Friday, March 28, 2008

Mortgage Fraud: the Gift That Keeps on Giving

By Chris Thompson
Fri, Mar 28, 2008 at 11:12 AM

Another day, another foreclosure rescue scam. This time it's out in Livermore, where Sonia Alburez and Verena Silva have been charged with convincing homeowners in default that if they just transferred part ownership of their homes into shell companies, those companies would declare bankruptcy, and the proceedings would stall the foreclosure process long enough for homeowners to get their act together. Of course, it didn't work, and the banks foreclosed anyway, taking at least 14 homes. Meanwhile, Alburez and Silva allegedly pocketed a monthly fee of up to $2,500 for this work of fiction. According to the Chron, law enforcement officials believe the pair, who worked under the company name Community Home Saver, may have bilked countless others in this racket. Alburez and Silva face 36 criminal counts. Where's the next mortgage fraud bomb gonna hit?

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