29 Jul Mortgage Fraud Stopped Cold In Missouri
On Monday July 28, 2008 the Attorney General for the State of Missouri filed charges against
- St. Anthony Avenue LC, based in St. Louis County. The lawsuit was filed in St. Louis County;
- Private Funding Solutions, based in St. Charles, and its president, Mike C. Rothweiler. The lawsuit was filed in St. Charles County;
- Brian J. Thompson, of Springfield, who does business as “All Decked Out”. The lawsuit was filed in Greene County; and
- Access Mortgage and Financial Corp., of Lansing, Mich., and its agents, David Snyder and Josh Nowell. The lawsuit was filed in Henry County.
for a foreclosure rescue scam. The investigation was titled Operation Stealing Home. The charges are based on fraud. Unfortunately there are those among us who prey on the downtrodden and look to score a buck wherever they can.
In this particular investigation Mr. Nixon targeted those who took fees to stop a foreclosure, refinance the home in the debtors name then had the debtor make payments to the foreclosure rescue team. Some debtors actually deeded over their home, even though they remain liable for the mortgage, to the foreclosure rescue team. Sounds great, right? The debtor gets to keep the house and the foreclosure rescue team stops the foreclosure right in the tracks.
Why then are these debtors losing their homes today? It appears that the payments that the debtors were making to these individuals went somewhere else besides the mortgage payments. Hence the charge of fraud. Another aspect is that debtor out of desperation gives all the legal rights of their property to the foreclosure rescue team but the debtor remains liable for the debt. Why should this bother anyone? If the foreclosure rescue team who now owns your house wants to take out another lien on your house, they can. They own all the legal rights to the property but you are footing the bill.
If you are in foreclosure think once, twice, thrice and several more times before giving money to any foreclosure resuce company. First contact a qualified bankruptcy attorney in your area to protect your rights and your home.
Written by Kansas City Bankruptcy Attorney, Rachel Lynn Foley.