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Real Estate & Property Law

The Home Equity Theft Reporter

Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues.
By r morris

Post Frequency: 25.7/day

Last Entry: September 06, 2017 at 04:02:00

Unpaid Water Bills Could Lead To Home Condemnation, Resulting In Big Hit For Foreclosing Lenders

Posted on March 28, 2010
Buried in a recent story from Grand Rapids, Michigan on rent-skimming landlords facing foreclosure who are stiffing the local utility on their water bills resulting in water shut-offs is the following excerpt reported by WOOD-TV Channel 8. Those water shut-offs should be of some concern to lenders, who face taking a big hit on account of possible action by local officials arising from the lack of

Self-Proclaimed "Soverign King" On The Loose In Memphis Hijacking Possession Of & Claiming Title To Vacant Homes In Foreclosure

Posted on March 28, 2010
In Memphis, Tennessee, WREG-TV Channel 3 reports on Michael Cobbs, a self-proclaimed soverign king who is running around town hijacking physical possession of vacant homes and claiming title to them:When [Jonah Asher] arrived [at his newly-purchased home], he noticed 'No Trespassing' signs in the yard, the locks were changed, and deeds posted in the windows saying Michael Cobbs owned the property

Ex-NFLer, Family Win $150K Jury Award In Premature Foreclosure Lockout Case; "Trashout" Firm Accused Of Dumping Trophies, Sports Momentos In Landfills

Posted on March 28, 2010
In Forsyth County, North Carolina, the Winston Salem Journal reports:A Forsyth County jury awarded about $150,000 in compensatory damages to a former running back for the Cincinnati Bengals and his family, who filed a lawsuit after their family home in Davie County was foreclosed on and some of their possessions were dumped in landfills...

Mix-Up Over American Indian Artifacts At Home In Foreclosure Results In Alleged Civil Rights Violations, False Imprisonment Suit Against Cops, Others

Posted on March 28, 2010
In Merced, California, the Merced Sun Star reports:A Burbank couple is suing the city of Merced, three police officers, an area real estate company and a real estate agent, alleging civil rights violations, false imprisonment and the infliction of emotional distress, among other claims...

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Elderly Residents In Mobile Home Park In Foreclosure May Face The Boot With No Place To Go

Posted on March 27, 2010
In Minerva, Ohio, the Canton Repository reports on the Minerva Hillside Terraces, a somewhat dilapidated 20-unit mobile home park owned by a landlord facing foreclosure in which the residents, many of whom are reportedly elderly, live on fixed incomes, and face the boot:On Jan...

Two Cop Pleas To Using Stolen Personal Information To Mortgage Home Out From Under Elderly Couple; Pocketed $65K, Left Unwitting Victims In F'closure

Posted on March 27, 2010
In Las Vegas, Nevada, the Las Vegas Sun reports:Two men pleaded guilty to felony theft charges in connection with a scam in which an elderly couple?s home was mortgaged without their knowledge, Nevada Attorney General Catherine Cortez Masto?s office said []...

L.I. DA Bags Mortgage Broker For Duping Mother-In-Law Into Signing Land Documents, Leaving Her Facing Foreclosure On Home She Unwittingly Purchased

Posted on March 27, 2010
From the Office of the Nassau County, New York District Attorney:Nassau County District Attorney Kathleen Rice announced [] that a Woodbury man faces up to 15 years in prison after tricking his mother-in-law into signing various real estate documents that allowed him to steal more than $600K from several financial institutions and left her facing civil lawsuits in addition to foreclosure

Florida Woman Dupes Senior Into Signing POA, Then Drains Victim's Home Equity With Reverse Mortgage, Loots Bank Accounts, Say Cops

Posted on March 27, 2010
In Palm Beach County, Florida, The Palm Beach Post reports:Evelyn Dick, authorities say, persuaded a 71-year-old North Palm Beach woman to let her get a reverse mortgage on the woman's home, then pocketed more than $34,000. Dick, 50, of suburban West Palm Beach, is charged with grand theft of between $10,000 and $50,000 on a person older than 65...

Grandson Gets 30 Months For Using Forged POA To Fraudulently Obtain Mortgage On Unwitting Senior's Home, Draining $93K In Equity In The Process

Posted on March 27, 2010
In St. Charles, Missouri, Suburban Journals reports:Scott P. Richmond, 38, of O'Fallon, was sentenced [] to 30 months in prison for his participation in two fraud schemes, according to a new release from the U.S. Attorney's Office for Eastern Missouri...

NJ AG Charges Two In Alleged POA Abuse In Ripoff Of 88-Year Old Relative, Resulting In Victim's Eviction From Assisted Living Facility For Unpaid Rent

Posted on March 27, 2010
In Trenton, New Jersey, MyCentralJersey.com reports:A Franklin school board member and her husband, the township's Republican Party chairman, plan to defend against charges that they stole $100,000 from an elderly relative while overseeing her financial accounts, their attorney said...

