In Miami-dade default cases are increasing leaving the lenders in trouble. The borrowers took hefty mortgage loans that they could not repay. In Versailles three persons have been accused within a span of two weeks for fraudulent activities connected with this upscale community.
The last of the trio was Marie Quintana who shifted into this upscale community along with 25 residents of Miami-Dade County. Quintna, who is not very conversant with English, cheated two banks – Bank of America and National City Bank.
She duped them into believing that she earned $50,000 per month as an employee of Ablaze Entertainment.
She had also stated that in her bank account she had $650,000 and was ready to give $413,528 at the time of closing the deal. All these were false statements according to the federal prosecutors.
However it did not prevent Quintana from availing of a loan of $1.7 million – a deal that turned out to be catastrophic for the lenders.
Wedelie Etienne of Opa-locka purchased a fancy two storied house with five bedrooms and pool. But when Etienne became delinquent on the loan, Quintana took up the reins. She paid $1.9 million – it being double the amount it had been assessed for. At that time the market had started to dive down. On paper it brought a profit of $600,000 for the seller Etienne.
Nine months afterward Quintana defaulted and could not keep up with her payment of $9,853 per month for the house. Neither of the women were the type to live in these fancy mansions. No charges have been brought against Etienne but she has availed of assistance to the tune of $7,500 from an agency in the county to purchase a condo many months prior to the Versailles transaction.
Records show that at the time the deal was contracted, Quintana was residing in a modest home valued at $162,210 in North Miami. Ablaze Apartment operated from North Miami Beach – the address being an apartment.
Last June Quintana was charged on two counts. She had made wrong statements in an application for taking house loan. After being arrested she was released on bail on a bond of $150,000. It is being alleged by the attorney prosecuting her that she had been hired to avail of the loans and money was given to her for using her name by another party whose name has not yet been disclosed.
This is another case of problem in this foreclosure situation that we live.
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