Connecticut Real Estate Agent Cops Plea In Short Sale Scam

In Bridgeport, Connecticut, The Bridgeport News.com reports:

• A Bridgeport man has pleaded guilty to one count of bank fraud stemming from his involvement in a “short sale”(1) mortgage fraud scheme. Sergio Natera, 35, a licensed real estate agent who lives in Bridgeport, admitted his involvement in the crime in Bridgeport federal court on Feb. 11.

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• According to court documents and statements made in court, Natera worked with another real estate agent to defraud Regions Bank, which held two mortgages on a residential property in Bridgeport. On Dec. 5, 2007, the other real estate agent, who was a listing agent for the property, received an offer to purchase the property for a price of $132,500, according to a release from the U.S. Attorney’s Office.

• However, Natera subsequently communicated to Regions Bank that the highest offer to purchase the property was for $102,375 by BOS Asset Management LLC, an entity that Natera controlled, the release said. The bank reportedly agreed to a short sale of the property for the lower price, and released its mortgages on the property. On June 9, 2008, Natera, through BOS Asset Management, sold the property for $132,500 to the original bidder on the property, according to the release.

For more, see Bridgeport resident pleads guilty to mortgage fraud.

For earlier post on this case, see CT Feds Indict Two In Alleged "Short Sale" Flipping Scam Using Straw Buyers To Dupe Lenders Into Accepting Less Than Full Payment On Underwater Loans.

(1) A short sale transaction involves a mortgage holder or lender entering into an agreement to release a mortgage or lien on real property in exchange for payment of less than the total amount owed on the underlying debt.