Woman Holding POA Charged w/ Theft Of $10K+ From Care Facility-Bound Woman; Nursing Home Officials Call In Cops After Getting Stiffed On Care Expenses

Posted on March 27, 2010
In Evansdale, Iowa, WFC Courier reports:An Evansdale woman has been arrested for allegedly misusing more than $10,000 of another person's money. Kathy Jean Helmrichs, 63, of 537 River Forest Road, was given power of attorney for a woman who lives at Manor Care nursing home in Waterloo...

Nursing Home Employee Gets Off With Handslap After Copping Plea To Ripping Off 90+ Year Old Couple With Dementia

Posted on March 27, 2010
In Lowestoft, Suffolk (UK), The Lowestoft Journal reports:A former worker at a Lowestoft sheltered housing complex has been given a suspended prison sentence after admitting stealing money from an elderly couple with dementia. Lowestoft magistrates court heard [] that the manager at Levington Court in London Road South, Lowestoft, worked with police to set up video surveillance after a report of

Apartment Building Managers Face Theft Charges After Scoring POA From 94-Year Old Tenant, Then Ripping Him Off For $700K+, Say Cops

Posted on March 27, 2010
In Columbus, Ohio, The Columbus Dispatch reports:A nurse and a part-time kindergarten teacher have been charged with the theft of more than $700,000 from a 94-year-old North Side man. Deborah Johnson, 53, of Columbus, the nurse, and Anita Esquibel, 68, of Columbus, the teacher, are accused by Columbus police of stealing more than $700,000 from Peter Svaldi...

Convicted Embezzler Now Accused Of Ripping Off 86-Year Old Dementia-Stricken Next-Door Neighbor; Cops Believe Suspect Forged Victim's Name On POA

Posted on March 27, 2010
In Flint, Michigan, The Associated Press reports:A convicted embezzler out on parole who snagged more than $9 million in business tax credits from the state of Michigan was charged [] with defrauding an 86-year-old neighbor with dementia. A judge set bail for RASCO CEO Richard A...

Judge Offers Upfront Fee Loan Modification Scammers Reduced Jail Sentence In Exchange For $38K+ "Upfront" Payment Of Victim Restitution

Posted on March 26, 2010
In Santa Ana, California, City News Service reports:Two women pleaded guilty Wednesday to loan-modification fraud and are expected to be sentenced to a year in jail next month if they make $38,340 in restitution, one of their attorneys said. Mary Alice Yraceburu, 46, of Riverdale and Marianne Curtis, 68, of Costa Mesa pleaded guilty to 71 counts each of grand theft, illegally accepting upfront

Brooklyn Judge Bags Foreclosure Mill Law Firm Representing Both 1st & 2nd Mortgage Holders In Legal Action In Violation Of Conflict Of Interest Rule?

Posted on March 26, 2010
In Brooklyn, New York, Kings County Supreme Court Justice Arthur M. Schack is at it again, denying another foreclosing lender seeking foreclosure because of screwed up paperwork. In addition, Justice Schack makes this observation regarding the attorneys of record representing the foreclosing 1st mortgagee and the 2nd mortgagee:Finally, for reasons unknown to this court, Ms...

Seattle Jury Convicts Mortgage Scam Head Of 30 Felonies; Led Owner Financing Ripoff That Left Unwitting Home Sellers Holding Worthless Notes

Posted on March 26, 2010
From the Office of the U.S. Attorney (Seattle, Washington):WILLIAM S. POFF, 37, of Marshall, Michigan, a former resident of Washington State, was convicted [] in U.S. District Court in Seattle of 30 felony counts of conspiracy, bank fraud, wire fraud, and money laundering offenses...

Foreclosure Rescue Scam Mastermind Found Guilty Of Dozens Of Felonies; Ran Upfront Fee Land Grant Scheme, Sale Leaseback Rent Skimming Racket

Posted on March 26, 2010
In San Diego, California, XETV-TV Channel 6 reports:The mastermind of a scam in which about 400 homeowners in San Diego and Riverside counties were tricked into paying nearly $2 million in fees in hopes of beating foreclosure was convicted Tuesday of dozens of felonies...

Use Of Rubber Check To Pay Off Home Seller's Mortgage Leaves Buyer Facing Foreclosure On Prior Owner's Loan; Title Insurer Steps In To Defend

Posted on March 26, 2010
In Kingsland, Georgia, WTLV NBC-12 and WJXX ABC-25 report:Tom Bloomer lives in a quiet, suburban community in Kingsland and said he purchased his house in May 2008. But now, Bloomer said he's found out some information about his home that has him upset...

