phil.rice

1962 E Phillips Dr, Centennial, CO  80122

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $245,000 estimated
• Loan Amount = $290,000 estimated
• Lender = Not recorded, which is unusual
• MLS pg1 – Kim Purchase 06/05/06
• MLS pg2 – listing history
• Prior Sale – Fraud = $37,000, 08/21/03.
• Deeds Report
• Indicated Fraud = $45,000 estimated
• Listing Agent = Gerald Smith – Golden Frontier
• Selling Office = SPACE = Kimberly White & Gillian E Stott

Comments:  This property sold 11/27/00 for $209,850.  About a year later the property went into foreclosure.  The property sold again on 08/21/03 with some blatant fraud, and sure enough, about a year later the same property was back in foreclosure.  The property sold again in June of 2006 with some even more blatant fraud.  Do you see a pattern?

In August of 2003, Dan Sullivan (listing agent) got a round trip and collected a commission on both sides of this transaction.  He raised the price by $37,000 (after 274 days on market) and reported a seller concession of $zero.  Julie Farlano (a tree hugger) agreed to an 11% interest rate, put $37,000 in her back pocket at closing, and walked away without ever making a payment – more or less.

In June of 2006, Gerald Smith (listing agent) raised the price by $40,000 (after 281 days on market) and reported a seller concession of $6,000.

These names show up as being involved in the 2003 foreclosure and/or the June 2006 transaction:

Dakota Lending, LLC:
DAKOTA LENDING LLC (seller), DONALD P SCRIMGEOUR (buyer), 4810 6TH ST, BOULDER, 3/31/2006, $698,000

Cougar Associates, LLC
Charlesworth Forrest in El Paso County

Imperial Lending, LLC
4352 Trail Boss Dr
Castle Rock, CO  80104

We’re the number 1 foreclosure market in the entire country.  Somebody has to be number 1.  What are we doing (or not doing) to accomplish this distinction?  This particular property is located in the Four Lakes neighborhood, one of the stronger and healthier neighborhoods in the entire Denver metro area.  This is not a ghetto – if it can happen here, it can happen anywhere.

The handy 1 page summary shows Young Kim bought 10 houses in 7 months.  This is item 8 of 10 – stay tuned for more.  It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.

tags

Pattern of Behavior

mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Gerald+Smith Golden+Frontier Imperial+Lending

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Gerald+Smith / Golden+Frontier / Imperial+Lending /

Ronald Daniel Williams, former licensed real estate appraiser in the State of Colorado.  His name shows up the Denver Post article – Steal of a Deal.  A person with the same name (maybe the same person, maybe not) was arrested in Fort Payne, Alabama in March, 2005.  Died in jail on 10/04/06 in Alabama.  RIP.

tags

Ronald Daniel Williams

mortgage fraud real+estate Ronald+Daniel+Williams

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Ronald+Daniel+Williams /

4322 93rd Ave, Denver/Thornton, CO  80229

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $175,000
• Loan Amount = $175,000
• Lender = Suntrust Mortgage
• MLS pg1 – Kim Purchase 03/15/06
• MLS pg2 – listing history
• Prior Sale – FHA Fraud = $8,000, 05/01/03.
• Flip Sale – the “flip” failed.  Now what?
• Deeds Report
• 03/15/06 Fraud = $Maybe $None
• Listing Agent = Steve Cramer – Exit One
• Selling Office = MBSCH = Carmen Gomez

Comments:  This property sold in 2003 – they added $8,000 to the asking price.  2 real estate agents, a borrower, mortgage broker, the good people at HUD and an appraiser all played along with the lie in order to justify a loan that was $8,000 more than the market value of the property.  Within a few months, Peggy Muro (the borrower) stopped making payments and this house went into foreclosure.

HUD put the property back on the market and sold for $23,000 less than the loan balance.  Estimated cost to the US Taxpayer = $70,000.  Dang, I hate it when that happens!

