Monday, January 21, 2008

Beware of house-flippers

From the Daily News:

House flipping scammers continue swindling New York homebuyers

In April, FBI agents broke up a $4 million house-flipping ring in Queens made up of Bangladeshi immigrants.

Conspirators recruited straw buyers to buy properties in Jamaica and Richmond Hill using false identities.

The buyers applied for credit cards to improve their credit ratings, then filled out loan applications with fraudulent employment and income information.

The ring bought and sold homes among themselves to pump up appraised values. One two-family residence on 84th Ave. in Jamaica changed hands four times in two years, rising from $395,000 to $745,000 before ending up in foreclosure.

2 comments:

Anonymous said...

A Bangla/boondoggle .....eh?

I see Richmond Hill is mentioned once again.

This once beautiful nabe,
continuing to get a bad rep !
What a poorly bad situation.

If I lived there in one of those striking,
worthy of being landmarked Victorian homes.....
I'd be heartbroken.....
but, nevertheless, I would force myself to move
before the area totally plummeted!

I wonder if the Richmond Hill Historical Society
is archiving all this info for the record ? !!!

Taxpayer said...

Is this one of those foreclosures that NYS Assembly Sheldon Silver wants us to use our earning to pay for?

See: http://www.pressconnects.com/apps/pbcs.dll/article?AID=/20080104/NEWS01/801040340/1001