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Background
Petitioners, who are husband and wife, resided in Glendale
Heights, Illinois, at the time of filing their petition. Between
December 1998 and May 1999, petitioners signed 22 notes as the
obligors in the aggregate principal of $2,529,700 and 22
mortgages securing those notes. Petitioner Sajida Razvi’s
brother, Syed Razvi, asked petitioners to sign the documents as a
personal favor to him. Petitioners signed the documents without
extensively reviewing them. Each note was used to purchase a
different property (all condominiums) and was secured by a
mortgage. There was a covenant in most of the notes and the
accompanying mortgages obligating either petitioner to pay the
full amount of principal and accrued interest of the debt.
Petitioners also signed 22 U.S. Department of Housing and Urban
Development (HUD) settlement statements in connection with each
mortgage. The principal amount due under each of the 22 notes
was over $100,000. Unknown to petitioners, the mortgages were
obtained by fraud because the fair market value of the properties
securing the mortgages was substantially inflated and, in some
cases, was in fact far less than the face amount of the notes
that petitioners signed.
In October 2004, Mr. Razvi was indicted for participating in
a scheme with others to defraud and obtain more than $27 million
of mortgage loan proceeds from various banks and mortgage lending
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Last modified: May 25, 2011