Tuesday, March 8, 2011

The Larry Spring "Pump and Dump", taking another look at the City of Miami Chief Financial Officer's foray into real estate...

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Yesterday we discussed City of Miami Chief Financial Officers unfortunate foreclosure on his home located at 13321 Polk street.  Before we continue, let's take a look at the definition of "arm's length transaction", a term commonly used in real estate, from the Realtor.com website...
An arm’s length transaction is one in which the buyers and sellers act independently and have no relationship to each other. The concept of an arm’s length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party.
Simple to understand right?  Now, let's take a look at the deed for the home Mr. Spring purchased back in 2004...

larry spring deed for 13321 Polk Street                                                                                                   

Anyone notice who the sellers were?  According to the deed, Mr Spring purchased the home from Mamie L. Spring and her husband John Flemming.  Could there be some sort of relationship between Mamie L. Spring and Larry M. Spring Jr?  To answer that question, we'll look at a quit claim deed from 1979 for the very same property...

14421 Polk Street Deed From Larry M. Spring to Mamie I. Spring                                                                                                   

From this document dated July 11, 1979 we see that Mamie I. Spring took ownership of the property solely in her name from someone named Larry M. Spring, presumably Larry M. Spring Sr.  Coincidentally this quit claim deed coincides with date for Larry M. Spring Sr.'s divorce from Mamie I. Spring (case 1979-904571-FC-04) back in mid 1979. 
 
Conclusion in case you haven't figured it out yet?  From the documents we've been able to unearth, it appears to me like Larry M. Spring Jr. purchased his childhood home from his mother, hardly an arms length transaction, stripped the home of all it's equity then let it fall into foreclosure.  If that is indeed the case then we have to ask another important question, did Larry M. Spring Jr. ever live in the home located at 13321 Polk street after he purchased it in 2004?  

We'll continue our discussion into this seemingly nefarious transaction tomorrow, before we do though, make sure you go back and read our comments from yesterday's post as well as the comments on Investigation Miami and Take Back Miami to get all the necessary background information.

6 comments:

  1. Straw Buyer -
    Great research. You must spend hours looking at microfilm? You could give lessons to Herald reporters.

    Look forward to seeing more on Mortgage Fraud Larry Spring.

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  2. Straw Buyer,

    Is the North Observer on to something?

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  3. 9:24, as someone else said, The North Observer is very observant...

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  4. Uh HELLO! Anyone at the state attorneys office home??

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  5. Has anyone thought about the fact that Larry's mother must not be a "spring" chicken? Perhaps the house was taken out of her name for other reasons as well - so she would not have holdings which might disqualify her for federal assistance in her later years. Transfers of equity to family members are tied to a certain number of years before the feds look backwards to see where the money went.

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