Feds Catch Up With $10M Mortgage Fraud Ring

Last week I read about how federal agents in Maryland arrested a group of people in a $10 million (or maybe more) foreclosure fraud ring. One government official referred to it as the worst mortgage fraud scam in Maryland history.

The Metropolitan Money Store promised to help people saved their homes from foreclosure, but instead they cheated people out of their homes and pocketed the profit. They allegedly told hopeful homeowners that they would find someone to buy their properties so these financially strapped homeowners could get their credit in order.

What they really did was take out overpriced mortgages on the homes. They allowed the homes to go into foreclosure by not paying on the inflated second mortgages, after they had gained money from the equity that remained in the home.

If you are afraid that you cannot pay your mortgage, seek the help of a trusted real estate professional. Someone who can help you talk to you lender, rather than taking out a second mortgage when the first mortgage is already in jeopardy.

You can always feel free to e-mail me with your mortgage concerns: john.day@longandfoster.com.