The recession created an atmosphere where people were forced to seek solutions to financial chaos and find ways to keep their homes. The home foreclosure rates in Florida and across the country jumped, and many people lost their homes in the process. Others found loan modifications and bankruptcy solutions to avoid home foreclosure. However, there were many others who were taken advantage of as scammers jumped at the chance to entice struggling home owners with a quick or easy fix to their financial woes.
Recently, two brothers faced criminal consequences for their role in a scam that cost homeowners millions. One of the brothers was just sentenced to 35 years in prison for his role in the scam. The brothers essentially stole the titles to homes, and one of them was convicted of mail fraud and other charges also.
The pair and others involved in the scam reportedly obtained over $90 million in loans that were fraudulent. They were able to somehow scam victims into signing over the titles to the homes. It was estimated that they were responsible for $50 million in losses over a period of two years. The scam had far-reaching consequences, as it was said to be nationwide.
The home foreclosure process can be scary and confusing for anyone in Florida. It can be easy to get overwhelmed with information or feel unsure of what to expect, hence the reason people become enveloped in scams that can cost a great deal of money and even cost victims their homes. Those involved in the home foreclosure process may want to be sure that they are getting accurate information about options so as to avoid becoming a victim or losing their home needlessly.
Source: foxnews.com, “Nationwide foreclosure scam leads to 35-year sentence; brother stole 300 home titles“, , Sept. 3, 2014