Latest Posts
Home > Scam Reporter > Fraudulent Rescue / Equity Skim Scheme Costs Dozens Over $6.2 Million

Fraudulent Rescue / Equity Skim Scheme Costs Dozens Over $6.2 Million

Between 2006 and 2008 real estate agent, Joanne Seeley, defrauded 34 homeowners and 14 mortgage companies in Pennsylvania out of more than $6.2 million in a fraudulent Foreclosure Rescue/Equity Skim scheme. Seeley was found guilty earlier this month on four counts of wire fraud and four counts of money laundering; each punishable by a maximum 20 years in prision and a $500,000 fine.

Seeley was a Pennsylvania licensed real estate agent until December 12, 2006, when she permanently surrendered her license in lieu of disciplinary action. Thereafter, in the Fall of 2007 Seeley became the primary owner and operator of a business in East Berlin known as S&D Property Solutions (S&D).

Seeley would identify a residence scheduled for Sheriff’s Sale and advise the homeowner he/she could avoid foreclosure by selling the home to her or one of her investor/buyers, who would then lease the property back to the homeowner after the sale.

Seeley assured the homeowner the sale would allow them to pay off their personal debts, rebuild their credit rating, and allow them to qualify for a new mortgage when they bought back the home one year later. Seeley also promised the homeowners that any equity they had in the house would be held in escrow by the buyer after the sale as the seller’s down-payment.

Seeley recruited and induced several Investor/ Buyers into participating in her program by assuring them they would be reimbursed for all out-of-pocket expenses, including their down payment plus an $8,000 “fee” for engaging in the transaction after the closing.

Seeley also promised the buyers they would receive monthly rent from the homeowner that would cover most, if not all, of their mortgage payments. Some buyers were also promised an up front payment designed to make up the difference between their mortgage payments and the rent they received.

Seeley submitted a plethora of false documents to the mortgage lenders in order to induce them into approving unqualified buyers’ loan applications. The false documents included false employment verifications, false leases, false rental income, and false occupancy verifications.

Seeley also submitted redacted sales contracts to the lenders that concealed the fact the buyer and seller had entered into buy-back agreements and the buyer’s down payment was refunded to the buyer from the loan proceeds.

The trial showed that Seeley converted a significant portion of the $6.2 million in loan proceeds, approximately $2.3 million, to her own use.

Prior to the surrender of her license Seeley would charge the distressed homeowner an extremely high commission ( as much as 40-47%) equal to the homeowner’s equity in the property. Later, Seeley would simply have the homeowners sign over their entire sales proceeds checks to S&D Property Solutions.

Contrary to what the homeowners were promised, no funds were ever escrowed on their behalf. Instead, Seeley spent the money on her personal expenses and no homeowner was ever able to buy their home back – Source.

Greed is a hell of a drug.


If you have been scammed and would like to file a scam report, please click here.

Fraudulent Rescue / Equity Skim Scheme Costs Dozens Over $6.2 Million by

Share This and Spread the Word

About Amanda Miller

Amanda Miller

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.