The Home Equity Theft Reporter: Real Estate & Property Law

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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

Loan Transfer Screw-Up Leaves Couple Facing Foreclosure; RESPA Suit Claims Original Lender Failed To Pass Along House Payments To New Mortgage Holder

Posted on February 11, 2010
In Lancaster, Ohio, The Columbus Dispatch reports on local couple Kreg and Audre Smith and the problems they now face due to a screw-up that occurred when their home mortgage loan was transferred from one lender to another:The Smiths aren't rich, but neither did they struggle to make the $876 monthly payment...

Brooklyn Duo Dupe Homeowner Into Giving POA To Facilitate Refinance, Then Sell Home Out From Under Her, Says DA

Posted on February 11, 2010
In Brooklyn, New York, WNYC Radio 820 AM recently reported on the Brooklyn District Attorney's announcement of charges against 12 people for a variety of unrelated housing schemes. The following excerpt describes one of the alleged scams:Prosecutors say two of the alleged repeat offenders, Russell Pitt and Nathan Farkas, convinced an unemployed Brooklyn woman to grant them power of attorney so

Video "Tutorial" Demonstrates Use Of Dubious Affidavits, Assignments, Notary Acknowledgements By Lender, Law Firm In Foreclosure Actions

Posted on February 10, 2010
In Central Florida, St. Petersburg foreclosure defense attorney Matthew Weidner writes in his blog on a five-part video that hit You Tube last week that provides a great tutorial for the average homeowner interested in learning how foreclosing lenders and the foreclosure mill law firms that represent them use fraudulent affidavits, assignments, and document notarizatons in the course of

Illinois AG Targets Pair Of Mortgage Brokerages For Alleged Use Of Deceptive Marketing Practices In Peddling Reverse Mortgages To Seniors

Posted on February 10, 2010
From the Office of the Illinois Attorney General:Attorney General Lisa Madigan [...] filed lawsuits against two mortgage brokers for using unfair and deceptive marketing practices to solicit seniors for reverse mortgages. ?These companies used extremely misleading language in their advertising, sometimes even disguising their loans as government benefits that borrowers don?t have to repay,?

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Short Sale, Reverse Mortgage Ripoffs Make FBI's 2010 List Of Top Five Real Estate-Based Scams

Posted on February 10, 2010
From the Office of the FBI (Salt Lake City):Is someone letting you live in a home for free? Did a builder offer you deep discounts to move into a newly constructed house? Has a company offered to refinance your mortgage for a fee?If the answer to any of these questions is ?yes,? then you may be a victim of a scam...

Pennsylvania Lawmakers Consider Making It Easier To Acquire Real Estate Through Adverse Possession; Aim Is To Reduce Blight, Say Supporters

Posted on February 10, 2010
In Pittsburgh, Pennsylvania, the Pittsburgh Post Gazette recently ran a story reporting that the state legislature is considering making it easier for people to acquire real estate through adverse possession. A bill proposes reducing the required time frame for filing an adverse possession lawsuit from 21 to 10 years, and in some rare cases only three years...

Brookyn DA To General Public When Seeking Legal Assistance In Real Estate Deals: "Get An Honest Lawyer!"

Posted on February 10, 2010
In a New York Daliy News story on the recent announcement of indictments obtained by Brooklyn District Attorney Charles J. Hynes against a dozen suspects, including three current or former attorneys, allegedly involved in various unrelated, real estate-based swindles, DA Hynes offered some words of wisdom to the general public when seeking legal assistance in real estate transactions, as

Report: $200M Central Florida Mortgage Fraud Probe In The Pipeline; Ringleader, Title Agent Come Clean; Cooperate With Feds In Effort To Sack Others

Posted on February 09, 2010
In Central Florida, the Sarasota Herald Tribune reports:Craig Adams, orchestrator of one of the largest real estate fraud rings in Florida history, has secretly spent more than a year and a half as an FBI informant, helping build cases against the people he once recruited into his schemes, the Herald-Tribune has learned...

Trio Of "Legal Eagles" Among "Dirty Dozen" Bagged By Brooklyn DA In Unrelated Alleged Real Estate Swiping Scams

Posted on February 09, 2010
In Brooklyn, New York, the Brooklyn Daily Eagle reports:Real estate fraudsters and rogue attorneys exploiting ?a new breed of crime? were targeted Thursday by Kings County District Attorney Charles J. Hynes at a press conference announcing several recent mortgage fraud cases in Brooklyn...

