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Florida Man Guilty of Mortgage Scam

By Eddie Farah

Florida Man Guilty of Mortgage Scam

By Eddie Farah on June 21, 2008

An Orlando man, Robert Guest, 44, pled guilty in Alabama to one felony count of conspiracy in a scheme that involved the purchase and reselling of more than 200 homes, many in Florida.

Altogether the fraud cost Countrywide Loans about $2 million.

Guest would buy a home with a low value in Alabama, Florida, or Tennessee. He would then arrange to sell it to an investor at an inflated price. The investor gets a loan for 80 percent.

Then Guest pays him back his 20 percent, which means that Countrywide, was on the hook for a 100 percent loan. In Florida, Guest purchased homes in Orange and Seminole counties.

Guest could face five years in prison. He also has to pay restitution and a fine of $250,000. He will be sentenced in September.

Originally posted at InjuryBoard by Eddie Farah

Full post as published by Jacksonville Personal Injury Lawyer on June 21, 2008 (boomark / email).