Loan Modification

McLean Man Sentenced 63 Months for Mortgage Fraud

Posted on September 01, 2010
ALEXANDRIA, VA?Aaron V. Hernandez, 41, of McLean, Va., was sentenced today to 63 months in prison, followed by four years of supervised release, for running a mortgage fraud scheme that caused more than $4.5 million in losses. Hernandez was ordered to pay more than $4...

Escrow Officer Admits Role in Mortgage Fraud

Posted on August 31, 2010
OAKLAND, CA?Donna Demello pleaded guilty in federal court in Oakland today to conspiracy to commit wire and mail fraud for her role in a mortgage fraud scheme, United States Attorney Melinda Haag announced. At the time of the offense, Demello worked as an escrow officer at Stewart Title in Milpitas, Calif...

Two-Year Investigation Uncovers Million Dollar Mortgage Fraud Scheme

Posted on August 30, 2010
Following a two-year investigation in Massachusetts, thanks to a referral by the Massachusetts Division of Banking, an Oxford-area man has been arraigned in regards to a complicated mortgage scheme. Allen Seymour, 42, used fraudulent documents to deceive homeowners and mortgage lenders into multiple real estate transactions on homes in danger of being foreclosed on in [...

Virginia Beach lawyer gets 18 months for mortgage fraud

Posted on August 29, 2010
A Virginia Beach lawyer was sentenced Thursday to 18 months in federal prison for his role in a $2 million mortgage fraud scheme. William D. Timberlake, 52, pleaded guilty earlier this year to one wire fraud count. He admitted that between Aug. 2005 and May 2006, while working as a settlement agent on seven real estate [...

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Real Estate Attorney and Loan Officer Found Guilty in Multi-Million-Dollar Mortgage Fraud Scheme

Posted on August 28, 2010
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that RAVI PERSAUD, a real estate attorney, and GEORGE ESSO, a former loan officer, were found guilty yesterday of participating in a multi-million-dollar mortgage fraud scheme through GuyAmerican Funding Corp...

Fairfield, Ohio Man Sentenced to Prison for Role in $9 Million Investment Scam

Posted on August 27, 2010
CINCINNATI?Kevin Miller, 55, of Fairfield, was sentenced in United States District Court today to 15 months? imprisonment for his role in a real estate investment fraud scheme between 2005 and 2008 that defrauded more than 90 victims out of more than $9 million...

Pittsburgh man sentenced in mortgage fraud scheme

Posted on August 26, 2010
A Bethel Park man will spend 41 months in prison for his participation in a mortgage fraud scheme. Michael Dokmanovich, 37, pleaded guilty to one count of conspiracy to commit wire fraud in May. According to the prosecution, Mr. Dokmanovich operated Brandy Financial Services Co...

Two indicted in alleged mortgage fraud scheme Broker, homebuilder face up to 40 years in prison

Posted on August 25, 2010
A mortgage originator and a homebuilding executive, plus the modular home company he owned, have been indicted by a federal grand jury in Baltimore in connection with an alleged mortgage fraud scheme. John S. Morrison IV, 55, of Columbia was indicted on two counts of mail fraud and Clifford M...

Dallas? mortgage fraud clustered in 75201 ZIP code, study finds

Posted on August 24, 2010
Dallas’ 75201 ZIP code includes the snazzy Arts District, some of the city’s tallest skyscrapers and a chunk of fashionable Uptown. The area is also ground zero for North Texas mortgage fraud. From 2005 to 2009, more than 13 percent of the home mortgages made in 75201 turned out to be fraudulent, according to a study done [...

Three Broward residents plead guilty to mortgage fraud

Posted on August 23, 2010
Two 35-year-old loan processors from Pembroke Pines and Hollywood recruited a 33-year-old North Lauderdale man as a straw buyer in a $2.5 million mortgage fraud scheme, according to William Ferrer, U.S. District Attorney for Southern Florida. On August 18, the trio pleaded guilty to one count of making false statements on a HUD-1 Real Estate [...

Increasing Foreclosures Lead To More Mortgage Frauds

Posted on August 21, 2010
For the economy to ever have a chance at bouncing back, the issue of mortgage fraud should be addressed. With foreclosures happening left and right, different scams are coming to fore and it?s hurting the country?s chances of ever picking up from the economic slump...

Mortgage Broker, Loan Processors, and Straw Buyer Plead Guilty in Multi-Million-Dollar Mortgage Fraud Scheme

Posted on August 20, 2010
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office; and J...

Special Report: Flipping, Flopping and Booming Mortgage Fraud

Posted on August 19, 2010
CHICAGO (Reuters) - The house on the 53rd block of South Wood Street in Chicago’s Back of the Yards doesn’t look like a $355,000 home. There is no front door and most of the windows are boarded up. Public records show it sold in foreclosure for $25,500 in January 2009, then resold for $355,000 in October...

Guilty Pleas In 1 Of County?s Largest Mortgage-Fraud Cases

Posted on August 18, 2010
One of Franklin County’s largest mortgage-fraud cases went before a judge Monday. NBC 4 reported with the FAST FACTS from Franklin County Prosecutor Ron O’Brien. O’Brien said John Wanek of Phoenix, Ariz., pleaded guilty to engaging in a pattern of corrupt activity that led to more than $38 million worth of mortgage fraud in Franklin County...

Eight Charged in Real Estate Investment Fraud Scheme

Posted on August 17, 2010
SACRAMENTO, CA?United States Attorney Benjamin B. Wagner, FBI Special Agent in Charge Drew S. Parenti, and IRS Special Agent in Charge Scott O?Briant announced that a federal grand jury in Sacramento returned an indictment on Thursday, charging eight persons in a real estate investment fraud scheme operated under the name of Heaven Investments...

