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Three Arrested for Loan Mod Fraud

DEC 12, 2013 5:22pm ET
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Before and during 2007, Vilchitsa and a business partner solicited funds from investors to buy residential properties, renovate them and flip them. The operation was successful before the financial crises, but when real estate values plummeted, the business was unable to sell its inventory.
Vilchitsa and his partner allegedly coordinated the purchases of 24 of their company's residential properties, although they knew the purchasing investors did not have the income or assets to support the loans for the properties. Loans were obtained for the investors through Zazhitskiy, a licensed real estate agent and broker who worked as a loan officer. Although Zazhitskiy had not interviewed the loan applicants, he knew their income and assets had been faked for purposes of the loan applications, authorities said. Nevertheless, he obtained loans for 23 properties.
Zazhitskiy was ordered to begin serving his sentence Jan. 15 and Vilchitsa on March 14. (mortdly12513)

MORAL

Loans completed in 2007 and six years later sentenced to federal prison. Since the federal prosecutors have 10 years to file criminal charges for mortgage fraud they work their way forward. At the moment from my investigation and representation of some of those accused, they are using 2005, 2006 and 2007 fraud loans. Some are much closer occurring in 2011 because of the enormity of the loss. For questions contact Herman Thordsen.

THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE. AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.

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