Lender Orson Benn left a lot of homes into waste after writing a $349 million loan, along with his partner Argent Mortgage, for 2,000 assets. Nationwide, around 600 of these apartments, suburban ranches and town houses are in foreclosure. Fifty percent of these homes are in West Kendall, ten percent in Miami and five percent in Hialeah and Miami. Hopefully the massive foreclosure cases do not occur escalate further.

It is not yet sure if Benn’s mortgages are untruthful and tricky but the Miami Herald saw several related questionable transactions.

According to records, many houses were dropped even without handing off money and instead used quitclaim deeds. Quitclaims are formal declarations that remove legal liability. That was already a bad sign for the industry for quitclaim deed is considered the best choice for frauds.

Then it was found that 6 percent of the loans went to the hands of industry people. There were some who took on multiple loans, but are now also in foreclosure.

Naïve renters do not know that Argent and Benn are now facing financial difficulties and are not capable of lending money for a home. Like Dayami Reyes who after signing a six-month loan found out that her home is actually in foreclosure.

These foreclosures do not only affect the homeowners, but also the neighborhood. Foreclosure generally brings home prices lower and crime rates higher.

Some renters left their homes trashed and inhabitable. The used to be $300,000 home may be left in a ruin. The eyesores of overgrowing loans and dilapidated houses bring down home values in the neighborhood, leaving others to another foreclosure.

Then, these forsaken properties also attract drug lords, prostitutes and homeless squatters. Poor neighbors troubled by the foreclosure of another.