Looks like there is one investigation after another into fraudulently obtained loans. Elk Grove is seeing a big one now. Modesto has seen a few. The truth is, there are many more of these "scams" that haven't even come out yet. Our firm represents a few of the defrauded homeowners.
Many of these buyers were lured into rescue loans by artists, who tricked them into literally signing their homes over, or signing deeds of trusts, in order to avoid foreclosure. The homeowner thinks he or she is simply making lease payments for awhile, and the money would go toward the loan. Meanwhile, the rescue artists/loan officers tap out the equity in the homes and leave the homeowner (sometimes a renter) with a growing interest rate and mortgage burden.
Oh, the lease payments. Do you really think the "landlord" paid this money toward a mortgage?
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