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Real Estate & Property Law

: The Home Equity Theft Reporter

Dubious Deals, Questionable Circumstances Mark NYC Speculator Who Stiffed Lenders Out Of $6.4M On 20 Mortgages Secured By 10 Homes Now In Foreclosure

By r morris

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In Jamaica, Queens, United Press International reports:Three years ago, Lloyd Varma, a man of no visible wealth, convinced 10 different banks to hand him 20 separate mortgages to buy 10 homes across southern Queens. Amazingly, he did this in 51 days just before the housing market collapsed - getting loans for $6.4 million with no money down.Then, one by one, Varma defaulted on each loan, and by

Full post as published by The Home Equity Theft Reporter on December 30, 2009 (boomark / email).

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