Accusations made in Florida mortgage scheme

On Behalf of | Nov 13, 2013 | Mortgage Fraud

Florida residents recently found out about a major mortgage fraud case in the area.

In the case, homeowners in Broward County, Florida, were allegedly defrauded by two local men. According to authorities, the two men targeted homeowners who were particularly in need of mortgage relief and may have had trouble getting it through normal channels. The two men offered to provide that relief; however, they never did.

Instead, authorities say, the men pocketed the cash that they acquired from homeowners through the scheme. In total, the amount they collected totaled around $3.5 million.

For some of the homeowners, their individual losses were so high that they lost their homes. Their complaints to the Florida Department of Law Enforcement about the matter spurred the investigation of those accused. Official reports claim that the men, aged 41 and 55, advertised bogus loan modification programs in Florida. This was done through a series of ads on radio and television.

Nine hundred of the property owners who heard those ads signed up for the program. Once they did, they were told that they could stop paying their mortgages due to the program’s services. However, the homeowners later found out that they had been given false information and that the promised services were not going to happen at all. This put them in an unfortunate position in regards to their mortgages and placed their home ownership in serious danger.

One of the men in the case was arrested and is now in Broward County jail. He faces charges of racketeering and conspiracy to commit racketeering. He remains in custody with a $75,000 bond.

Mortgage fraud cases are widespread throughout Florida. Law enforcement officials are working hard to bring each of them to light. Of course, those accused in such cases have every legal right to prepare their case and be fully represented in a court of law. With experienced representation, they will have the best chance at a positive outcome in their case.

Source:  Sun Sentinel, “Two men accused of mortgage-relief fraud in South Florida” Erika Pesantes, Nov. 06, 2013

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