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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

Ohio AG Says Two Calif. Loan Modification Outfits Bilked Homeowners, Failed To Deliver Services In Separate Suits; Scores $81K+ Judgment Against 3rd

Posted on February 04, 2010
From the Office of the Ohio Attorney General:Ohio Attorney General Richard Cordray this week named United Law Group, Inc. (ULG), a California law firm founded by California attorney Sean Alan Rutledge, in a lawsuit for bilking Ohioans who faced foreclosure out of thousands of dollars...

Brooklyn Developer Accused Of Selling Condos & Failing To Provide Deeds To Buyers Says Rabbi Deceased For 15 Years "Blessed" Deal

Posted on February 04, 2010
In Brooklyn, New York, the Daily News reports:The rebbe made him do it. A Brooklyn developer accused of fleecing dozens of Hasidic families in a massive subprime mortgage fraud scheme took cover behind a divine defense on Tuesday. Eliyahu Ezagui's lawyer told jurors his client received "a blessing" from the late Rabbi Menachem Schneerson to build affordable housing for the Lubavitcher community

Connecticut AG Fires Warning Shot At Lawyers, Lenders, Real Estate Agents Using Sleazy Tactics To Illegally Drive Tenants From Foreclosed Homes

Posted on February 04, 2010
In Hartford, Connecticut, the Hartford Courant reports:New state and federal laws passed last year are supposed to protect renters in foreclosed properties from getting tossed out with little or no notice. But the state attorney general and legal aid lawyers said Monday there is strong evidence that those laws are being violated ? and hundreds, perhaps thousands, of tenants have been pressured to

Oregon Regulator Issues C&D Order, $250K Fine Against Foreclosure Rescue Operator For Alleged Securities Violations Tied To Sale Leasebacks

Posted on February 04, 2010
From the Oregon Department of Consumer and Business Services:The Oregon Department of Consumer and Business Services (DCBS) issued a cease-and-desist order and assessed $250,000 in fines against Anthony "Tony" Schwartz and two businesses he controlled for selling interests in foreclosed homes he seized in a complex foreclosure rescue scheme...

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Mortgage Voided As Lender Fails To Make Inquiries Of Persons In Possession; Unrecorded Rights Of Occupants Take Priority Over Lender's Recorded Lien

Posted on February 04, 2010
In the United Kingdom, Lexology.com reports on a British court case involving the application of the bona fide purchaser doctrine in which a mortgage lender found itself left holding the bag due to its failure to inquire into the rights and equities of persons in possession of a home who were not the record owners/borrowers before making a secured loan to the latter:A lender that does not make

Delaware DA Levels 21-Count Indictment Against Alleged Foreclosure Rescue Racket Using "Divine" Cover In Sale Leaseback, Equity Stripping Ripoff

Posted on February 03, 2010
In Dover, Delaware, ConsumerAffairs.com reports:Master Builders for Christ and Vision Builders Christian Center, along with three of its principals, have been charged in a 21-count indictment in Delaware, on charges of running a massive mortgage rescue scam...

Closing Attorney Gets Back-To-Back Boot From State Bars; Accused Of Misappropriating $500K+ Of Client Cash In Rhode Island, $350K+ In Bay State

Posted on February 03, 2010
In Providence, Rhode Island, The Providence Journal reports:A Needham, Mass., lawyer is the latest attorney to be disbarred by the Rhode Island Supreme Court for allegedly mishandling a mortgage refinancing. The high court on Jan. 19 barred David L. Spector from practicing in the state for allegedly misappropriating more than $500,000 that was supposed to be paid to banks in connection with four

Six Face 82-Count Indictment In Alleged Long Island "Pay Stub Factory" Mortgage Scam; Racket Scored $6M In Fraudulently Obtained Loans On 21 Homes: DA

Posted on February 03, 2010
In Suffolk County, New York, Newsday reports:A Brentwood woman ran a "pay-stub factory" to help real estate officers and a Mastic Beach woman steal nearly $6 million in a mortgage fraud scheme involving 21 properties, Suffolk prosecutors said [last week]...

State Consumer Fraud Act Yields Triple Damages Award For Homeowners In Bogus Sale Leaseback Equity Stripping Racket

Posted on February 03, 2010
A ruling by a Federal bankruptcy court in New Jersey recently awarded at least $690,000 in damages against a foreclosure rescue operator who peddled a sale leaseback arrangement to a financially strapped homeowner/couple purportedly intended to save them from the loss of their home...

Focus Shifts To Special Servicer As Overleveraged Landlord Of 11,000 Unit NYC Apartment Complex Readies To "Mail In The Keys"

Posted on February 03, 2010
In New York City, Crain's New York Business reports:In the coming weeks, control of Stuyvesant Town/Peter Cooper Village will pass from one of New York's most glamorous and powerful real estate families to a company that most people have never heard of, a major player in an industry that few even know exists...