Bay Area Man Accused Of Swiping Three Condos Thru Forged Deeds, Then Pocketing $2.2M From Subsequent Refinance

Posted on February 09, 2010
In San Francisco, California, the San Francisco Chronicle reports:A 45-year-old San Francisco tennis instructor has been charged with fraudulently obtaining ownership of three high-rise condominiums and borrowing $2.2 million against them. Winston Lum appeared Friday in San Francisco Superior Court but did not enter a plea to 16 felony counts including charges of grand theft, identity theft and

Sloppy "Sewer Service" Leads To Another Void Foreclosure Judgment

Posted on February 09, 2010
A recent court ruling by the Indiana Court of Appeals voiding a default judgment in a foreclosure action serves as a reminder to all attorneys and process servers (as well as homeowners who are fighting off foreclosure) that, when initial attempts to personally serve the defendants with the lawsuit fails, a diligent search for them must be made and properly documented before an alternative method

Ft. Myers Lawyer Hoses Couple Seeking Loan Mod Help; Accused Of Going AWOL w/ Clients' Trust Acct Cash; State Bar Obtains Emergency License Suspension

Posted on February 08, 2010
In Fort Myers, Florida, The News Press reports:Last summer, it became clear to Brett and Nancy Pezzella they could no longer make the $1,900 mortgage payments on their Lehigh Acres home. Nancy had lost her job. They just couldn't afford it. After getting a referral from another law firm, Brett contacted Fort Myers attorney Joseph Troiano...

Feds Continue Probe Into Now-Defunct Closing Agent Accused Of Illegally Pocketing Real Estate Escrow Cash Intended To Pay Off Existing Mortgages

Posted on February 08, 2010
In Luzerne County, Pennsylvania, The Times Leader reports:The U.S. Secret Service is still actively investigating Priority Search Inc., a defunct Kingston title search company, for allegedly keeping money owed to property sellers, according to Secret Service spokesman Bob Slama...

Nebraska Supreme Court Ruling A Reminder That Signed Contracts In Sale Leaseback, Foreclosure Rescue Deals May Not Be Binding

Posted on February 08, 2010
A 2005 court ruling by the Nebraska Supreme Court ordered an Omaha-based foreclosure operator to return home titles to a dozen victims who were duped into signing contract documents based upon assertions that the papers were merely refinancing documents, when in fact they constituted title transfers of their homes coupled with contemporaneous leasebacks of the premises in which the victims were

Bankruptcy Judge Disregards Terms In Sale Leaseback Docs In Home Sale; Recharacterized Equity Stripping F'closure Rescue Scam As An Equitable Mortgage

Posted on February 08, 2010
In a recent court ruling in favor of a homeowner/couple who were awarded a total of at least $690,000 for multiple violations of Federal and state law after being screwed over by a foreclosure rescue operator in a sale leaseback, equity stripping scam, a New Jersey bankruptcy court found that the transaction among the laws violated were the Federal Truth In Lending Act ("TILA") as amended by the

New York AG To Sue Landlord For Alleged Predatory Practices Intended To Drive Long-Term, Rent-Regulated Tenants From Their Homes

Posted on February 08, 2010
From the Office of the New York Attorney General:Attorney General Andrew M. Cuomo [] announced his intent to sue Vantage Properties (?Vantage?), a major New York City landlord, to stop it from harassing tenants in rent-regulated apartments and to obtain monetary damages for tenants who have been victimized...

3Ls To Staff University Of Wisconsin-Madison Law School Foreclosure Mediation Clinic

Posted on February 07, 2010
The University of Wisconsin-Madison School of Law announces:University of Wisconsin Law School students will help Dane County homeowners facing foreclosure take their cases through a mediation process with their lenders. Beginning in February, Dane County Circuit Court will require lenders to tell homeowners they have an option to mediate their foreclosure cases and notify them of available

Ex-Mortgage Company Associate Cops Plea To Pilfering Customer Info From Loan Applications To Obtain Credit Cards & Go On Spending Spree

Posted on February 07, 2010
In Minneapolis, Minnesota, the Star Tribune reports:Jason Alan Tauer worked for Ameriquest Mortgage Company as a mortgage associate for only six weeks. Turned out to be a pretty fruitful month and a half for Tauer -- and a pretty costly one to nearly 100 people and several financial institutions...

Banker Dodges Hard Time For Stealing $320K From Employer, Using Customer Info To Score Add'l $900K; Cops Plea After Failed Bridge-Jumping Suicide Try

Posted on February 07, 2010
In Lancaster County, Pennsylvania, Lancaster New Era reports:Not many people would describe George L. Clayton Jr.'s experience as "a miracle and a blessing." After stealing more than $300,000 from the bank where he worked, Clayton realized the error of his ways...

Ex-Loan Officer Cops Plea To Using Fraudulent Mortgage Application To Obtain $495K While Unloading Home On Unwitting Co-Worker

Posted on February 07, 2010
In Newark, New Jersey, The Record reports:A former loan officer at a Hackensack real estate firm is facing prison time after admitting she devised a scheme to fraudulently obtain $495,000 in mortgage loans in the name of an unsuspecting co-worker, authorities said...

