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.
Sunday, June 10, 2012
Real State Operator Accused Of Using Phony Mortgage Assignments In $1M+ Distressed Loan Investment Ripoff; Prosecution Limited By Expiring Statute
In Fort Lauderdale, Florida, the South Florida Sun Sentinel reports:
A Cooper City man is being accused of defrauding a West Boynton investor of more than $1,000,000 in a distressed mortgage sham, according to a Broward Sheriff's Office report. Richard Brett Meyer, 53, was charged with grand theft over $100,000 and sale of security; he was released on $11,000 bond [].
The investor, Allen Pinkwasser, reported to the Sheriff's Office that, starting several years ago, he entered into an agreement with Meyers to purchase foreclosed mortgages that promised an 18 percent return. Meyers was to purchase the mortgages using his company, Rockland Trust, Inc.
Pinkwasser provided funds for 24 properties, but subsequently got nothing in return, according to the report. Due to the statute of limitations, only seven of Pinkwasser's payments can be considered for prosecution. Properties were located in Coral Springs, Deerfield Beach, Wilton Manors, Hollywood and West Palm Beach.
According to the arrest report, Meyers would present Pinkwasser with an attorney's title fund insurance policy and a fictitious assignment of mortgage.
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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