NYC Judge: "Rubber Stamp" Method Out-Of-Bounds When Granting Judgment To Zombie Debt Buyers Against Unwitting Consumers; Calls Racket "A Game Of Odds"

Posted on February 02, 2010
In a 2007 court ruling, New York City Civil Court Judge Philip S. Straniere expresses a concern with the growing number of creditors appearing before him seeking judgments against consumers who have allegedly defaulted on credit card debt, and who have failed to make an appearance during the proceedings...

Family Cops Pleas For Roles In Tax, Bankruptcy Fraud Scam For Hiding Profits, Property Interests In Connection With Hundreds Of Flipped Foreclosures

Posted on February 02, 2010
From the Office of the U.S. Attorney (Greenbelt, Maryland):Minh-Vu Hoang, age 59, of Bethesda, Maryland, pleaded guilty [...] to conspiracy to defraud the Internal Revenue Service and the U.S. Bankruptcy Trustee in connection with a scheme to conceal millions in profits earned from the purchase and sale of foreclosure properties...

Blind Victim Of Sale Leaseback, Equity Stripping Scam Peddled As A Refinance Now Faces The Boot, Despite "Successful" Civil Prosecution By Illinois AG

Posted on February 02, 2010
In Chicago, Illinois, the Chicago Sun Times reports:There's no question that Coleamer Hodges was scammed out of her South Side home. In a 2006 complaint, the Illinois attorney general office used Hodges' tragic situation to illustrate the unlawful business practices at the core of home rescue fraud, in which companies claim to help residents stay in their homes but then actually sell the homes to

California Sets New Records For Real Estate License Revocations, Surrenders As Illegal Foreclosure Rescue & Loan Modification Rackets Rage On

Posted on February 02, 2010
The California Department of Real Estate recently announced in a press release:The California State Department of Real Estate (DRE), the state department that issues licenses to real estate professionals and protects consumers in real estate transactions, revoked a record number of real estate licenses for cause in 2009...

Upstate NY Judge Emphasizes Importance Of Scrutinizing Foreclosing Lenders For Proper Standing In Cases Involving Unrepresented Homeowners

Posted on February 01, 2010
In a recent court ruling in Allegany County, New York involving a foreclosure action that was dismissed without prejudice (ie. with a right to refile), and which involved "the usual suspects" (ie. sloppy lender, foreclosure mill law firm, homeowner unrepresented by legal counsel - there was no indication that the homeowner even appeared in the case), Justice Timothy J...

Closing Lawyers Get Dragged Into NY Deceptive Practices Act Suit Brought By Waitress Stuck With Unaffordable $629K Loan; Judge Refuses To Dismiss Case

Posted on February 01, 2010
In Brooklyn, New York, the New York Law Journal reports:A Brooklyn judge has allowed an action to go forward against two attorneys and others who are accused of facilitating a $629,000 mortgage for a waitress who earned less than $25,000 a year. Plaintiff Portia Joseph alleged Brooklyn attorney Adrian A...

Homeowner Takes "Product Liability Approach" To Foreclosure Defense, Accusing Lender Of Peddling Defective Product; Seeks Class Action & Voided Loan

Posted on February 01, 2010
In Central Florida, reporter James Thorner of the St. Petersburg Times blogs:This is the first I've heard of this novel foreclosure defense. Largo's Linda Soronen, sued in December by her lender for foreclosure, is counter-suing by claiming her fast-and-easy home loan arranged in 2006 constituted a "dangerous financial product...

Florida To Become A Non-Judicial Foreclosure State? Yes, If The Shameless Banksters Get Their Way; The Push Has Begun!

Posted on February 01, 2010
The St. Petersburg Times reports:If bank[st]ers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months. The Florida Bankers Association, the 400-member-strong lenders' lobby, has presented state legislators with a bill to upend decades of Florida law and establish "non-judicial" foreclosures in Florida by July 1...

SoCal Loan Modification Operator Facing FTC Civil Charges Now Hit With 165 Felony Counts By Orange County DA

Posted on January 31, 2010
From the Office of the Orange County, California District Attorney:The president of an Irvine loan modification company was arraigned [...] for defrauding and victimizing 165 distressed homeowners out of $177,000 by fraudulently promising to save their homes in exchange for an up-front fee...

Extradited Loan Modification Scammer Cops Plea To Pocketing Upfront Fees & Giving Bogus Money-Back Guaranty, Then Failing To Provide Services, Refunds

Posted on January 31, 2010
In Las Vegas, Nevada, KVVU-TV Channel 5 reports:A man has pleaded guilty to mortgage fraud for operating a foreclosure rescue scam in Las Vegas. Nevada Attorney General Catherine Cortez Masto announced [...] that Michael Sinclair pleaded guilty to one felony count of mortgage fraud for running the scam under the business name of Federal Housing Aid...