Young Kim bought the property in March 2006, with a loan that might be legit.  She put in new appliances and shampooed the carpet.  Then Carmen Gomez tried to sell for a $47,000 gross profit.  It did not work.  Dang, I hate it when that happens!

Now what?

The handy 1 page summary shows Young Kim bought 10 houses in 7 months.  This is item 7 of 10 – stay tuned for more.  It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.

tags

Shampoo

mortgage fraud real+estate Young+Kim flip Suntrust Carmen+Gomez FHA

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / flip / Suntrust / Carmen+Gomez / FHA /

The Tampa Tribune published at least 3 follow-up stories -

• 10/24 Two Agencies Will Examine
• 10/25 Home Sales Draw More Scrutiny
• 10/26 Underwriter Launches Inquiry

Tip of the cap to Francois Gregoire (I call him Frank because it’s easier to spell).  His name shows up a few times in these articles – IMHO, every state in the Union should be paying attention to the Florida Appraisal Board and using them as a benchmark.  Things are clearly not perfect in Florida – but they are making a good effort to do something about it – and it does make a difference.

1000 Fillmore St, Denver, CO 80206

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $392,000
• Loan Amount = $441,750
• Lender = Axis, division of Biltmore Bank of Arizona
• MLS pg1 – Kim Purchase 03/10/06
• MLS pg2 – listing history
• Deeds Report
• Indicated Fraud = $49,750
• Listing Agent = John Sullivan, Re/Max Cherry Creek
• Selling Office = SPACE = Kimberly White & Gillian E Stott

Comments: The mortgage broker and the good people at Biltmore think as long as the fraud is less than $50,000, the authorities will leave them alone. Sadly, I think they are right. Another powerful lesson for the Denver real estate community.

The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 7 of 10 – stay tuned for more. It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.

tags

Biltmore

mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott John+Sullivan Biltmore Axis Bank+of+Arizona

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / John+Sullivan / Biltmore / Axis / Bank+of+Arizona /

MLS pg1 / MLS pg 2  listing history / Deeds report

Property at 17791 E Bails Pl, Aurora, CO  80017.  Current MLS status is under contract – since 07/01/06 – about 4 months ago.  The MLS status is wrong – this property sold for $174,900 in August.  Carmen Gomez (listing agent) failed to report the sale in MLS.  Ardell (real estate agent in Seattle) has a fine rant about MLS updates being a few days late – image how mad she would be if she worked in Aurora.

The buyer is none other than Reuben Droughns, running back for the Cleveland Browns.  He played for the Broncos 2002 – 2004.  Mr Droughns financed 65% of the purchase price and agreed to a 10% interest rate.  The mortgage loan provided by the good people at Mortgage Lenders Network, USA.  I wonder if Reuben Droughns knows he bought this house.  Is it just me?  Does this look like a problem?

Young Kim did OK on this deal.  Keep up the good work Carmen!

tags

Bails Update

mortgage fraud real+estate Young+Kim Carmen+Gomez Ardell Reuben+Droughns Mortgage+Lenders+Network+USA

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Carmen+Gomez / Ardell / Reuben+Droughns / Mortgage+Lenders+Network+USA /

17791 E Bails Pl, Aurora, CO  80017

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $148,500
• Loan Amount = $148,500
• Lender = Sebring Capital Partners
• MLS pg1 – Kim Purchase 03/09/06
• MLS pg2 – listing history
• Prior Sale – FHA Fraud = $3,000, 11/27/02.
• Flip Sale – pending
• Deeds Report
• 03/09/06 Fraud = $Maybe $None
• Listing Agent = Debra Green – Realty Executives
• Selling Office = MBSCH = Carmen Gomez

Comments:  This property sold in 2003.  Joyce Mahn (listing agent) added $3,000 to the asking price and reported a seller concession of $zero.  2 real estate agents, the buyer/borrower, mortgage broker, the good people at HUD and an appraiser all played along with the lie in order to justify a loan that was at least $3,000 more than the money paid to the seller.  Within a few months, the borrower stopped making payments.  They tried (for about a year) to sell for $190,000.  That did not work.  Dang, I hate it when that happens!