Two in Miami Convicted in $21 Million Dollar Mortgage Scam

Posted on August 16, 2010
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, and J. Thomas Cardwell, Commissioner, State of Florida Office of Financial Regulation announced that on Friday, August 6, 2010, a federal jury in [...

Mortgage Fraud Indictments Against 13 Oahu Residents Unsealed

Posted on August 15, 2010
HONOLULU, HI?Two indictments of 13 Oahu residents and one from the state of Washington on mortgage fraud related charges were unsealed today with the arrests of 10 of the 14 defendants. A federal grand jury had returned the indictments on August 11, 2010, but they had remained sealed until today...

Wisconsin Mortgage Broker Receives 51-Month Prison Sentence

Posted on August 14, 2010
MADISON, WI? John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that Brian K. Bowling, 44, of Sun Prairie, Wisconsin, was sentenced today by U.S. District Judge Barbara B. Crabb to 51 months in prison, with a five-year term of supervised release...

Four, including former lawyer, charged in mortgage fraud scheme

Posted on August 13, 2010
A former attorney and three mortgage brokers are among a group of South Floridians charged in a $6 million scam that could land them behind bars for up to 20 years. Jerry Velazquez, 38, of Miramar; Guillermo Moran, 38, of Miami Beach; Carolina Visbal, 32, of Miami Beach; and Rodolfo Landires, 37, of Miami, allegedly submitted [...

Former Cape officer last to be sentenced in mortgage fraud scheme

Posted on August 12, 2010
A former Cape Coral police sergeant has received three years probation in federal count for his participation in a $4.2 million mortgage fraud scheme. U.S. District Judge John E. Steele sentenced James J. O’Brien, 37, to the probation, plus $468,750 in restitution and 180 days on detention, Monday...

Minneapolis Pair Plead Guilty to $2.5 Million Mortgage Fraud Scam

Posted on August 11, 2010
Two Prior Lake men have pleaded guilty in federal court in Minneapolis for their roles in a scheme that defrauded mortgage lenders out of more than $2.5 million by causing them to make loans based on false information. Appearing before United States District Court Judge David S...

Two Miami area women sentenced for mortgage fraud

Posted on August 10, 2010
A Miami federal jury has found Mayelin Salas, 36, Miami Springs, and Lucy Segurola, 51, Miami, guilty in a $21 million mortgage fraud scheme. The women were among 41 people charged in six separate mortgage fraud cases in July 2009. According to the evidence presented at trial, Salas was an employee of State Mortgage Lending in Doral, [...

Neighbors are the real victims of mortgage schemes

Posted on August 09, 2010
The causes of the real estate meltdown and ensuing banking crisis and recession are complex. You can blame Wall Street insiders who bundled toxic subprime loans and sold them to unsuspecting investors. You can blame the rating agencies. You can blame banks for taking on too much risk and failing to keep enough capital for [...

Phoenix Banks Do Little To Help Victims Of Mortgage Fraud

Posted on August 08, 2010
Prosecutors Believe Mortgage Fraud Is Responsible For Many Foreclosures Many Valley families are losing their homes and their good credit scores as victims of mortgage fraud. A CBS 5 News investigation reveals banks are doing little to help the victims...

State repays mortgage fraud victims

Posted on August 07, 2010
SOUTH BEND ? Tracy Gardner noticed something wrong when a March 2009 mortgage escrow account statement said the balance was $0 ? $2,200 less than what should have been in the account. She began calling Chicago-based American Escrow to see if the company had paid the homeowner?s insurance...

Las Vegas home builder indicted in mortgage fraud case

Posted on August 06, 2010
July 29–A Las Vegas home builder was indicted Wednesday after federal authorities accused him of arranging to sell his houses at inflated prices as part of a scheme to “kick back” money from mortgage loans to buyers and their associates...

Credit History Fraud Alleged in $3 Million Lee?s Summit Mortgage Scheme

Posted on August 05, 2010
California Woman, Florida Man Indicted KANSAS CITY, MO?Beth Phillips, United States Attorney for the Western District of Missouri, announced that a California woman and a Florida man were indicted by a federal grand jury today for their roles in a credit history fraud that allegedly contributed to a nearly $3 million mortgage fraud scheme in Lee?s [...

Atlanta Man Sentenced to Prison for Fraud Related to Failed Omni National Bank

Posted on August 04, 2010
Defendant Used Stolen Identities for Short Sale ?Buyers? When He Sought Forgiveness of $2.2 Million in Loans ATLANTA, GA?BRENT MERRIELL, 38, of Atlanta, Georgia, was sentenced today by United States District Judge Jack T. Camp to federal prison on charges of making false statements to the Federal Deposit Insurance Corporation (FDIC) and aggravated identity theft...

Annapolis Woman Indicted in Real Estate and Business Loan Fraud Scheme

Posted on August 03, 2010
BALTIMORE?A federal grand jury has indicted Winnie Joanne Barefoot, a/k/a Winnie Jo Budzina, a/k/a Winnie JoAnne Conn, a/k/a Joanne Knopsnyder, a/k/a Olivia JoAnne Morgan, a/k/a Olivia JoAnne Barefoot Morgan, age 55, of Annapolis, Maryland, for bank, wire and mail fraud; Social Security fraud; and making false statements to the Social Security Administration...

Largest mortgage fraud case in the country: $100 Million

Posted on August 02, 2010
MANHATTAN SUPREME COURT ? Four individuals who were part of “one of the largest and most complex” mortgage fraud cases in the country were convicted on various charges related to a massive real estate scheme, the Manhattan DA said Friday. The four guilty defendants used a Long Island-based mortgage company to convince banks to front them [...

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