Post A Scam
Scam: #1399

Scam Alert

Person

  • Posted By: Anonymous
  • Submitted: 09/28/2010
  • Severity: 10
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Alan Weitz of Bal Bay Properties

Florida Mortage Scam

Miami Beach, Florida

Alan Weitz and his son Brandon Weitz recruited straw buyers who were offered $3,000 each to allow their names to be used on mortgage loan applications. The homes were bought with the understanding that the properties would be quit-claimed to an actual buyer.

Their mortgage scam netted them more than $2 million in fraudulent mortgages. All the homes bought through the scam eventually went into foreclosure since buyers couldn't be found for any of them.

Hope they enjoy jail.

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