As if the housing market crisis and foreclosure burst wasn’t bad enough for homeowners, many have found trouble when trying to find help with their mortgages. With so many hardworking homeowners seeking help with their mortgage debts, many non-reputable companies have tried to capitalize on the increased victim pool. However, government agencies are not taking this scheme lightly and many companies have been put out of business and many executives facing jail time for their crimes.
Preying On Those In Need
Many Americans have pursued a mortgage loan modification only to be left in foreclosure as the result of a mortgage fraud scheme. Even the elderly homeowners have faced trouble when seeking to benefit from the reverse mortgage process. Victims of both schemes have either ended up in foreclosure, been forced to sell and move or are continuing to struggle finding legitimate help with their mortgage debts.
In the recent months, the government has pursued legal action against both the company offering fraudulent services, as well as the individuals suspected of carrying out such actions. Many loan officers have been convicted of fraudulently completing paperwork on behalf of homeowners, failing to file legitimate paperwork and collecting money for services not rendered. The government has cracked down on these schemes ordering many of those found guilty to several years in prison and large restitution payments.