Tahoe property part of mortgage fraud scheme
By George Warren, News 10
SACRAMENTO – An elaborate scheme promising help for struggling homeowners targeted dozens of Sacramento-area Russian families, a News10 investigation has revealed.
A search of property records in Sacramento, Placer, El Dorado and Yolo Counties shows roughly 50 Russian families and individuals deeded their homes in 2008 and 2009 to an organization called “Shon-Te-East-A Walks with Spirit” in an attempt to reduce or eliminate their mortgage payments.
Many of the homes are now in various stages of foreclosure or have already been lost.
“When you are in trouble you look for help,” said Orangevale homeowner Anatolii Tkachenko, who was struggling with a $430,000 mortgage at more than 9 percent interest. He said the lender was unwilling to modify the loan.