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.
Tuesday, April 04, 2017
Massachusetts AG Boosts Charges Against Indicted Real Estate Broker In Alleged Loan Modification Scheme, Now Accusing Defendant Of Fleecing 11 Financially Strapped Homeowners Out Of Over $464K In Mortgage Payments
From the Office of the Massachusetts Attorney General:
A real estate broker has been indicted on additional charges in connection with stealing more than $464,000 through a larceny scheme targeting homeowners facing foreclosure, Attorney General Maura Healey announced today [March 27].
Kevin Taing, age 49, of Lowell, was indicted [] by a Statewide Grand Jury on the charges of Larceny Over $250 (9 counts). Eastern Funding & Investment, Inc. (EFI), owned by Taing, was also indicted today on the charge of Larceny Over $250. Taing and EFI will be arraigned in Middlesex Superior Court at a later date.
In November 2016, Taing was initially indicted on the charges of Larceny Over $240 (3 counts) and Obtaining a Signature by False Pretenses in connection with stealing more than $165,000 from three homeowners in Lowell and Lynn.
The AG’s Office began an investigation into Taing, a licensed real estate broker and principal of EFI, in late 2014 after a referral from a non-profit legal services agency. Authorities allege that Taing, who is of Cambodian descent and speaks Khmer, persuaded 11 homeowners of Cambodian descent facing foreclosure to make payments to EFI rather than the actual holder of their mortgage loans.
Authorities further allege that Taing led these families to believe that by paying EFI they would reduce their monthly payments, stay in their homes or otherwise resolve their mortgage issues.
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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