Records show Theresa Lewis told buyers they didn't need down payments, that mortgages would be covered by rental payments and the properties could be re-sold at a profit, as former real estate broker accused of persuading buyers to buy foreclosed properties financed with fraudulent loans is facing prison time, reports said.
False statements such as sales price, buyers' incomes and source of down payment, and that many of the properties were eventually foreclosed on by lenders, the records also show that mortgage loan documents were riddled.
She was sentenced yesterday to three years and ordered to pay 42-thousand dollars in restitution, as Lewis pleaded guilty last year to bank fraud, mail fraud and money laundering in the mortgage schemes.
By: Kane Langford
http://www.realestateportal.org/article.php?story=20060222120311181