Here is your more typical, run of the mill, foreclosure in Miami. It appears this modest home was a first home for this couple I could not find any history of another home. Norbeto and Miriam bought their Condo home in a middle class neighborhood in Hialeah for $170,000 in June 2006. It seemed to be a bit under the going rate: One sold for $205,000 in July of 2006. The couple got two mortgages totaling $170,000 from Fremont Investment & Loan of Fullerton, California (“O” down – a recipe for failure). The first mortgage was an adjustable not to go higher than 12.3% or lower than 9.3%. By January 2007 they had a Lis Pendens from the bank. They were foreclosed on May 31st. The foreclosure bill for the $136,000 first mortgage from Deutsche Bank National Trust totalled $148,808.02. Couldn't find info on Norbeto's second mortgage foreclosure. Then we have Zoila's tale of her road to two foreclosure judgments, and then back from the brink of foreclosure sales twice. Her story is bizarre and probably illegal. (all this information is in the public records).
Zoila A. surfaced in 2003 and bought a 34th Avenue property July ‘03 (recorded Sept. ‘03) for $192,000 again financed by Fremont Investment & Loan (same as the one above), with an adjustable rate mortgage of $153,600 at 8.45% not to increase to more than 15.45%. The husband, Dion, is not on the deed but he is on the mortgage. Argent wrote a new mortgage for $224,000 on the 34th Ave. property in Feb. '05 - the original $153,600 mortgage was satisfied.
Then Zoila bought a 26th Avenue property, January ‘04 for $235,000. New Century Mortgage of Irvine, Calif. wrote the adjustable rate loan for $199,750 (pre-payment rider). In Nov. ‘05 she sold the 26 Avenue property for $375.000, making a profit of $140,000. Again, husband Dion is on mortgages but not deeds.
Now here is the part I don’t get. One year later, Zoila had a Lis Pendens from Wells Fargo Bank on the remaining 34th Avenue property. There was a motion by Zoila to cancel the foreclosure sale the day before the April 11,‘07 sale date. The total owed on the foreclosure final judgment (Mar. '07) was $256,015.63. She paid up and sold the property May 25 ‘07 for $350,000. After paying off the judgment she made about $100,000. So now, as far as I can tell, this couple owns no real estate in Miami. BUT WAIT, HERE IS WHERE THE FUN BEGINS.
One of the addresses they use on the paperwork does not exist (these are not owner occupied so they supplied a second address for the paperwork). Then while pouring through records I found another address they are using but the owner at this address has a DIFFERENT first name! It was a new home built by Lennar. The Lennar home was bought in September ‘03 for $283,240. If you are keeping up, you will note the 34th Avenue property was bought in July ‘03 (recorded in Sept.) – so both purchases occurred at the same time. Lucenia A., secured a loan of $247,000 for the Lennar home from Option One Mortgage, Irvine, California 8.2% to 14.2% adjustable. The person who owns it, Lucenia, is not taking a homestead exemption.
AHA! I compared signatures: Both women are one in the same and both have a husband with the same name – Dion - All signatures are the same. So while she was buying homes as Zoila and being foreclosed on... she was also buying a home as Lucenia and being foreclosed on – except this Lucenia is using a New York address instead of the phony address Zoila was using. Lucenia actually lives in New York according to the Lennar mortgage papers. Her final judgment foreclosure tally on this Lennar property was $264,206.73. This second foreclosure sale, like the other, was cancelled the last minute: Nov. 27th '06. Zoila/Lucenia appears to still own the Lennar home.
I don’t know what is going on — but it is ridiculous. I wish she would go back to New York because who knows how many other names she is using. It is ironic that she actually made about $240,000 profit in the end.
I did find a death certificate for a Zoila A. in the public records....12/28/94.
To read more of Eye On Miami
Other foreclosures I have looked at:
Foreclosure Case Study
American Dream Not a 100% Financed Sprawling House
Another Insane Miami Foreclosure
Record Foreclosures in Miami: Fraud or Incompetence
7 comments:
Good job on the research by GENIUSOF DESPAIR but the connection may be with Lennar and this lady in NY and or the mortgage co's and Lennar they have their own mortgage co but anything is possible with Lennar, if you have the time and desire look into that connection,it would not be a surprise to many who have discovered Lennars own desception
For additional information about Lennar Homes . . . complaints, defects, building code violations, visit www.Defective-Homes.net
Can't blame this one on Lennar...do they check social security numbers. How did she keep both separate?
Don't be to hasty in not blaming Lennar , look at their past,
are they always guilty unless proven innocent?
There are so many cases like this one. I have done my own investigation when I noticed a HUGE disparity ($250,000) between the MLS list/close price and the amount the mortgages total. In one building alone I found EIGHTEEN such transaction. There is a very organized ring committing these crimes. Unfortunately the FBI and Lenders are just waking up to this BullSh*t. The damages go beyond the Lenders loss. Expect a surge in foreclosures from these crimes alone and values suffering in the buildings/neighborhoods when these properties are sold at a discount from the Lender. Those committing these type crimes think they are smarter than they truly are. We already know who most of you are and you will eventually pay for your dirty deeds.
I hope this information gets into the hands of the authorities, and that they actually run it to ground.
And to I think I worry about what my credit will say when I am late with a payment.
Oh yah, speaking of credit reports.
Look at the fine print on new credit apps. Nothing like giving you a 0% rate and hiking it to 27% when you are late once on another account.
More scrams.
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