A Fort Myers real estate sales associate was arrested and charged with 61 counts related to a multimillion dollar mortgage fraud scheme in Southwest Florida. The state alleges Wallen , the man arrested worked with a group of real estate professionals who were filing fraudulent loan applications and taking advantage of people with both good and bad credit receiving more than $3 million from fees and defaulted loans.
Wallen owned Florida Home Loans and was the sixteenth person to be arrested in this scheme so far. THE Fort Myers based Alternative Home Finance would find renters with bad credit ratings and allow them to pick out a house to rent and eventually own. “The company would then allegedly find people with good credit and take out multiple loan applications in the name of one borrower while falsifying applications. After collecting money from a bank, they would allow the house to go into foreclosure, leaving renters without a home, borrowers with bad credit and banks to foot the bill.”
(http://www.news-press.com/article/20090904/CRIME/90904029/1085/NEWS0110)
Unfortunately this is happing all over Lee county. There are so many people like this guy are doing the same thing to people. I’m glad they stopped this guy before he did any more damage. I move people for a living and a lot of them tell me a story of how they were renting and sending in their payments every month and the owner was not forcing them to move without notice when they foreclose.
Emil Gilbert
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