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Ex-Hudson Sheriff's Officer Admits $98,000 Short-Sale Mortgage Scheme For Jersey Shore Home
A former Hudson County sheriff’s officer admitted defrauding a bank to duck $98,000 in mortgage payments on a Jersey Shore home, federal authorities said.
Osbado Hernandez, 54, of Avenel, conspired with others to lie about a bogus short sale of his house in Keansburg so that the unidentified bank would discharge what was left on his mortgage, U.S. Attorney Philip R. Sellinger said.
Hernandez bought the property for $239,900 in 2006, financing it through a mortgage loan from the victimized bank, a complaint on file in U.S. District Court in Trenton says.
He ended up behind on the payments,…
Mortgage Fraud: NJ Developer, Attorney Admit Swindling Lenders Out Of $3.5M
A New Jersey real estate developer and a lawyer admitted running a multi-layered mortgage fraud that cost banks more than $3.5 million in losses, federal authorities said.
Developer Victor Santos, 63, of Watchung, paid stand-in "straw" buyers $5,000 each to first purchase a dozen properties in Newark and then secure tenants to lease them, U.S. Attorney Philip R. Sellinger said.
A group of conspirators including him and attorney Fausto Simoes, 69, of Millington, covered the costs -- including fees and mortgage payments, the U.S. attorney said.
"Santos, Simoes, and others also caused the sub…
