[mydogsarelazy]

Here you go:

Murrieta Company, Broker to Forfeit Real Estate Licenses

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RISMEDIA, July 3, 2007—(MCT)—A Murrieta-based real estate investment company and a broker that sparked a rash of lawsuits and a criminal investigation have agreed to forfeit their real estate licenses, according to a document filed with the California Department of Real Estate.

Stonewood Consulting and Hendrix Moreno Montecastro waived their right to contest a long litany of violations that the department alleged in a May 23 complaint. They did not admit the validity of the allegations, which nonetheless are stated as the reason for the disciplinary action. Department of Real Estate spokesman Tom Pool said the license revocations will become effective July 9.

William H. Sauls, the lawyer representing Stonewood Consulting and Montecastro, was unavailable for comment Thursday. He has repeatedly refused to be interviewed regarding the case.

Montecastro and Stonewood Consulting are accused of engaging in a scheme in which inflated appraisals were used to obtain mortgages larger than the price that the sellers actually received for their properties.

Stonewood Consulting took as commissions the difference between the contract sales price that was reported to the lenders and the price paid to the sellers, according to the complaint. The department said an audit of 10 properties conducted as part of its investigation showed that Stonewood Consulting collected commissions ranging from $75,000 to $115,000 per house, for a total of $969,158.

In civil and federal lawsuits, Stonewood Consulting investors claim they were induced to buy multiple houses with inflated mortgages with the aim of raising funds they thought would be invested for them with a guarantee of big returns.

Richard Ackerman, a lawyer for many of the plaintiffs, says that investors in California and several other states were defrauded in a scam that involved the purchase and refinancing of hundreds of houses, the majority concentrated in southwest Riverside County, particularly Murrieta and Temecula.

Ackerman said investors were assured the mortgages on their houses would be paid by those they entrusted to invest the excess mortgage funds and through other money they raised by drawing on credit cards and retirement accounts. Instead, late last year, the mortgage payments stopped and many of the houses have gone into default and foreclosure, he said.

Other alleged violations cited by the Department of Real Estate included failure to maintain mortgage trust accounts, illegal disbursement of money from property management accounts, illegal disbursement of money from property management accounts, incomplete and inaccurate loan-disclosure statements, failure to disclose loan origination fees and telling sellers that buyers had deposited earnest money that didn’t exist.

Ackerman said he considers Stonewood Consulting and Montecastro’s decision not to contest the allegations “an implied admission on their part that they did wrong. Why would you surrender your professional license in the face of serious charges unless you thought there was some merit to the charges?”

Anna Richter, 39, a Rialto resident and Stonewood Consulting investor who has been organizing rallies to urge authorities to take enforcement action, said, “I am happy their license will be revoked. However, I am extremely disappointed in the bureaucratic slowness of justice. Someone should be arrested by now.”

The Riverside County district attorney’s office has said it is investigating Stonewood Consulting for possible crimes involving mortgage fraud.

[mydogsarelazy]

From the front door posting:

Owner, Steve Lanuzo (googles as a CORE client)

1st TD of $399,160.25

[mydogsarelazy]

From the front door posting:

Owner, Steve Lanuzo (googles as a CORE client)

1st TD of $399,160.25

[mydogsarelazy]

French Valley? Don’t get me started.

We got invited to a birthday party for a 3 year old there, and it was so odd. This young couple — neither one was thirty yet — had just moved into a totally stunning new house and the pool was under construction in the backyard. Dad had tatoos up and down his arms and legs and Mom looked like Barbie. The party consisted of kids watching a movie on a new plasma screen TV.

The neighborhood was only half moved into and it was like a kind of ghost town of big, new houses.

French Valley is where you can buy a big new house in the middle of nowhere, although the Detention Center isn’t too far.

JS

[mydogsarelazy]

French Valley? Don’t get me started.

We got invited to a birthday party for a 3 year old there, and it was so odd. This young couple — neither one was thirty yet — had just moved into a totally stunning new house and the pool was under construction in the backyard. Dad had tatoos up and down his arms and legs and Mom looked like Barbie. The party consisted of kids watching a movie on a new plasma screen TV.

The neighborhood was only half moved into and it was like a kind of ghost town of big, new houses.

French Valley is where you can buy a big new house in the middle of nowhere, although the Detention Center isn’t too far.

JS

[mydogsarelazy]

By “here” do you mean this forum, or do you mean Temecula/Murrieta?

By the way, I assume that one person who flames an entire community on this board doesn’t speak for everyone on the board.

JS

[mydogsarelazy]

By “here” do you mean this forum, or do you mean Temecula/Murrieta?

By the way, I assume that one person who flames an entire community on this board doesn’t speak for everyone on the board.

JS

[mydogsarelazy]

Hipmatt and others, see my post in off topic about avoiding the brown lawn syndrome .

JS

PS: I live in Temecula/Murrieta and am not a zombie. Just had to mention that…

[mydogsarelazy]

Hipmatt and others, see my post in off topic about avoiding the brown lawn syndrome .

JS

PS: I live in Temecula/Murrieta and am not a zombie. Just had to mention that…

[mydogsarelazy]

Hi Hipmatt,

The big things that you mention are beyond your control. Maybe there are a few small things you can do try and make the community around you better. That really is the best therapy.

JS

[mydogsarelazy]

Hi Hipmatt,

The big things that you mention are beyond your control. Maybe there are a few small things you can do try and make the community around you better. That really is the best therapy.

JS

[mydogsarelazy]

Since education got brought up, I am probably quite low in terms of earnings compared to other Stanford grads from my class.

That said, as an art professor, I think I am way high on career satisfaction.

Just being a bit defensive here…

JS

[mydogsarelazy]

Since education got brought up, I am probably quite low in terms of earnings compared to other Stanford grads from my class.

That said, as an art professor, I think I am way high on career satisfaction.

Just being a bit defensive here…

JS

[mydogsarelazy]

We are a two parent family with a stay at home mom, three kids, 100k income.

JS

[mydogsarelazy]

We are a two parent family with a stay at home mom, three kids, 100k income.

JS

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