When I grow up, I want to be a blogger like Cindy Jones, an agent in Northern Virginia. She comes up with great topics and titles for her Localism posts targeting military personnel and I try never to miss any of them. In fact, she's been kind enough to share some of her material with me when I asked.
I was so glad Cindy submitted (Can Your MLS Listing Get You in Trouble) and its follow-up post (below) to the requeat I made in my post earlier this week inviting everyone to provide a link to their first featured post. Unfortunately, the first one didn't have the re-blog button enabled, but I can share this one with you.
It's not one of her Localism posts, however, so be sure to go looking for one of those if you really want to be impressed and inspired.
Late last week a fomer real estate agent who had been the target of an FBI investigation and subsequently indicted in 2009 has learned his fate.
Ruben Rojas and his family led a real estate and mortgage fraud scheme that resulted in losses to lenders to the tune of $9 Million Dollars. Many of the homes that they were involved in flipping or tearing down to rebuild large McMansions subsquently turned into boarding homes in older Springfield neighborhoods.
It was those boarding houses that led to complaints by neighborhood citizen groups which unraveled the mortgage fraud and subsequently the arrest of close to 20 people including Ruben Rojas his sister-in-law, Litcia Linares, his sister Lourdes Rojas Almanza and his two brothers Grovert Rojas and Jaime Nino Rojas.
Prosecutors were surprised when the judge sentenced Rojas to 5 years in prison and 5 years of supervised release. More than the recommended sentence. He was also ordered to pay restitution in the amount of $9.5 million. A lawful permanent resident from Bolivia, Rojas will be turned over to immigration authorities for deportation proceedings following his release from prison.
The results of the Rojas scheme can been seen by anyone driving through neighborhoods in Springfield. Most of the homes involved in the transactions have gone into foreclosure or have been sold as short sales. The 30 transactions included in the indictment amount to $24 Million in illegal loans received with bogus documents created by the Rojas group.
Though the sentencing will not fix the sharp decline of home values in central Springfield, nor will it fix the blight that the McMansions leave among the older smaller homes but it should send a message to other agents who were involved in mortgage scams and flipping schemes. The FBI and local authorites aren't going to let you off lightly when your day in court arrives.
Margaret Woda - Real Estate The Woda Way
As a licensed Associate Broker in the Washington, D.C. - Baltimore - Annapolis area, I specialize in Anne Arundel and nearby Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post and want to learn more about Real Estate the Woda Way, please visit my website at Margaret Woda.com or contact me today.
Margaret Woda, Long & Foster Real Estate, Inc. (410)451-6245|MWoda@mris.com