Owning a home is one part of the American Dream. People will save for years and do whatever they can to buy a home. However, it is a huge financial investment that also is long-term. Once in a new home, many people find they have difficulties keeping up with the mortgage payments. This may make them desperate to find a solution that can help them stay current on payments and not lose their homes. Unfortunately, scammers can take advantage of this. One such mortgage scam in California is now at the forefront of the news.
The mortgage scam under the microscope is one allegedly carried out by a company consisting of three individuals. The alleged charges are that this company would connect with older individuals or those in financial difficulties to promise them mortgage relief. In return, the individuals had to transfer their homes to the company.
Indictments came from a grand jury for the three individuals. Charges are wide-ranging and covered the alleged targeting of elderly homeowners and those most at risk of going into foreclosure and include grand theft, filing false or forged documents, elder abuse and conspiracy. The estimate for the overall damages from the alleged scam tops $7 million.
Mortgage scams are nothing new, unfortunately. People will often try anything to prevent foreclosure and losing their homes. It is very easy to fall for a scam because they seem quite legitimate. If you or someone you know become a victim of such a scam, it may be helpful to seek the assistance of an attorney.