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According to court records, Charikov, a real estate agent, used straw buyers to purchase properties in a declining real estate market and then immediately re-sold them to another straw buyer at fraudulently inflated prices. In order to qualify for the mortgage loans, the defendants allegedly prepared and submitted fraudulent loan applications to lenders, falsely stating the straw buyer's income, liabilities, and intent to occupy the home as a primary residence.
The indictment alleges that Charikov first recruited Tuzman and another straw buyer to each purchase a house in West Sacramento using 100 percent financing. Charikov then recruited Talybov to purchase both homes for over $200,000 more than what the properties had sold for only two to three months earlier. Romanishin, a loan officer and Charikov's wife, secured the financing for Tuzman's purchase and for one of Talybov's purchases. After the first set of straw buyers obtained the proceeds from Talybov's fraudulent purchases, they allegedly distributed a portion of the proceeds to Charikov. Talybov subsequently defaulted on the loans for both properties.
United States Attorney Benjamin B. Wagner announced the indictment.
This case is the product of an investigation by the FBI and the IRS-Criminal Investigation. Assistant United States Attorney Dominique N. Thomas is prosecuting the case.
If convicted of mail fraud, the defendants face a maximum statutory penalty of 20 years in prison and a $250,000 fine. If convicted of money laundering, Charikov and Tuzman face a maximum statutory penalty of 10 years in prison and a $250,000 fine. If convicted, the actual sentences will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.
The charges are only allegations and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.
If you are interested in finding your next home, click this MLS SEARCH link for a free evaluation report.
If you live in California,are in the middle of/considering a short sale, the California Association of Realtors press release below will be of a lot of interest to you. Until now, your second mortgage holder could still come after you for the amount of money they lost in the short sale. The entire bill is located in the link at the bottom of the press release.Before considering a short sale, we urge you to consult with your tax professional. Once you have satisfied yourself, feel free to contact Forefront Real Estate for assistance in selling your home. LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lien holder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lien holders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.Pat Palmer-Realtor/BrokerReal Estate The Right WayLooking For A Change? Click On Our Career Page Here
Can you believe that 4th of July is here once again? WOW, how time flies.
As gas prices inch down just a bit, a bunch of families are hitting the road this big holiday weekend. Other families are just cleaning their grills, for those great burgers and clearing out their fridge, for those special drinks. Wink, wink. Whatever people will be doing, they will hopefully be enjoying it with their loved ones.
So sit back, grab a plate of food and that special drink, and enjoy the lighted skies as the night falls. We live in a great country and should be thankful for all we have. For those of you that will drink too many of those special drinks, remember one thing, 4th of July is on Monday this year. That means that most of us will have to work the very next day. Drink accordingly and most of all, be safe. Don't let the holiday take control of you.
So, what are your plans for this holiday weekend?
Just in case you might not have missed any of the 6,467 posts I've done on how..ahemmmm...allegedly disreputable most loan modification companies are, here goes 6,468. Monday, June 13, 2011
Kramer & Kaslow, a California law firm, is the subject of a consumer alert concerning alleged unlicensed loan modification services for Washington state residents. Many Washington consumers reported receiving misleading advertisements. The Department of Financial Institutions conducted an investigation of the source of the advertising materials, and ascertained that they are neither from the consumer's lender or any branch of the government, but from companies affiliated with Kramer & Kaslow, and a professional corporation called "Consolidated Litigation Group."
In late 2010, these affiliated companies sent mailings to Washington consumers for loan modification services; in early 2011, the advertisements were for forensic loan audits (mortgage loan compliance review).
Fees for loan modification services were reported as $3,000 or more; the "mortgage loan compliance review" was quoted as $2,500, fully refundable if no violations are found.
If the modification efforts are unsuccessful, or the forensic loan audit uncovers "predatory lending violations", the consumers are then solicited to become a plaintiff in a mass joinder lawsuit with "Consolidated Litigation Group."
Initially this inclusion required no extra fees; however, recent consumer reports indicate that the fees to join the "mass joinder lawsuit" are quoted as $1,500 or more.
Washington state law requires third-party loan modification companies to be licensed with the Department of Financial Institutions. To date, none of the companies affiliated with these advertisements are licensed with the Department in any capacity.
Earlier this year, the federal Mortgage Assistance Relief Services (MARS) Rule was issued to protect struggling homeowners from being further victimized by "loan modification" and other mortgage relief scams.
The most important aspect of this rule is a ban on advance fees. Under this provision, mortgage relief companies may not collect any fees until they have provided consumers with a written offer from their lender or servicer that the consumer decides is acceptable, and a written document from the lender or servicer describing the key changes to the mortgage that would result if the consumer accepts the offer. The companies also must remind consumers of their right to reject the offer without any charge.
The MARS rule has a section for attorneys conducting loan modification or other mortgage relief services. To be exempt from this Rule, attorneys must meet three conditions:
1) they are engaged in the practice of law;2) they are licensed in the state where the consumer or the dwelling is located; and3) they are complying with state laws and regulations governing attorney conduct related to the rule.
To be exempt from the advance fee ban, attorneys must meet a fourth requirement - they must place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.
According to "Consolidated Litigation Group, P.C., there are four California attorneys associated with this "litigation group":
Philip Kramer Mitchell J. Stein Theodore Maloney Christopher J. Van Son
The Department of Financial Institutions has determined that none of these attorneys, affiliated with the mass joinder litigation connected to this advertisement, are licensed to practice law with the Washington State Bar. This conduct has been referred to the Washington State Bar for potential action.
These attorneys, however, are apparently eligible to practice law in California. The State of California's Department of Real Estate (CA DRE) has issued its own Consumer Alert regarding mass litigation or mass joinder lawsuits being marketed to consumers. You can read the CA DRE Consumer Alert at www.dre.ca.gov/pdf_docs/ca/ConsumeAlert_WarningreMassLitigation.pdf.
Additionally, the Better Business Bureau (BBB) also recently issued its own Consumer Alert regarding "mass joinder lawsuit" mailings. You can read the BBB Consumer Alert at www.bbb.org/us/article/bbb-warns-homeowners-mass-joinder-lawsuit-mailings-may-be-latest-advance-fee-mortgage-modification-scheme-26797.
The Department of Financial Institutions would like to encourage all Washington consumers to verify that any loan modification service they consider engaging is properly licensed with the Department of Financial Institutions and complying with the MARS Rule and applicable state law.
Consumers are also encouraged to conduct internet research on the company to check for possible consumer complaints and to learn more about the company. For Washington consumers whose home is in jeopardy due to default or financial troubles, please visit the "Washington Homeownership Information" website at http://www.homeownership.wa.gov for information on how to obtain free assistance in working with your lender prior to foreclosure.
For more information, contact the Department of Financial Institutions at 1.877.RING DFI (746-4334).Here's Pat's Rule of Thumb on loan modifications. " If you are going to use a loan modification company, go ahead and throw whatever money they are charging you and give it to the worst person you know". That rule is in place because the money will still be going to a better cause.Pat Palmer-Realtor/BrokerReal Estate The Right WayLooking For A Change? Click On Our Career Page Here
If you have any questionsabout this property orrequire more information,please feel free to call.Kellie Boone,RealtorForefront Real Estate951-288-4048
www.ffhomes.net
Forefront Real EstatePhone: (909)-581-6018 Fax: (909)-912-8002 E-mail: email us here 3175-E Sedona Court, Ontario, CA 91764
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