Five people have been indicted in a foreclosure scam coming out of Southern California.
From DailyBreeze.com:
The defendants visited homeowners defaulting on their mortgages and offered to stop their foreclosures with short-term loans and refinancing options. But instead of applying for refinancing, the defendants allegedly submitted loan applications to banks under the names of the homeowners.
The defendants allegedly pocketed the loan money from the banks, which were never repaid. The victimized homeowners, meanwhile, lost their property titles, according to the indictment.
Related posts:
- Foreclosures Update: Southern California
- Foreclosure Scams on the Rise
- Homeowners Warned of Foreclosure Scams
- Mass AG Targeting Foreclosure ‘Rescuers’
- Foreclosure Scams
Tags: Bankruptcy, Consumer Rights, Consumer Scams, Mortgages and Foreclosures