Graham Kligerman, a resident of Clearwater, Florida, received a jail sentence of 10 years for conspiracy to commit bank, mail and wire fraud. In January of 2004, he began involvement in mortgage forclosure rescue fraud.
In the scheme, more than 50 homeowners facing foreclosure sold their homes to straw purchasers with the expectation that they would lease the homes back to the original homeowners, a release from the Department of Justice said.
These straw purchasers received loans under the pretense that they would purchase the homes from the original homeowners. Instead, they borrowed more money than the first mortgage and delivered the homes’ equity to others involved in the conspiracy, the release said.
Read more here.|
Share this article with your social network, just click below to share now!
|
|
|
1 comment:
Equity release will work with the main two options of buying home and selling a home. So obviously there will be umpteen equity release schemes and which are all slightly different. You can get still more information about equity release which I browsed on internet can fetch you help.
Post a Comment