Orange County | Clerk’s Office aims to stop bogus foreclosure sale prices

Here is a little follow up on Fraudclosure Auctions: Bogus Prices Hiding Profit and Creating False Home Values.

Clerk’s Office aims to stop bogus foreclosure sale prices

The Orange County Clerk of Courts office took a definitive step Tuesday in preventing investors buying up foreclosure properties from overpaying documentary stamp taxes on their new properties and artificially inflating the sale prices of the real estate.

The inflation of foreclosure auction purchase prices appeared to be a common practice among a small group of investors. But the short-term fix seems simple enough: Clerk of Courts Lydia Gardner’s office started writing the winning bid amounts on property title certificates Tuesday.

That action came after the Orlando Sentinel identified dozens of cases in which the clerk’s office listed one foreclosure sale price while the Orange County Property Appraiser’s Office listed a higher price – often tens of thousands of dollars more than the high bidders actually paid.

This measure could prevent the new property owners from falsely inflating sale prices and making it appear as if they paid more than they actually did for the real estate.

Rest here…

Brilliant, I tell ya….

Now why didn’t the ever do that in the first place?

How about you look at the assignments now? That’s even more pervasive than the bogus sale prices…

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4closureFraud.org

Comments
4 Responses to “Orange County | Clerk’s Office aims to stop bogus foreclosure sale prices”
  1. LVLawman says:

    I think the buyer who the house is flipped to, and the mortgage lender, would have a “fraudulent inducement” cause of action against the perpetrating seller who overpaid the stamp tax.

    Anyone gonna get sued……………….Naaaaaaaaaaaaah!

    So the clerk should publish the name of every purchaser in foreclosure that overpaid the stamp tax, the actual foreclosure price paid and the address. That would allow any victim, bank or purchaser, to identify what happened and bring action. Now that would be a real PUBLIC SERVICE.

  2. yvonne says:

    This has actually been going on for many years…I thought it to be a loophole…I now of a particular big name in Miami that did this all the time and got really wealthy practically overnight….also, if you would research this…you may find that many of the wealthy also have their accounts inflated by this practice that allows them to garner huge bucks in loans, sales, etc and asset accounting…and the fraud continues and the domino game gets more players to participate….wow…

  3. Stupendous Man - Defender of Liberty - Foe of Tyranny says:

    Yep, and on every single level.

  4. l vent says:

    The scam continues.

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