Mortgage Consultant Charged with Loan Modification Fraud

admin —  February 11, 2010 — 1 Comment

Eric W. Eliason, aka Ricky Masci, 30, Tamworth, New Hampshire, has been charged with Theft by Deception, as defined by RSA 637:2, with an extended term of imprisonment; Failure to Obtain a Debt Adjustment License, Untrue Statement and Fraudulent Business Practice as defined by RSA 399-D; and Failure to Obtain a Mortgage Originators License and Untrue Statements as defined by RSA 397-A.

Eliason is charged with crimes that occurred in connection with his business, Deaf and Hard of Hearing Mortgage Consultants. The first set of complaints allege that the defendant took up-front money to assist hard of hearing victims in completing a loan modification of their home mortgage. The complaints allege that numerous representations were made to the homeowners that the modification was in process, and then that the modification was denied. It is further alleged that the defendant had never contacted the mortgage company to perform a modification. It is also alleged that Eliason intended to take advantage of the victim’s physical condition that impaired the victim’s ability to manage their property or financial resources or to protect their rights or interests.

A second set of complaints allege that the defendant attempted to broker a re-finance of a home loan for another hard of hearing couple. It is alleged that he obtained up-front fees with the promise that in the event the re-finance was not completed, money would be refunded. No loan was obtained, and no money was refunded. Eliason was not licensed to conduct any of these transactions.

Arraignment will likely be scheduled for February 10, 2010 in the Southern Carroll County, New Hampshire, District Court. The charges range from a Class A Felony with a extended term of imprisonment, which carries a maximum penalty of 10-30 years in state prison and a $4,000 fine, to misdemeanors, which carry a maximum penalty of 12 months in the House of Corrections and a $2,000 fine.

These criminal charges are a result of a joint investigation conducted by the New Hampshire Attorney General’s Office, the New Hampshire Banking Department, Carroll County Sheriff’s Office and the DeKalb County, Illinois Sheriff’s Department.

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One response to Mortgage Consultant Charged with Loan Modification Fraud

  1. Ms. Dollar,
    I thought I might could get some advise from you to help my situation. I am beginning to believe it is hopeless. I signed a contract to sell my homestead in September 2008. The buyer is from California. She told me she was a caregiver 24 hours a day. She was buying my place for her daughter. She is from Prunedale, CA, has a CA real estate licensee (sales person) and is/was a Mortgage Consultant for Atlas Mortgage Services.
    A lawyer wrote the contract here in Oklahoma. The contract provides a relief if buyer defaults, but there was no provision or disclosure for seller regarding title defects. There was a judgment rendered on me by Discover that I knew about but Midland Credit Management acqured a default judgment against me and the statement of judgment was filed in the county clerks office 1 day before I signed the contract. The closing agent urgently requested payoff statements from the two creditors without any acknowledment or authorization for her to act in my behalf. They were going to take out over $30,000 for the judgments, when I tried to get settlements they would not work with me because they new there was a contract. Long story short, I hired a lawyer to attempt to get settlements, but was unsuccessfull. The closing statements did not add up correct and I couldn’t make myself sign it. The lawyer that wrote the contract still had the $1,000.00 earnest money. The closing agent never had the $1,000.000.
    The Closing Company is owned by the abstract that did the title search on the abstract and the lawyer that did the title opinion is partners with the owner of the abstract and closing company. The lawyer that perform the title opinion was also my divorce attorney years ago. No one every told me about the clouds on the title. I had to call the closing agent when I found out who waas doing the closing and request the documents she had prepared for the closing. The closing agent did not have any kind of license. She informed me that she did have to have one. I am in a breach of contract suit where the Judge has ruled in the plaintiff’s favor for partial summary judgment. I need to file something in relation to my homestead and I need to be able to take the creditors to a higher court. They have filed a motion to disburse the funds the buyer put in the court house. I signed a contract for $170,000.00 and they claim I have to leave $80,000.00 in the court house for judgments and damages and attorney fees. I have a lawyer hired but I’m not sure what he is doing. He is not trying to defend me by no means. I Pray there might be something you could help me with. One thing good would be great!!!!!!!!!!!!

    Thank you,


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