Signing your deed over to a foreclosure rescue company doesn’t save your home. It transfers ownership, not the mortgage. You can lose the house and still owe the debt.
Just got a foreclosure notice? Here’s how to stop it — loss mitigation, reinstatement, the appeal window, and the bankruptcy stay that halts a sale instantly.
Quick Answer: Barrington Coombs received a one-year prison sentence for his role in a foreclosure rescue scam operated by Foreclosure Solution Specialists from 2006-2009. The scheme defrauded desperate homeowners by promising fake investor sales and repurchase opportunities while actually conducting sham transactions with paid straw purchasers.Barrington Coombs, 58, of Weston, Fla., was sentenced to serve …
Quick Answer: Glen Alan Ward was indicted on federal charges including bankruptcy fraud, mail fraud, and aggravated identity theft for operating a foreclosure rescue scam that targeted over 800 distressed homeowners. Ward charged victims $700 monthly fees while fraudulently using stolen identities from bankruptcy databases to delay foreclosures.Federal authorities have charged a former Los Angeles …
Quick Answer: The FTC actively prosecutes foreclosure rescue scammers through criminal enforcement, with David Vladeck leading efforts to shut down these operations. The agency treats foreclosure rescue scams as a priority enforcement area, pursuing jail time for perpetrators rather than just civil penalties.For those that feel the FTC is not working on larger more global …
Quick Answer: Television reporter Melissa Holmes identified three common foreclosure scams targeting distressed homeowners: “Phantom Help,” “The Bailout,” and “The Bait & Switch.” The news coverage effectively warned consumers about mortgage consultant and loan modification scams that prey on vulnerable homeowners facing foreclosure.A television news story out of New York warned consumers about mortgage consultant, …
Quick Answer: Foreclosure rescue scams are real and costly, as demonstrated by Brooklyn man Garth Celestine who admitted to defrauding homeowners of $1 million through his company Home Savers Consulting Corp. The scheme falsely promised homeowners they could keep their homes by temporarily transferring titles to third-party buyers with better credit.A Brooklyn man admitted in …
Quick Answer: The FTC proposed a rule banning upfront fees for mortgage modification and foreclosure rescue services, requiring companies to collect payment only after providing services. This protection targets fraudulent companies that have prompted 28 FTC cases and hundreds more by state and federal partners during the mortgage crisis.The Federal Trade Commission moved to protect …
Quick Answer: Maryland’s Attorney General won a nearly $1 million judgment against Rodney Spellen and 10 other defendants who operated an illegal foreclosure rescue scheme that promised to save homes but actually attempted to steal property equity. The court banned all defendants from offering foreclosure services and ordered $987,030 in damages and restitution.Attorney General Douglas …
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