payments on a $190,000 loan while making a small fortune as the CFO of a major city. What should scare the living crap out of all of us is that a man as fiscally irresponsible as Mr. Spring has control of the City of Miami's finances! WTF! Come on Larry, if things were so rough, you should have just asked Veldora for a loan!
I'm getting the feeling that there's much more to this story than meets the eye, more coming tomorrow.
WOW!
ReplyDeleteMeanwhile back at the Herald...
ReplyDeleteCricket noise,
Cricket noise,
Cricket noise,
Cricket noise...
Is this really the guy who should be directing Miami's finances.
ReplyDeleteIf you don't have the good character to make good on your debts when you have the wherewithal to do it, should you be trusted with handling hundreds of millions of dollars of the taxpayers' money?
I don't think so.
Dear Strawbuyer,
ReplyDeleteI'm not sure if you strarted to investigate Larry Spring after I posted the following blog under the piece entitled, "PHANTOM MAYOR IS GATEKEEPER TO CITY HALL.
Posting- Do you know that Larry Spring owns a condominium on Brickell and requested for Miami-Dade County not to list it on its Property Records Database. Do you know why? Because a major lobbyist/developer paid Larry for his misdeeds by selling him to condominium below market rate.
Now do you really believe that Larry paid anything for the Condo?
I'll bet you will find out that he owned the Condominium, which was supposedly purchased below market rate (Not! It was given to him by a Developer/Lobbyist) and he is trying to hide not only his ownership in the Condominium, but his filed Financial Disclosure Forms.
Anonymous for the readers' edification you posted your blog under the piece entitled, "PHANTOM MAYOR IS GATEKEEPER TO CITY HALL" in TAKE BACK MIAMI.
ReplyDeleteNow let me gather and analyze all the information reported by THE STRAWBUYER. Larry Spring purchased a home in 2004 for $150,000, must have given a down payment of $2,318, and recieved a mortgage for $147,682 from Peninsula Bank.
Around the middle of 2006 Mr. Spring refinances his home for $191,250 with another lender WMC Mortgage Corp. (not the orginal lender- Peninsula Bank), pays Peninsula the outstanding mortgage of $147,682. Then he pockets $41,250, which includes getting back his down payment of $2,318 and the difference of the old and new mortage of $38,932.
Before defaulting on his loan, he first uses the $41,250 as a down payment to purchase his Brickell Condominium and then abandons his 13321 Polk Street allowing for the financial institution, Deutsch Bank National, as Trustee, for Morgan Stanley ABS Capital Inc., Trust who took over the bad mortgage from WMC Mortgage Corp., to foreclose on his Polk Street home.
This is a classic case of Mortgage Fraud-Property Flipping Mortgage Scheme. Criminal intent to defraud can be proven with the facts herein:
1. Mr. Spring intentionally refinanced his Polk Street home for $41,250;
2. Used that money for a down payment to purchase his Brickell Condo;
3. After purchasing the Condo, he purposely failed to pay his Polk Street home mortage;
4. He mortgage flipped on the lending institutions with the intent not pay;
5. Mr. Spring has the financial resources to have paid on multiple lending instruments.
MR. SPRING, I THINK YOU AND VELDORA ARTHUR MUST HAVE COLLABORATED IN THIS SCHEME. IF NOT THE ILLEGAL TRANSFERS, YOU WILL BE ARRESTED FOR MORTGAGE FRAUD!!!
Definitely Mortgage Fraud! Peninsula Bank entered into receivership on June 25, 2010, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Peninsula Bank was based out of Englewood, Florida. Obviously, too many fraudulent/bad loans were issued by this financial institution.
ReplyDeleteIs the timeframe involving these Mortgage transactions between Veldora Arthur and Larry Spring coincidental?
Definitely Mortgage Fraud! Peninsula Bank entered into receivership on June 25, 2010, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Peninsula Bank was based out of Englewood, Florida. Obviously, too many fraudulent/bad loans were issued by this financial institution.
ReplyDeleteIs the timeframe involving these Mortgage transactions between Veldora Arthur and Larry Spring coincidental?
Larry, the reason you delisted your Brickell Condo from Miami-Dade County Property Appraiser Records is to prevent people to ascertain your Mortgage Fraud!
ReplyDeleteYou have been caught you SCUMBAG!!!!
If the City Manager, Mayor and Commissioners don't take action they are culprits to all of your fraudulent schemes.
North Observer, I appreciate your comments but you may want to rethink your last one. The building Mr Spring allegedly lives in appears to be a rental building. Check for yourself...
ReplyDeletewww.theyachtclubapartments.com/
Mr. Spring is also paying alimony and child support ... So his small fortune from the City is indeed small ...I hope he doesn't commit suicide like Art Teele considering all this mean-spirited attention ...
ReplyDeleteDear Strawbuyer,
ReplyDeleteNo sir! Mr. Spring purchased the following unit at 134 SW 7 Avenue, Unit #203, from a developer/lobbyist on September, 2005 and put the unit under his girlfriend's name, Esther M. Frometa.
Exactly two years later he marries her and moves to a condo on Brickell. My sources are telling me he owns, not rent, a condominium
The North Observer is apparently very observant.
ReplyDeleteStraw Buyer-
ReplyDeleteGreat research.
Great research to all of you who are investigating THAT MORON Larry Spring.
Isn't there a Mortgage Fraud Task Force?
ReplyDeleteHello...
Is the Herald aware? City CFO commits mortgage fraud.
ReplyDelete