Today, media sources indicate that Anthony James, 43, of Romulus, Michigan has been charged with two felonies relating to a scheme to defraud an elderly victim out of $42,000. He is also suspected in taking advantage of over 30 other victims for nearly $1 million. The investigation into James’ activities continues and additional charges are possible.
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Man charged in reverse mortgage fraud
Tuesday, June 13 2006 20:20
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2 comments
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Wednesday, July 19 2006 04:58
posted by Tim
Pre-loan counseling is a vital part of the reverse mortgage loan process. This guy was able to tell the elderly homeowner that the counseling requirement could be taken care of with a few simple questions over the phone. As a result, the homeowner had scant idea of the amount she was eligible to borrow.
Lesson for seniors: don't take the counseling requirement lightly and don't let anyone in the process downplay its importance. -
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Monday, June 19 2006 10:43
posted by Johnny Drama
It takes a real piece of work to rip off the elderly with a reverse mortgage. It's POS's like this who ruin business for the rest of us who legitimately offer this product. I can hear a future potential client's greedy kid bellowing "I read about some guy in Michigan who got ripped off by their loan officer when they got their reverse mortgage".
Here's hoping by the time this vermin gets out of jail that he meets the age requirements for the reverse mortgage.
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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