Fmr. Gopher Star Jacobson Charged With Felonies For Home Sale



Learned some valuable life lessons from Clem. Make us proud!
 

Lol, nice scam!
 

Sam's ex-wife is the one that reported him. Ouch.
 


Anyone smarter than me care to explain what he did wrong?
 

Anyone smarter than me care to explain what he did wrong?

A short sale is when the bank lets you sell your house for less than you owe on your mortgage. It's basically an alternative to foreclosure. Sam sold his house to his girlfriend for less than he owed on it, and since it was a short sale the bank took a pretty big loss on the sale. When the house was sold it was agreed that Sam and his family could no longer live there. (This is a common clause in short sales. I'm also guessing that the relationship between Sam and his girlfriend was not disclosed to the bank.) Except Sam still lived there and then his girlfriend sold the house for a huge profit. Basically, they tricked the bank into eating a big loss for them. And in Minnesota, that is known as "theft by swindle"
 


A short sale is when the bank lets you sell your house for less than you owe on your mortgage. It's basically an alternative to foreclosure. Sam sold his house to his girlfriend for less than he owed on it, and since it was a short sale the bank took a pretty big loss on the sale. When the house was sold it was agreed that Sam and his family could no longer live there. (This is a common clause in short sales. I'm also guessing that the relationship between Sam and his girlfriend was not disclosed to the bank.) Except Sam still lived there and then his girlfriend sold the house for a huge profit. Basically, they tricked the bank into eating a big loss for them. And in Minnesota, that is known as "theft by swindle"

Funny how banking industry was predicated on fraud prior to the crash yet not one executive has spent a day in jail.
 




I won't even attempt to justify what Sam Jacobson did. It was wrong. However, it was petty of his ex wife to inform the authorities. She's probably pretty bitter at him and the girlfriend turned second wife, but what she did hurt her own children in more ways than one, even if you balance the life lessons about the consequences for wrong doing.
 

I won't even attempt to justify what Sam Jacobson did. It was wrong. However, it was petty of his ex wife to inform the authorities. She's probably pretty bitter at him and the girlfriend turned second wife, but what she did hurt her own children in more ways than one, even if you balance the life lessons about the consequences for wrong doing.

Hell hath no fury...


Not as bad as Dante Cunningham's (former TWolf) ex-gf did, but still...

http://www.ksl.com/?sid=32065587&nid=
 

A short sale is when the bank lets you sell your house for less than you owe on your mortgage. It's basically an alternative to foreclosure. Sam sold his house to his girlfriend for less than he owed on it, and since it was a short sale the bank took a pretty big loss on the sale. When the house was sold it was agreed that Sam and his family could no longer live there. (This is a common clause in short sales. I'm also guessing that the relationship between Sam and his girlfriend was not disclosed to the bank.) Except Sam still lived there and then his girlfriend sold the house for a huge profit. Basically, they tricked the bank into eating a big loss for them. And in Minnesota, that is known as "theft by swindle"

Sam continued to live in the home and directly profited from the short sale. The girlfriend also essentially lived in the home prior to buying it on a short sale. All of these violated the terms of the short sale.

The funny thing about this situation is that it really is a victimless crime. Sam was in a situation with his mortgage where the bank was willing to allow a short sale in lieu of foreclosure. The bank agreed to a short sale and got the money that they agreed to. The bank could have said no and foreclosed on the property and then sold it for the property, but they decided not to. They would have preferred to have the money (from the short sale) in their hands. They essentially were not willing to take the time and the risk that Sam's girlfriend was willing to take in order to make the profit.

When bank's accept short sales, they are only doing it when they think the other option is foreclosure. So the bank was going to sell it for the amount of money that they ended up taking. The bank is NOT out money. Whoever bought the house was likely to flip it for a profit. That's what she did. If Sam would have broken up with her the day after the short sale went through, it would have been her property. If she would have broken up with Sam prior to getting married, it would have been 100% her profit. It's a legal fiction to treat this like Sam's profit. I'm not arguing that it isn't illegal, they lied on the short sale agreement, they were fraudulent.

My whole point. . . there is no victim. The bank was going to sell the property for the amount that they got. The bank would have been in no better of situation after the short sale had Dr. Don bought the home.

I understand the counter arguments - - Sam might have been planning on using this (stopped paying on the home, taking second mortgages, etc., to plan on this fraud, but that does not really sound like the situation from the police report).
 






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