Lance Collins of Baldwin County, Alabama, pleaded guilty yesterday to conspiracy to commit mail and wire fraud. Based on prosecutors’ response – they agreed to recommend leniency and have agreed to a 6-month delay in sentencing – it appears that he plans to cooperate in revealing just how he “defrauded mortgage lenders by submitting false loan applications and settlement statements to get money to purchase condominiums near the beach”[1]. 16 different property owners are suing Collins in an attempt to recoup money lost on “silent second mortgages” on properties with an estimated loss of $1 million, while prosecutors have said they suspect there are at least 50 other similar transactions in existence.
Read the rest of the article from the Bryan Ellis Real Estate Letter
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