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11 arrested in mortgage fraud schemes

In the first round up of suspects under a new campaign to crack down on home loan fraud in Miami-Dade County, 11 people — brokers, borrowers, sellers and title agents —41.jpg were arrested in three separate mortgage fraud schemes, police announced Friday.

Miami-Dade Mayor Carlos Alvarez said the suspects used stolen identities, falsified mortgage documents and used fraudulent appraisals to get loans valued at close to $2 million for properties throughout the county.

”In the coming months, you will see more fraudulent mortgage brokers, title agents, attorneys, appraisers and others brought to justice,” Alvarez said at a news conference announcing the arrests.

The roundup comes a week after federal prosecutors charged 18 people with taking out fraudulent loans worth more than $50 million to buy luxury condos on South Beach andhomes in Broward County.

Leading one ring of suspects, Mariana Navarrete, owner of three investment companies registered in South Florida, allegedly enlisted an ex-husband and two sons to steal the identity of a former employee to purchase one of the son’s homes, police said.

Navarrete, who also goes by Mariana Baltodano, is the registered owner of Confin Home Mortgage & Loan Corp., United Consultants Group and Nexa Investments Group, which does business under the name Value Rate Mortgage.

Her ex-husband, arrested Thursday, is Xavier Abelardo, a mortgage broker with Nexa Investment. Her son, Javier Abelardo-Navarrete, also works for the company as a seller and broker’s agent. The second son, Luis Navarrete, is a closing agent. Both were arrested Thursday.

Source: MH


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