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, October 31, 2016
Real Estate Agent Gets 6+ Months For Duping Family In Foreclosure Into Sale Leaseback Ripoff; Conned Homeowner Into Signing Over Deed Coupled With Promise To Give It Back, Then Stripped Equity From Home With Multiple Fraudulently-Obtained Mortgages; Subsequently-Evicted Victims Left Homeless
From the Office of the Santa Clara County, California District Attorney:
A San Jose real estate agent was sentenced to more than six months in jail [], after being convicted of scamming about $750,000 from a family and four banks.
Nancy Kempis, 64, convinced a local family to sell their home to her to save them from foreclosure. Instead Kempis used the house to get multiple fraudulent mortgages and then defaulted herself.
Kempis disappeared after being charged with 5 felony counts: 1 count of conspiracy to defraud, and 4 counts of grand theft. The fugitive from Santa Clara wrote a self-published book and hid out in New York, using the alias Morpheus Daw Pud Ko, before she was found and arrested this summer.
“Ms. Kempis scammed hundreds of thousands of dollars and drove a family into homelessness,” prosecutor Charles Huang said. “We are pleased that despite her attempt to flee justice, she was held accountable for her crimes.”
Between 2006 and 2009, Kempis convinced a family to sell their home to her at a dramatically reduced price, then rented it back to them with the promise that she would eventually give the house back to them.
After Kempis stripped the home of its remaining equity by defrauding banks, she pocketed the loans. When the home was foreclosed, the family was evicted from their home and became homeless.
Investigator Tanaya Rose found Kempis living under an alias in New York City, helping to run a women’s ministry.
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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