Greater County Mortgage Bankers owner Hector Hernandez was indicted along with seven of his employees for a $50 million mortgage fraud scheme. Wire fraud charges were filed against developers Armando Bravo and Aleida Fontao.
The indictment states that the defendants secured fraudulent mortgages through the Federal Housing Administration from 2006 through 2008. The loans included exaggerated income and financial statements. Hernandez, the owner of the mortgage company allegedly used false documents such as phony earning statements to qualify borrowers, who otherwise would not have qualified.
Hernandez was also accused of giving borrowers kickbacks after closing on condominiums. The majority of the Great County loans defaulted and went into foreclosure. The scheme cost the FHA over $50 million, as these loans were guaranteed.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any
questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade &
Garcia website at www.miamibankruptcy.com.
Related Resources: http://www.bizjournals.com/southflorida/blog/morning-edition/2014/08/mortgage-company-owner-real-estate-developers.html?ana=e_sflo_rdup&s=newsletter&ed=2014-08-29&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1409325203