Katrina Arrington, 34, loan processor, Hillside, New Jersey, was the third employee of N. J. Affordable Homes to plead guilty in conjunction with a real estate fraud scheme that cost investors millions of dollars.
John Kurzel, 55, New Brunswick, New Jersey, and Lucesita Santiago, 37, Woodbridge, New Jersey, pled guilty in October 2006 to participating in a mortgage fraud scheme that defrauded investors of more than $7 million.
All three co-conspirators worked for N. J. Affordable Homes, Corp, (NJAH).
NJAH was also known as:
Purely Profit Plus, LLC;
NJ Affordability Homes Corp.;
New York Affordable Project Management Corp.;
Speedy Realty, Inc.;
Discount Homes R Us, Inc.;
H&W Properties, Inc.;
NJ Homes of New Jersey, Inc.;
Quality Homes Are Us, LLC;
United Funding Capital.
NJAH was in the purported business of purchasing distressed real estate, renovating the properties and then selling the properties at a profit. NJAH purchased properties in areas such as Irvington, New Jersey and Newark, New Jersey, soliciting nominee purchasers under a program described as “Our Money, Your Credit”. Under this purported investment program borrowers permitted NJAH to apply for mortgage loans in their names. NJAH then promised the borrowers that they would pay all carrying costs on these transactions, including the monthly mortgage payments. NJAH also promised to renovate the properties at no cost to the borrowers then sell the improved properties on their behalf. Some borrowers were promised 50% of the profits for their participation in the post-renovation sale of the properties, while other borrowers were promised a fixed payment.
Arrington worked as a loan processor for NJAH and processed loan applications in the name of the nominee purchasers. According to court documents, Arrington submitted falsified loan applications, documents and information to FUMCO, a correspondent lender, who then sold the loans to Washington Mutual. Arrington submitted falsified verifications of employment, income, sales contracts, appraisals, fictitious leases, and source and seasoning of funds used for down payments.
Sentencing is scheduled for April 26, 2007.
FYI: There was an extensive investigative article in the Arizona Republic newspaper Sunday, January 21, 2007 on mortgage fraud in Arizona.
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Pat
you have a house on 57 hawthorne ave in east orange,nj. i am really interested in buying the house hopefully you would like to make an offer. i’ve been wanting to purchase this particular house for over 8 years now, its been hard to find someone to contact about this house. please contact me at your earliest convience or have someone contact me in referrence to the house, it will greatly be appreciated.
even if not available please respond back so i wont have to keep searching for information on the house. even to receive information on whom to contact will be great also.
thank you……..so much
Kizzy White
16 39th street
irvington, nj 07111
(973) 380-8014