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.
Monday, June 18, 2012
LA Feds Bag 3 For Allegedly Running Short Sale Rackets Targeting Distressed Homeowners; Unwitting Buyers Left Holding Bag On Homes With Crappy Titles
In Los Angeles, California, KCBS-TV Channel 2 reports:
Federal authorities say three Southern California men have been indicted for allegedly running a scam involving short sales that caused more than $10 million in losses. [...] Atiqullah Nabizada, 29, of Coto de Caza, and Kenneth Moore, 49, of Tustin, were arrested Thursday at their homes after a grand jury returned two indictments charging them and a third defendant – 32-year-old Ahmed Tariq Asghari, of Sherman Oaks – with fraud violations and identity theft in connection with a variety of schemes using real or fake short sale real estate transactions and home loans.
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The defendants preyed on distressed homeowners, claiming to have insiders working at the bank, who, in exchange for cash, would authorize short sales for far less than fair market value, according to court documents. At least twice, the defendants used short sale approval letters that had been entirely fabricated.
The defendants also allegedly assumed the identities of property owners and sold and refinanced their properties without authority. [...] As a result of the schemes, federal officials said home buyers and investors bought homes they believed had clear titles but were actually devalued and subject to hundreds of thousands of dollars worth of liens.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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