Rod Kelley and Liz Kelley are the oldest couple reported to be involved in this type of case. They will spend the remaining years of their life behind bars. Grandma and Grandpa strawbuying scheme with david young team. Houston, Texas. Look at all of his last properties and you will see the all foreclosed. Property value dropping but him in his wife with coldwell banker (memorial drive) all involved in strawbuying. Appraiser on the run. A Houston Grand Jury handed down indictments on eight individuals for a series of mortgage fraud scams in the Houston, Texas area, involving close to 300 properties valued at approximately $40 million. Most of the fraudulent transactions involved finding a straw buyer with a high credit score, and persuading that person to purchase one or more properties. The perpetrators would obtain a phony appraisal that was significantly inflated. Because of the buyer’s favorable credit score, their loan would be approved with minimal scrutiny by the lending institution. Once the sale went through, the scam artist would pocket the difference between the selling price and the inflated loan amount by charging consulting fees, remodeling fees, or other service charges that would be disbursed at the closing by the escrow officer. The unsuspecting buyer would then be stuck with a mortgage that was much higher than the true value of the property.in many cases the buyer was promised that the property would be leased and the mortgage payments would be made, only to find that the property was left unoccupied and the buyer? S credit damaged by nonpayment.
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