Blanket Lien Foreclosure Affects 200 Innocent Homeowners
See also, Contractor liens on Oak View homeowners (Bradenton Herald).
Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Stonewood Consulting and Montecastro are also targets in several civil lawsuits accusing them of fraud. Richard Ackerman, a lawyer for many of the plaintiffs, said hundreds of investors in California and several other states were defrauded. For more, see Murrieta company, broker to forfeit licensese.
Go here for other posts on this story.
Now that both Houses of the State legislature have agreed to and passed the bill, the final stop for it is the Governor's desk for his signature. For more, see N.H. bill aims to stop foreclosure rescue scams.
The inflating of real estate appraisals is referred to as "hitting the number", and how often an appraiser can "hit the number" may determine how much work comes his/her way from unscrupulous mortgage brokers and loan officers. For more, see Appraisers push for real estate fraud rules (Testimony before Senate subcommittee reveals pressure placed on appraisers to inflate valuations).
The legislation, currently referred to as Senate Bill 163 is reportedly based on similar laws in effect in other states. For more, see Senate bill to protect Del. homeowners (With scammers capitalizing on rising foreclosure rate, lawmaker wants to crack down on fraud).
For story update, see Law Regulating Foreclosure Rescue Among Financing-Related Homeowner Protection Bills Signed By Delaware Governor.
In Louisiana, The Times-Picayune reports:
According to the details set forth in the indictment, the typical earmarks of a "flipping" scam were present here: use of straw buyers, inflated appraisals, false information on fraudulent loan applications, and phony tax returns. Among some of the other participants allegedly involved:
For more, see Loan firm's owner accused of fraud (Ex-senator's son faces 5 fed counts).
For the actual Federal grand jury charges, see Indictment - USA vs. O'Keefe, Jr.
For an earlier report on this story, see House flipping scam nets plea (N.O. man will be sentenced in July).
For more, see Former Collinsville attorney pleads guilty to mail fraud.
Go here for stories on other alleged escrow agent mishandling of funds. sneaky slick escrow agents alpha