Wednesday, August 12, 2009

Ex-Michigan Resident Charged With Five Felonies In Alleged Foreclosure Rescue Racket Nabbed In Texas

In Lansing, Michigan, WLAJ-TV Channel 3 reports:
  • A former Lansing resident faced fraud charges Monday. State police and Attorney General Mike Cox said he's part of a half million dollar mortgage scheme. Officials say Jeffrey Barry was arrested today in Texas, where he's now living. They say Barry offers to buy homes in danger of foreclosure, and offers to sell the home back to the owners under a land contract. Officials say he would give the homeowner a check for the down payment, and then make up an excuse and demand it back. He would then use that down payment as proof to get a mortgage. Barry is facing five counts, each worth a ten year felony.

Source: Former Lansing Resident Facing Fraud Charges.