Mortgage Fraud in San Diego: Some Basic Facts

A real estate deal is a complicated legal issue which necessitates focus on information and comprehension of mortgage laws. In San Diego, California, a number of mortgage frauds took place last year (2008) where mortgage lenders, mortgage brokers and real estate developers falsely represented themselves and performed a number of mortgage frauds. Mortgage frauds in San Diego took various forms.

A number of mortgage frauds were related to hidden costs or false claims made by real estate professionals. If a real estate broker, escrow agent or mortgage broker does not disclose hidden costs for fraudulent purposes, a reasonable real estate purchase may turn out to be an overwhelming one that you cannot manage within your budget. In this way, others make money from your real estate transaction in an illegitimate way.

Lawsuits against mortgage frauds or contract frauds which took place in San Diego also comprised class-action suits against condominium developers who made publicity for particular features of a project for selling the project in advance, despite the fact that those were false claims. On certain occasions, amenities were overstated or even fabricated to entice potential buyers for the project. Starting from parking lots to rooftop terraces to the standard and size of the properties, strict action should be taken against those real estate professionals engaged in promoting and selling of properties who made bogus claims.

In all probability, real estate is the costliest investment that you make in your lifespan. Cautious thinking and especially cautious verification of the documents is necessary, rather by a veteran real estate attorney who has the capacity of identifying mortgage fraud.

On 19th June, 2008, six people were charged with mortgage fraud by the Federal Bureau of Investigation in San Diego. This was basically a wire fraud. The names of the accused are the following:

• Rafael Santiago
• Said Betech
• Abner Betech
• Angel Armendariz
• Aviva Betech
• Lucette Montane

They were caught by the countrywide clampdown named “Operation Malicious Mortgage”, a joint initiative of the FBI and the Department of Justice.