Justice Prevails In Pacific Northwest;Mortgage Fraud Culprits Sent To Prison

John Hansen, a Washington State real estate appraiser, was the final culprit in a mortgage fraud ring to be sentenced (MortgageFraudBlog). He was ordered to spend 18 months in federal prison followed by three years of supervised release and ordered to pay restitution of $287,796. Hansen pleaded guilty to conspiracy to commit wire fraud last year in connection with the Century Mortgage fraud in Washington.  According to authorities, Hansen inflated appraisals on homes purchased by vulnerable homebuyers. The Seattle Times reports the following:

Former Century Mortgage co-owner Dale D. "Sage" Gibbons was sentenced to five years in prison and ordered to pay $449,953 in restitution. He was convicted in July on 16 counts of wire fraud.

Former real-estate agent Sally L. Gibson, who sent home buyers to Century Mortgage for financing, was sentenced to 30 months in prison and ordered to pay $264,406 in restitution. She was convicted of a dozen counts of wire fraud.

Co-defendants Ronald Lee Burger and Cathy M. Patrick pleaded guilty to wire fraud and testified against Gibbons and Gibson.

Burger, also a co-owner of Century Mortgage, was sentenced to 37 months in prison and ordered to repay $423,011. Patrick, a closing agent, was sentenced to 60 days in jail and three years' probation and was ordered to repay $148,340.

In the home-sales fraud conspiracy, scores of people bought houses for far more than market value, then found themselves facing balloon payments, high interest rates, foreclosure and even bankruptcy.

 

Comments

[John]

When a person is in foreclosure, they are under stress and are probably frightened and worried. They are not sure what they should do to handle their problem. When someone stops paying on their mortgage, they have already stopped paying on all of their other debts. These other debts usually include credit cards and personal loans; the mortgage is always the last thing they stop paying.
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[Sam]

The people who are in foreclosure will probably be frightened and worried as they don't know what to do, and don't want to loose their property. So at that moment they may tend to commit some frauds only to over come foreclosure.

[Wesly]

The people who are undergoing foreclosure will be very frustrated as they are loosing their hard earned property, so in order to avoid it they may tend to commit some fraud.

[kantoor te huur]

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