Feds Bust 41 People in Mortgage Fraud Scheme

Posted on October 17 By Francine Huff

Charges were filed against 41 people accused of mortgage fraud in connection with 100 properties in New York State.

Federal prosecutors charged the mortgage lenders, attorneys and others in the real estate industry with wire fraud and conspiracy fraud, according to the New York Times. Most of those charged were arrested or surrendered in New York, Pennsylvania and North Carolina.

The accused allegedly obtained more than $64 million in mortgage loans connected with the New York properties in eight separate cases. Scams included falsifying mortgage applications, stripping home equity and flipping properties.

Some of the people targeted by the New York scams were homeowners who faced the threat of foreclosure or were struggling to make mortgage payments. These cases are just some of the mortgage fraud schemes happening around the country these days.

If you own a home and are having a tough time paying on your mortgage loan, be careful who you do business with. Be skeptical of people you don't know who show up on your doorstep or call offering to solve your mortgage woes. Do not get involved in schemes that require you to sign over the title to your property or buy a home you do not intend to live in.

If you need help managing your mortgage payments, contact your loan servicer to discuss your options. The Department of Housing and Urban Development (HUD) also has mortgage counselors available to work with borrowers.

This entry is filed under General information , Foreclosure , Mortgage fraud . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
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