Posts Tagged: ‘Mortgage Fraud Scheme’

Former NFL Player Receives Prison Sentence for Mortgage Fraud Scheme

January 26, 2015 Posted by kingcade

Former Tampa Bay Buccaneers player, Jeffrey Charles Leroy Taylor, was sentenced to three years in prison for his part in a $7 million loan modification scheme that affected thousands of homeowners. In addition to his prison term, Taylor was ordered to pay more than $350,000 in restitution to the victims of the fraud.

Taylor, who also played football for the University of Miami and lives in Fort Lauderdale, pled guilty to the charges in late 2014. The scheme was reportedly organized by the operator of FHA All Day.com, Jason Vitulano, Housing Assistance Law Center and Safety Financial Corp. The defendants allegedly defrauded more than 2,000 struggling homeowners out of millions of dollars through fraudulent loan modifications in 2008 and 2009.

Taylor reportedly acted as the team manager of four telemarketers who made thousands of phone calls to homeowners offering to reduce their mortgage payments or stop the foreclosure process for a fee paid to FHA All Day.com.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Miami Mortgage Fraud Scheme Costs FHA $50 Million

August 29, 2014 Posted by kingcade

Greater County Mortgage Bankers owner Hector Hernandez was indicted along with seven of his employees for a $50 million mortgage fraud scheme.  Wire fraud charges were filed against developers Armando Bravo and Aleida Fontao.

The indictment states that the defendants secured fraudulent mortgages through the Federal Housing Administration from 2006 through 2008.   The loans included exaggerated income and financial statements.  Hernandez, the owner of the mortgage company allegedly used false documents such as phony earning statements to qualify borrowers, who otherwise would not have qualified.

Hernandez was also accused of giving borrowers kickbacks after closing on condominiums.  The majority of the Great County loans defaulted and went into foreclosure.  The scheme cost the FHA over $50 million, as these loans were guaranteed.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any
questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade &
Garcia website at www.miamibankruptcy.com.

Related Resources: http://www.bizjournals.com/southflorida/blog/morning-edition/2014/08/mortgage-company-owner-real-estate-developers.html?ana=e_sflo_rdup&s=newsletter&ed=2014-08-29&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1409325203

 

Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years

August 5, 2012 Posted by kingcade

Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC.  She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.

 

Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages.  She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.

 

Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.

 

To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme

 

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.