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Tag Archives: mortgage-broker

Hells Angel Commits Mortgage Fraud For Marijuana Grow House

In September I covered a story about two leaders of the Hells Angels that had been accused of mortgage fraud. A mortgage broker in the San Francisco bay area was charged with conspiracy to arrange more than $10 million in fraudulent home loans including the two Hells Angels leaders. Raymond Foakes, former President of the Hells Angels Sonoma Chapter, pleaded ... Read More »

Holy Fraud, Batman! Literally…

Yesterday, an Ohio resident was indicted for allegedly engaging in a fraud scheme that promised to fund more than $500 million in mortgage loans to around 20 churches and a dozen small businesses across the country. The man, Jamal Lawson, fraudulently obtained more than $300,000 in advance fees that he used for personal expenses instead of securing loans as he ... Read More »

Mortgage Broker Pleads Guilty To Extortion Conspiracy Of Homeowners

In late November it was announced that New Jersey mortgage broker, Robert Cusic Jr., admitted that he conspired with a New Jersey attorney, Thomas Frey, and others to extort victims out of money and property by falsely stating they were the subjects of criminal investigations. Cusic plead guilty to an Information charging him with conspiracy to commit extortion under fear ... Read More »

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar…

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar… OUCH. The last of the six defendants in an indictment charging mortgage fraud, arson, marijuana trafficking and money laundering has entered a guilty plea in federal court in Michigan as of last week. The following defendants entered guilty pleas before United States District Judge Sean Cox: Linda Abdullah, aka ... Read More »

Homeowners In Financial Distress Lose Over $1.2 Million To Mortgage “Rescue” Fraud

To the tune of a MasterCard commercial: $4.7 million in fradulent mortgage loans… $944,224 lost by lenders…. $1.2 million lost in equity to homeowners…. Shameful. Mary Ann Dean and Charles Donaldson pleaded guilty to the charge of conspiracy to commit wire fraud in connection with a mortgage fraud scheme of Sunset Mortgage Company. Dean was a loan originator and operator ... Read More »

My Debt to Income Ratio is Enormous. – Laura

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“Dear Steve, My debt to income ratio is enormous. I pay bills on time, but do not have money left over for groceries much less anything else. I need to refinance my home because my ARM is up soon. Would it be smarter to refinance now before I mess up my credit worse with a dept mgmt. program? I don’t ... Read More »

I Need to Lower My Mortgage Payment. – Josten

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Josten “Dear Steve, I need some advice on how to lower my mortgage bill payment. We have to pay too much money, monthly just to keep this house. My family can’t pay this much and we may have to sell our home. Please I need some advice. How do I lower my montly mortgage bills to keep my house. I ... Read More »

My Company Left Me Owing Bank of America and American Express. – Kevin

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“Dear Steve, I currently owe 35k on a Bank of America Credit Card and 20 on an American Express account. These cards and balances were the result of me using the cards to run a branch location i had for a mortgage company and then the company would pay me off. Unfortunately, the company in Sept of 2009 filed Chapter ... Read More »

Carolyn Writes In And Wants a New Mortgage In Bankruptcy

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“Dear Steve, My husband and I are in bankruptsy, we have a 3 year plan with one year left on the plan. Our mortgage company has us on an ARM and wont remodify our loan. How can we get out of chapter 13 and get into a fix rate mortgage? Carolyn” Don’t miss our free Get Out of Debt – ... Read More »

Should I Get a Pre-Approval Letter for a New Mortgage Before I Try a Short Sale With Bank of America? – Tamika

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Tamika “Dear Steve, My current home loan is with Bank Of America. i purchased for $126 and current appraisal is $90. when i purchased the home i was married, we’ve been separated since 2007 and i was left with the mortgage and car note. my income is decreasing and ive ask B of A for help, but they have denied ... Read More »

We Are Looking Forward to Buying Our First Home But Our Credit Sucks. – Casey

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Casey “Dear Steve, My husband and i are looking forward to buying our first home next summer. So right now we are in the process of getting are credit reports to see what would affect are interest rates and loan amt so we can pay those particular items off faster than the other not as important ones. I pulled my ... Read More »

How Can We Find a Mortgage Company to Work With? – Susan

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“Dear Steve, My husband and I have a mortgage of approx. $78,000.00 on our home. We also have a home equity debt of $50,000.00. The mortgage is a 2 year ARM and is at 3.75% as of April 2009. Our home equity is a couple of points higher. Our tax appraisal puts the value of our home at $276.000, 00 ... Read More »

Three Mortgage Brokers Arrested in Handcuffs from Mortgage Refinance Scam

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California Attorney General Edmund G. Brown Jr. today announced that agents from his office have arrested Michael McConville, and two of his associates for their roles in a “criminal conspiracy” to steal nearly $1 million from borrowers seeking to refinance their homes. McConville and his co-conspirators lured dozens of borrowers into refinancing home loans by falsely promising low interest rates ... Read More »

Foreclosure Rescue and Mortgage Modification Help Just Bad Actors in New Clothes

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The New York Times has a great article out about the transformation of subprime mortgage brokers into new entities that promise to sell help for people to get mortgage help. Late last year, he and his team — ensconced in the same office where they used to broker mortgages — began working for a loan modification company. For fees reaching ... Read More »

When the Mortgage Industry Suffered My Husband and I Also Did – Ai

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Ai “Dear Steve, Like the rest of the country when the mortgage industry suffered my husband and I also did since we were both in the industry and were paid commission only. I was lucky enough to find a job but catching up on bills and having only one income resulted for me to go to those money advance places. ... Read More »

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