Mother and Son House Flipping Scheme

[flip_it_fast]

I just read that a mother and son and wife have been charged for their part in a house flipping scheme that took place from 2004 to 2007.

Samer Zahr, 37, his wife, Chirine Ghandour, 29, of Dearborn and Zahr’s mother, Rajaa Zahr, 53, of Dearborn Heights were discovered through an investigation that took place under the Wayne County Deed Fraud Task Force.

Apparently Samer would would buy houses and then sell them to him Mom at an inflated cost. Once the houses were in her name she would give lenders false financial information to get mortgages. Once she got the money she would spend it, default on the loans and the houses would go into foreclosure.

The trio is charged with flipping two Detroit properties, as well as one Dearborn and one Dearborn Heights property. Properties were purchased with small-business loan funds allegedly obtained for the businesses Flexible Transport and Zahr’s Real Estate Investment.

Samer is facing ten to twenty years. Rajaa is facing ten to twenty years and Ghandour is facing ten years.

Just another reason why the housing market blew up in everyone's face.

[flippinout]

Thats a shame that people do things like this but its great to know that they got caught at it before it went any further.

And with loans as hard to get as they are these days, one has to wonder how much influence things like this have on the fact that most people find it very hard to get loans these days.