Unlicensed Mortgage Originator Cops Plea To Helping Homeowner Refinance Home, Then Swiping $100K+ In Loan Proceeds Obtained From Closing Agent

Posted on January 31, 2010
From the Office of the Maryland Attorney General:Attorney General Douglas F. Gansler announced [...] that David Young Park, 43, the former president of Capital City Financial Group in Ellicott City, entered a plea of guilty to one count of felony theft in Baltimore County Circuit Court...

Closing Agent Cops Plea, Gets Five Years For Using Escrow Funds In Straw Buyer Scheme; Purchased Home That Subsequently Went Into Foreclosure

Posted on January 31, 2010
From the Office of the San Bernardino County, California District Attorney:On Wednesday, January 27, 2010, Mojgan Cox, 50, of Alta Loma, pleaded guilty to several felony charges including conspiracy, money laundering, grand theft, and forgery. Cox, also known as "Mona," is a former real estate broker for ReMax Allegiance and owner of Exclusive Escrow Services...

Connecticut Hubby Faces Charges In Connection With Alleged Forgery Of Wife's Signature On Home Equity Loan

Posted on January 31, 2010
In Litchfield, Connecticut, the Republican American reports:A Superior Court judge wants attorneys to resolve the mortgage mess that's at the root of charges that a husband forged his wife's name on a home equity loan. George A. Matos, 42, of [...] Thomaston, appeared [...

Cracked Slab, Leaky Air Duct Create Havoc, Health Problems For Family In New Condo; Floor Damage, Mold Problems Lead To $184K Award Against Builder

Posted on January 30, 2010
In Clinton, Massachusetts, the Worcester Telegram & Gazette reports:The crack running through the slab foundation of a Woodlands condominium owned by Michael T. and Nancy J. Vanasse stretches from the bedroom of their two young sons through two bathrooms ? where it results in cracked floor tiles ? and probably continues under a hardwood floor beyond that...

Mold Infestation Leaves Vacant Condo Units In Foreclosure Uninhabitable; Create Health Concerns For Residents In Surrounding Apartments

Posted on January 30, 2010
In Land O' Lakes, Florida, WTVT-TV Channel 13 reports:When two condo units at Glendale Villas in Land O' Lakes went into foreclosure, neighbors were understandably concerned about their own property values. That was last spring. Now, people who live close to units 3 and 4C say property values are the least of their concerns...

Prominent Attorney Feels Financial Squeeze After Being Hit With Foreclosure, IRS Tax Liens; Suspected Of Pocketing Client Cash; Faces Suspension

Posted on January 30, 2010
In Louisville, Kentucky, the Courier Journal reports:David Friedman, who won major court victories for the American Civil Liberties Union of Kentucky as its volunteer general counsel for 25 years, including a Ten Commandments case before the U.S. Supreme Court, has left the organization and been ousted from his law firm after being accused of keeping money owed to two clients...

Newlyweds Say Mold, Bacteria Drove Them From Recently-Purchased New Home; Pending Foreclosure Could Jeopardize Hubby's Job

Posted on January 30, 2010
In Gloucester County, New Jersey, The Phialdelphia Inquirer reports:After a honeymoon in Mexico, Danielle and David Beety returned to their dream home, a $407,000 yellow stucco on a cul-de-sac in Gloucester County. Their future seemed golden. "We were on cloud nine," said Danielle Beety, a first-grade teacher who also coached high school field hockey...

Bank Gives Dozens Of Families The Boot From Recently-Foreclosed Motel Loaded w/ Code Violations; Failure To Repair Left Premises Unsafe For Occupancy

Posted on January 30, 2010
In Fulton County, Georgia, MyFoxAtlanta reports:Dozens of families searched for a new place to live [last week] after they were told to move out of their motel rooms on short notice. [...] The Moseley Motel on Fulton Industrial Boulevard was taken over by a California bank after the owner went into foreclosure...

English Regulators Put Heat On British Barristers Suspected Of Mortgage Fraud, Real Estate Scams

Posted on January 30, 2010
In London, England, Financial Times reports:More than 100 law firms suspected of mortgage fraud were investigated last year as part of a crackdown on rogue solicitors. New figures show that last year the Solicitors Regulation Authority, which supervises 113,000 solicitors, completed 106 investigations into firms where there was suspected misconduct in relation to mortgages or property...

Oregon Regulator Imposes Crackdown On Unlicensed Home Repair Handymen; State Fines Cash-Strapped Homeowner $600 For Soliciting Work On Craigslist

Posted on January 30, 2010
In North Bend, Oregon, The Register Guard reports:Unemployed paper-mill worker Mark Driscoll said he was just trying to pay his bills when he started doing handyman work more than a year ago. Driscoll, a North Bend resident, said he was unaware the state of Oregon requires people who do any kind of construction work for pay, including handyman-type fix-it jobs or minor remodeling, to have a state

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