Massachusetts AG Scores $3B In Loan Modifications For Homewoners Nationwide In Settlement Of Countrywide Lawsuit

Posted on March 25, 2010
From the Office of the Massachusetts Attorney General:As part of her office?s ongoing initiative to combat predatory lending practices that contributed to our nation?s economic crisis, Attorney General Martha Coakley [] reached a significant settlement with Countrywide Financial Corporation (Countrywide) that will provide an estimated $18 million in loan modifications for Massachusetts homeowners

BofA To Begin Cutting Loan Balances On Underwater Homes? Massachusetts AG "Arm-Twists" Lender Into Agreeing To Offer Debt-Reduction Workout Plan

Posted on March 25, 2010
The Wall Street Journal reports:Under pressure by Massachusetts prosecutors, Bank of America Corp. said Wednesday it would reduce mortgage-loan balances as much as 30% for thousands of troubled borrowers, in what could presage a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis...

Struggling Washington Homeowners Sue BofA; Accuse Lender Of Leaving Them In Limbo On Loan Modifications; Seek Class Action Status

Posted on March 25, 2010
In Seattle, Washington, KING-TV Channel 5 reports:As many Americans struggle to avoid foreclosure, a Seattle attorney claims the big banks who took big bailouts are refusing to help bail out their customers. Steve Berman of the firm [Hagens Berman Sobol Shapiro] has filed a lawsuit in federal court against Bank of America...

Lender VP Blows Whistle On Employer On Loan Mods; Says Bank Not Interested In Working Out House Payments; Homeowners Get Runaround On Toll-Free Number

Posted on March 25, 2010
ABC World News reports:A vice president for one of the nation's biggest banks claims customers looking for help in lowering their mortgage payments are often told to call an 800 number -- where he says representatives then give homeowners the runaround...

Title Insurer's Escrow Officer, Local Office Supervisor Played Roles In Pulling Off $30M Fraud, Says Convicted Mastermind Who Headed Scam

Posted on March 25, 2010
In San Diego, California, BusinessWeek reports:Employees of Fidelity National Financial Inc.?s Chicago Title Corp. unit helped carry out a $30 million fraud, the convicted mastermind of the scheme said at the start of a civil trial against the title insurer...

BofA Files Suit To Pin Title Insurer With $500M+ In Loan Losses For Providing Unconventional Lien Protection Plan

Posted on March 25, 2010
The Los Angeles Times reports:During the subprime loan era, it's well documented that lenders took all kinds of shortcuts -- such as failing to verify borrowers' employment or income -- to sell mortgages. Now Bank of America Corp., the nation's biggest mortgage lender, is saying the nation's second-largest title insurer did much the same thing and should be on the hook for more than $500 million

Atlanta Man Cops Plea In Attempt To Use Stolen IDs To "Buy" His Own "Underwater" Investment Homes In Short Sale Scam

Posted on March 25, 2010
In Atlanta, Georgia, The Atlanta Journal Constitution reports:An Atlanta man pleaded guilty Tuesday to bilking the FDIC of $2.2 million in a bogus real estate short-sale scheme. Brent Merriell, 37, admitted in federal court to lying to the FDIC and selling 14 homes he owned facing foreclosure to identities he?d stolen, court authorities said...

FTC, California & Missouri AGs Slam "Lawyer Renting" Loan Modification Racket; Score $980K In Seized Assets, Put Outfit Out Of Business

Posted on March 24, 2010
The Federal Trade Commission announced:The operators of a mortgage foreclosure ?rescue? company will be banned from selling mortgage relief services under a settlement with the Federal Trade Commission and the states of California and Missouri, which sued them in 2009 as part of a federal-state crackdown on mortgage loan modification and foreclosure relief scams...

Minnesota AG Tags Two Out-Of-State Outfits With Civil Suits Alleging Upfront Fee Loan Modification Ripoffs

Posted on March 24, 2010
From the Office of the Minnesota Attorney General:Minnesota Attorney General Lori Swanson today filed two lawsuits against separate out-of-state mortgage modification companies for violating a 2009 state law that prohibits companies that offer to negotiate or modify the terms or conditions of an existing home mortgage from requesting advance payments from homeowners...

Minnesota Regulator Initiates Action Against Unlicensed Loan Modification Operator; Says Outfit Failed To Pay Promised Refunds On Failed Workouts

Posted on March 24, 2010
In St. Paul, Minnesota, Finance & Commerce reports:The Minnesota Department of Commerce has initiated civil disciplinary action proceedings against a St. Louis Park firm for allegedly offering loan modification services without a license. Last week, the department sent a ?notice of and order for hearing? to Todd Jacobson of LMS and Associates, listed to an office on Wayzata Boulevard in St...

Loan Servicer Cries Foul; Says Its Being Squeezed By Hedge Fund's Attempt To Jam Foreclosure Suit On 11,000 Unit Complex;

Posted on March 24, 2010
In New York City, the New York Post reports:The company that controls troubled Manhattan apartment complex Stuyvesant Town-Peter Cooper Village told hedge fund Appaloosa to back off [], saying the New Jersey bondholder has no right to try to scuttle the property's foreclosure proceedings...

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