This house went into foreclosure.  HUD took possession, and sold for $25,000 less than the loan balance.  Estimated cost to the US Taxpayer = $70,000.  Dang, I hate it when that happens!

Young Kim bought the property in March 2006, with a loan that might be legit.  She redid the front deck, exterior paint, and put down new wood floor in the kitchen.  Then she tried to flip the property, asking $34,000 more than she paid.  It might work.  Estimated expenses = 4 months carrying cost = $4,000.  Real Estate Agent commissions = 5.6% = $10,000.  Mortgage broker commission = $2,000.  Other closing fees = $2,000.  Fix up expense = $12,000.  Total expenses estimated = $29,000.  Net profit before tax = you do the math, this is a tough way to make a buck.

The handy 1 page summary shows Young Kim bought 10 houses in 7 months.  This is item 6 of 10 – stay tuned for more.  It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.

tags

Flip

mortgage fraud real+estate Young+Kim flip sebring+capital Debra+Green Carmen+Gomez FHA

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / flip / sebring+capital / Debra+Green / Carmen+Gomez / FHA /

827 Jackson St, Denver, CO  80206

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $297,000
• Loan Amount = $358,150
• Lender = Decision One, subsidiary of HSBC
• MLS pg1 – Kim Purchase 03/07/06
• MLS pg2 – listing history
• Deeds Report
• Indicated Fraud = $80,000
• Listing Agent = Eric Grauberger, Fuller Towne and Country
• Selling Office = SPACE = Kimberly White & Gillian E Stott

Comments:  The $80,000 seller concession at the bottom of the MLS listing looks like it must be a typo.  Then you look at the listing history, and you realize it’s not a typo, it’s an $80,000 seller concession.

The handy 1 page summary shows Young Kim bought 10 houses in 7 months.  This is item 5 of 10 – stay tuned for more.  It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, and Dawn L Molen.

tags

Typo? Not!

mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Eric+Grauberger Decision+One HSBC Fuller+Towne+and+Country

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Eric+Grauberger / Decision+One / HSBC / Fuller+Towne+and+Country /

510 Lafayette St, Denver, CO  80218

• Buyer/Borrower = Young Kim
• Amount Paid to Seller = $350,000
• Loan Amount = $400,000
• Lender = Entrust
• MLS pg1 – Kim Purchase 01/24/06
• MLS pg2 – listing history
• Deeds Report
• Indicated Fraud = $50,000
• Listing Agent = Frank Garr, Re/Max Masters
• Selling Office = SPACE = Kimberly White & Gillian E Stott

Comments:  The handy 1 page summary shows Young Kim bought 10 houses in 7 months.  This is item 4 of 10 – stay tuned for more.  It’s the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, and Dawn L Molen.

Entrust and a smooth $50,000 fraud.  This property sold 06/30/05 for $281,000.  The market is flat.  A granite counter is nice, but it does not add $120,000 value.  Two real estate agents, a buyer, seller, mortgage broker, lender, and title company.  Everyone knows what needs to be done, and each does their part.  The deal goes thru and everyone gets paid.

tags

More Granite

mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Frank+Garr Entrust

technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Frank+Garr / Entrust /

This is a link to an ABC news video.  It starts with a commercial, and then is about 10 minutes of story – this has been in all the papers – the New York Times, Wall Street Journal, Indy Star, and others.

I see a lot of similarities to the story in the Tampa Tribune, and I see a lot of similarities to Shawn Tieskotter, Vicki Dillard Crowe, Young Kim, and Jumpin’ Jim Beauprez – the son of the republican candidate for governor of Colorado.