Indoor Pot Farm Industry Thrives In Las Vegas As International Groups Move In, Taking Advantage Of Foreclosure Glut, Cheap Rents

Posted on February 07, 2010
In Las Vegas, Nevada, KLAS-TV Channel 8 reports:The explosion in Las Vegas marijuana grow houses prompted Clark County Sheriff Doug Gillespie to create a special unit known as Team Six. Their job is to target the indoor pot farms. What they've found is a greater and greater concentration in the hands of international groups who have moved in to take advantage of foreclosed homes and cheaper rents

Port St. Lucie Pair Face Grand Theft Charges In Alleged Home Hijacking, Rental Scam; Police Probe Continues Into Similar Incident With Another Home

Posted on February 06, 2010
In Port St. Lucie, Florida, the South Florida Sun Sentinel reports:Two men each face a grand theft charge after police linked them to a scheme in which a home was rented to a family without the homeowners' knowledge, according to recently obtained records and a detective...

Couple Cops Plea In Rent Skimming Scam; Agreed To Take Over Payments On Seller's Existing Loan, Then Stiffed Bank; Allowed Home To Go Into Foreclosure

Posted on February 06, 2010
In Jackson County, Michigan, The Jackson Citizen Patriot reports:Jackson-area minister and State Farm Insurance agent Tony R. Jackson and his wife, Alisa Jackson, have to pay $4,113 back to a couple whom police said they defrauded. [...] The Jacksons were accused of taking money from a couple who wanted to sell their home in Blackman Township...

Wisconsin Woman Faces Forgery Charges For Swiping & Uttering Checks Tied To Co-Worker's HELOC Account

Posted on February 06, 2010
In Sheboygan County, Wisconsin, the Sheboygan Press reports:Sheboygan County authorities have issued a warrant for a Milwaukee woman accused of stealing $4,000 in home equity from a Washington County resident. A criminal complaint issued with the warrant [...

Now-Defunct Rogue Bank Used Cosmetic Fix-Up, Easy Rent-To-Own Terms To Unload Multi-Flipped, Multi-Foreclosed "Hellhole" On Unwitting Family

Posted on February 06, 2010
In Atlanta, Georgia, The Atlanta Journal Constitution reports:Alexis Preston and her mother were thrilled last year when they found a home in Atlanta?s West End neighborhood large enough for their extended family of 13. They agreed to a lease-to-own deal to rent the neatly painted 12-bedroom house for $2,100 a month from the property?s owner through foreclosure, Omni National Bank...

Loan Servicer Causes Home To Be Sold In Foreclosure Sale Despite Fully Paid Off Loan & Recorded Satisfaction Of Mortgage

Posted on February 05, 2010
The Indiana Court of Appeals recently reversed a lower court ruling, and remanded the matter back to it for trial in a case where loan servicer Ocwen Bank allegedly foreclosed on a home despite the fact that:the loan holder's (JPMorgan Chase) records show the loan was paid in full,the homeowner/couple had proof that the mortgage was paid off - namely a recorded satisfaction of mortgage - received

A Case Study In Sleazy "Tag Team" Tactics Used By Real Estate Agent & Attorney To Illegally Intimidate Family From Foreclosed Home

Posted on February 05, 2010
In New Haven, Connecticut, a recent New Haven Independent story reports on the recent action by the Connecticut Attorney General in targeting at least 30 law firms, real estate agencies and lenders with cease and desist orders in connection with sleazy practices designed to intimidate tenants out of recently foreclosed homes...

Violators Of New Law Prohibiting Bullying Of New Jersey Renters Out Of Foreclosed Homes Subject To Triple Damages, Payment Of Tenant's Legal Fees

Posted on February 05, 2010
In Trenton, New Jersey, NewJerseyNewsRoom.com reports:Lost in the change of state government leadership last month was the signing by Gov. Jon Corzine of a new law designed to strengthens notification requirements for tenants living in a foreclosed property...

Florida AG Targets California Loan Modification Operation With Civil Suit; Allegedly Used Local Notaries To Act As "Company Representatives"

Posted on February 05, 2010
From the Office of the Florida Attorney General:Attorney General Bill McCollum [] announced that his office has filed a lawsuit against a California company providing loan modification services to homeowners facing foreclosure. According to the lawsuit filed [] in Orange County, 21st Century Legal Services, Inc...

FTC Proposes Rule Banning Upfront Fees For Loan Mods; Applies Nationwide, Limited Exemption For Attorneys In Consumer Bankruptcy, Other Proceedings

Posted on February 05, 2010
The Federal Trade Commission announced:The Federal Trade Commission moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would forbid companies to charge up-front for these services...

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