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Developer faces criminal charges and foreclosure on properties

A developer is facing a possible indictment for alleged fraud and now faces foreclosure upon a variety of commercial properties. A Weston, Florida bank has sought foreclosure upon at least some of these properties. 

The developer is accused of participating in an organized scheme involving fraud, money laundering and grand theft. With this pending lawsuit it is difficult to know whether the developer will hold onto his number of properties for much longer. However, it must be remembered that the indictment so far only represents allegations rather than proof that wrongdoing actually took place.

The lawsuit brought by the bank involves six properties that were purchased between 2004 and 2006 and ranged in price from $75,000 to $2.56 million. The two mortgages that the Weston bank lawsuit concerns are in the amount of $6.9 million and $600,000. These mortgages were last modified in 2011.

Real estate disputes involve a complex area of law and concern many different facets. Regardless of the type of dispute, it's worthwhile to at least speak to an experienced real estate attorney to find out the available options to possibly prevent foreclosure. For whatever reason, individuals and businesses often find themselves in disputes with lenders over amounts of money owed.

In the above circumstance, the developer has found himself in an unusual amount of trouble involving purported acts. Without knowing more, we cannot comment upon the merits of the criminal claims against him. Still, this does not mean that he should just give away the property and eat millions of dollars in cost if the charges against him are overstated or incorrect.

Source: South Florida Business Journal, "Developer under fraud indictment faces foreclosure on commercial properties," Brian Bandell, May 16, 2014

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