House Flipping Scam

[flip_it_fast]

If this wasn't a big mistake I don't know what is... lol.

About a month ago a New Orleans man named Calvin Davis was arrested for a house flipping scam. What he was doing was he bought up properties that were in bad shape. Then he would get fraudulant appraisals that suggested the properties were worth way more than they were. Davis would then get "straw buyers" to apply for the loan. Using his good buddy Michelle Cochrane, who worked for Citywide Mortgage, to get the loans approved. He then would have HUD insure the loans and when the owners defaulted they had to pay the mortgage.

Calvin Davis was basically the ring-leader in all of this and he has been sentenced to forty months in prison and he has to repay HUD $1 million. His friend Michelle has not yet been sentenced and neither has the owner of Citywide, Michael O'Keefe Jr. He has admitted to making false statements.

Robert Green, a tax preparer is also in hot water for filling out false tax returns for Davis.

Lets not forget about the straw buyers, three of them have plead guilty and are on probation.

[homealone]

Every time you turn around just about anymore, your hearing about a scam.

It is getting to the point that most people are really unsure as to who can be trusted and who cant be.

Its really aweful that we live in a time when people are willing to do just about anything to swindle people out of their hard earned money.