Orange County Register

The Huntington Harbour home that the federal government snagged as part of a mortgage fraud ring bust has sold for $2,875,00.

As you may recall, the Admiralty Island house was repo’d at $3.6 million (the feds say foreclosures are typical when the homeowner goes to jail and stops making all those pesky mortgage payments).

No one bought the home at auction, and the lender put it back on the market at $3.1 million. 

The 6-bedoom 7-bath house belonged to Edward Seung Ok, who pleaded guilty to his part in a $12 million mortgage fraud scheme.

As part of the scam, prosecutors said, homeowners facing foreclosure were targeted for help refinancing their mortgages. But stolen identities were used to file fraudulent loan documents, the duped homeowners lost their titles and the banks lost their money.

Ok is still awaiting sentencing.

Missed photos of the house? CLICK on these to enlarge: 

.

Related:

• Waterfront home seized by feds is back on the market
• Mortgage scamster is stuck with plea: ‘Guilty’
• $3.6 million home seized by U.S. is repo’d by bank
• Guess who got left with a $3.59 million foreclosure?
• From a harbor-view home to a jail cell
• $3.59 million foreclosure tied to mortgage fraud ring

.

Latest on foreclosures:

Latest on sales:

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.