Indianapolis Lawyer Indicted With Mail Fraud In Connection To A Foreclosure Fraud Scheme

October 26, 2009
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Brian L. Nehrig, a former lawyer from Indianapolis, Indiana, has been indicted with mail fraud in connection to the foreclosure fraud scheme that he carried out when he was assigned by his law firm to do foreclosure work with CitiMortgage.

According to the indictment, Brian Nehrig’s duties with CitiMortgage include attending sheriff’s sales and placing minimum price bids for CitiMortgage’s properties that were in foreclosure before offering them to third party bidders for bidding. The proceeds from the sales should then be sent to CitiMortgage. But instead of placing minimum price bids for the properties, Nehrig placed inflated values for these properties at sheriff’s sales and completed transactions with third party…

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Filed Under: Foreclosures, Real Estate, Real Estate Fraud

Former House Of Danny Bonaduce Sold For $1,381M After It Went Into Foreclosure

October 7, 2009
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Danny Bonaduce, a former child actor and currently a radio host, had purchased a home in Hollywood Hills, Los Angeles back in 1999 for as much as $985,000. He sold this same house in 2002 for $1,275,000. This year, the house was sold once again to a non celebrity buyer for $1,381,000.

The non celebrity buyer bought the house from the Bank of New York after it went into foreclosure. This house was built in 1995 and measures approximately 5,676 square feet. This house sits on a 7,410 square foot lot and features five bedrooms, and four and a half bathrooms. Aside from these, the house is also furnished with a…

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Filed Under: Celebrity Real Estate, Foreclosures, Real Estate Investment

Singer Deborah Gibson Sold Her House For $900K To Avoid Foreclosure

September 14, 2009
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We rarely hear news about a celebrity-owned house ending up with a sad story, like the one that singer Deborah Gibson has experienced. Gibson purchased the house for as much as $1,275,000 in 2005 but she has only sold it for $900,000 just to avoid foreclosure.

This house is located on 1522 Forest Knoll Drive in Hollywood Hills, Los Angeles and had been on the market since February for as much as $995,000. The house was built in 1940 which includes two bedrooms, two bathrooms, chef’s kitchen with stainless steel appliances, formal dining room, and a den. The house itself measures about 1,733 square feet and lies on a 7,175 square…

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Filed Under: Celebrity Real Estate, Foreclosures

Foreclosure Consulting Firm’s Co-Owner Detained For Defrauding Homeowners

September 14, 2009
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If you’re one of the homeowners whose homes are about to go in foreclosures, then you must probably be looking for a solution to avoid it. But beware of those people or foreclosure consulting firms whom you’ll be approaching because some of them may try to deceive you, like what Rene Alvarez, co-owner of the M&R Contemporary Solutions Inc., and Mariano Ortega did to hundreds of homeowners.

Rene Alvarez was already arrested but Mariano Ortega is still on the loose. These men have carried out a wide ranging loan modification scam where they defrauded homeowners with homes on the brink of foreclosure. Alvarez and Ortega offered these homeowners a principal reduction…

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Filed Under: Foreclosures, Real Estate Fraud

Homeowners Protection Act Delayed Foreclosures In Chicago

August 13, 2009
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Here is a good news for the millions of homeowners out there. A new law was enacted in Chicago, particularly in Illinois, and it is called as the Homeowners Protection Act. This law gives the homeowners an ample time to prepare or avoid foreclosures.

The Home Owners Protection Act was signed by Governor Pat Quinn which forbids foreclosures within the first 30 days of negligence. This law obliges the lenders to give a notice to the homeowners telling that they still have another 30 days to seek for foreclosure counseling and another 30 days if they are able to find a counselor endorsed by the Department of Housing and Urban Development.…

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Filed Under: Foreclosures, Real Estate

Grenade Found In A Foreclosed House At Clarke County Georgia

August 11, 2009
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If you are one of those people who are fond of looking at foreclosed properties, then you should be careful the next time you enter a property. This is with regards to the latest news about a grenade found in a foreclosed house.

Yes, it is true. A grenade was found on the center of the floor of a foreclosed house located at Clarke County, Georgia. Fortunately, the grenade was recovered by the Georgia Bomb Squad and detonated it in the backyard. The grenade was actually found by a foreclosure specialist named as Mike Seger and at first, he even thought that it’s made of plastic. After realizing that the grenade…

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Filed Under: Foreclosures

Luxury Condo Is Exclusively For Rent To Those Homeless Families

July 3, 2009
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Due to the financial economic crunch that is luring around the globe, in the United States for instance, in the move to avoid foreclosure of businesses in any sectors or in real estate, a luxury condo developer has turned the unoccupied units a shelter to those homeless unfortunate ones.

The Brooklyn units come complete with granie, counter, terraces, marble bathrooms and walk-in closets and the city is paying out hundreds of thusands of dollars per month or $90 per unit per night to house homeless families in the city.

According to other people, the move was a very noble tad best thing to do amidst crisis where families ended up living in…

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Filed Under: Foreclosures, Real Estate Crisis

Law Provides Protection To Renters In Case Of Foreclosure

May 29, 2009
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One of the problems that made the already worsening foreclosure problem is the inability of renters to protect themselves from eviction once the property they are renting is foreclosed. All that is a thing of the past now as President Barack Obama signed a housing law that will allow, albeit temporarily, renters to stay in their landlord’s homes after foreclosure.

The new law will at least provide a temporary home for renters at least through the end of their lease and an additional 90-day period after that before they will be forced to leave the house. If there is no lease then renters will still have 90 days to stay in…

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Filed Under: Foreclosures

Landmark Skyscrapers Sees Foreclosure Troubles

May 27, 2009
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The real estate downturn is not only the worst so far for the residential sector but it is also considered the worst crisis that happened to the commercial real estate market sector. The real estate bubble burst has led to the foreclosure and ultimately the auction of several landmark skyscrapers in the country as developers face big trouble paying up for their mortgages.

There is a fire sale going on and its not clothes they are selling but skyscrapers made available at drastic discounts and low, low prices. The only clincher is that the prospective buyers pay the outstanding debts related to the property. Lucky for the residential real estate sector…

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Filed Under: Foreclosures
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