Struggling homeowners have sought out ways to regain their financial footing ever since the recession rattled the entire country. Florida was especially hard hit, which left many homeowners seeking assistance in a variety of ways. For some owners, a loan modification was a first choice. While this option helped some, others became victims of scams. Many people were recently shocked to learn that a former Florida Tampa Bay Buccaneers football player, Jeffrey Charles Leroy Taylor, was charged with being party to a scam to bilk homeowners.
The football player is one of 10 defendants who pleaded guilty to charges related to the alleged loan scheme. The men were accused of heading up teams of telemarketers who targeted homeowners who were behind on their mortgage payments. The scheme allegedly made $7 million for the men involved during its first year.
In early November, Taylor pleaded guilty to the federal charges levied against him in the case. If he receives the maximum sentence on all counts, he could face years in prison. Another person indicted in the case faces similar charges, and a similar sentence. Eight others have already been sentenced for their participation in the scam.
When homeowners are at risk of losing their homes because they are behind on their mortgage payments, they may be willing to do anything to avoid foreclosure. When people are desperate, it is easy for others to take advantage of their situations. A Florida resident who is at risk of losing his or her home, and who is considering a loan modification as a solution, could benefit from learning all he or she can about the company offering the modification, along with being sure that he or she understands the options available.
Source: realtime.blog.palmbeachpost.com, “Former NFL player snagged in Florida mortgage scheme“, Kim Miller, Nov. 10, 2014