Monday, August 19, 2013

Nonprofit delaying defaults on clients' homes through layered scheme

Published: Saturday, August 17, 2013 at 11:25 p.m.
Last Modified: Saturday, August 17, 2013 at 11:25 p.m.
A Sarasota nonprofit advertised as a government-sponsored foreclosure rescue is using its clients' homes for a sweeping real estate scheme — delaying defaults through recurrent bankruptcy filings while renting the houses out, a Herald-Tribune investigation has found.
Keeping Kids in Their Home Foundation Corp. and related entities have enticed scores of severely delinquent borrowers from Tampa to Miami to hand over their deeds for just $100, while using dubious techniques to evade mortgage lenders and skirt taxes on those transactions.
The parents of famed wire-walker Nik Wallenda, real estate flippers, a karate sensei and a local pastor are among the borrowers who took out multiple loans against their homes during the housing bubble. When the market slumped and foreclosure was imminent, each turned to Aleksandr Filipskiy and his foundation for help.
Filipskiy has managed to stall those defaults for years by routinely transferring properties to new shell companies and nonprofits he creates, filing for bankruptcy protection under each entity to block the foreclosure proceedings.
All the while, he leases the distressed homes back to their troubled buyers, rents them to others and even lives in one with his family. His brother inhabits another, the Herald-Tribune's investigation revealed.
“There's a lot of misrepresentation here,” said Andrew Rose, a special agent supervisor with the Florida Department of Law Enforcement. “Someone should never deed their house over to anyone without the bank's consent. These guys are predators. It's just sad and disgusting.”

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