A Henderson resident becomes incarcerated for 18 months in New Jersey Thursday on a $9 million-dollar mortgage theft conviction.
a criminal complaint accuses Joseph A. Gonzalez, 46, of using fraudulent documents to secure home equity loans on homes he did not purchase, according to reports.
Gonzalez had previously entered a guilty plea before US Federal District Judge John Michael Vaz through videocon. He is the sixth party responsible for the offense.
Curaj Flores oversaw a mortgage scam from 2010 to 2018, documents reveal. For residential assets in New Jersey and New York, they took out $9 million in home equity lines of credit.
Flores and Gonzalez’s scheme included the usage of property in Jersey City, New Jersey. So long as Gonzalez is doing certain services for the landlord, he was permitted to remain there in lieu of rent.
Gonzalez often used a straw customer who has excellent credit in the papers to serve as a go-between in their transactions, as shown by the papers, court records show. He prepared a quitclaim deed, which includes no guarantees of ownership.
A straw purchaser is anyone who procures goods on behalf of another person, rather than themselves. In fact, the signatures on the transfer were created with a forgery.
They qualified for two home equity lines of credit using the Straw buyer’s identity from several institutions. They did not disclose that the property was subject to previous mortgages that had not yet been registered.
The documents included misleading statements about the straw buyer’s salary, court records state.
The applicants received a better rate on their home equity loans than the valuation of the house they used for comparison.
The straw buyer ended up with $500,000 in loans. Gonzalez, Flores, and others received almost half of the funds disbursed, according to documents. During his election campaign, $43,000 in stolen funds were used to purchase a luxurious vehicle for him. any of the loans go into default
Vazquez sentenced Gonzalez to serve three years in jail and award his victim $512,500 in compensation.
