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Mortgage Fraud Victim, Imogene Hall loses her Miami Gardens Home of 14 years to Fraud:Straw-buyer walks away scotch free and whistles all the way to the bank! Why?

Imogene Hall, a previous Miami Gardens homeowner of 14 years , an a Jamaican immigrant, who didn’t fully understand the laws as it related to real estate, lost her five year legal battle to stay in her home in spite of being duped by a fraudulent foreclosure rescue scam.

The Miami Herald first made the public aware of her story in November of 2010. Hall had lived in her home since purchasing it in 1997. Her ordeal started in 2006, when she lost her job as a home health nursing aide and looked to seek ways to pay her mounting bills. Like some many other homeowners doing that time, she tapped into her home equity, since real estate values were headed in one direction and that was up!

Unfortunately, a knock on the door by an unknown stranger, dressed as a wolf in sheep clothing, showing up unsolicited and offering a stress free cash-out refinance. Desperate for a solution to her financial problems, she became easy prey and thus the story began.

Too make a long story short [you can read the full story in The Miami Herald] unbeknownst to her, the initial $50,000 loan turned into a $230,000 loan on property that should have net an appraised value of $150,000 at best. Hall didn’t discover the fraud until she received notice that her home was in foreclosure.

Time and time again, you read in the paper or you hear on the TV, where an unsuspecting homeowner fails prey to an army of crooks, posing as “Foreclosure Rescue Representatives.” Normally the players consist of a straw-buyer, real estate agent or broker, title agent, attorney and often someone inside of the bank to finalize the deal.

All participating parties involved in the fraud; with the exception of the homeowner are well aware of the healthy financial return, once the deal is finalized by the bank and a check or bank draft is issued.

Make no mistake about it! The parties involved are not innocent. It’s a well calculated plan with instant gratification and no risk involved other than getting caught, with the understanding that no matter what! The straw buyer will always be able to walk away scotch free [with illegal gotten gain but absolved by the legal system] that’s got to stop.

“Without a straw buyer, the illegal deal would not be able to get off the ground. So, the straw buyer plays an integral part in this illegal transaction and should, therefore, be charged with fraud along with the other key players.”

    “If the deal is discovered to be illegal after the homeowner is forced into foreclosure, then the parties involved should have their property seized [irrespective of whether its their primary home or not] and put up for sale
    once they have been found guilty by the jury or the court and some if not all
    of the funds should be given to the injured party. There should be no exceptions! Everyone involved should be tried either individually or collectively of fraud.”

And when the story is written or told; all the characters involved should be named. Until you place shame and punishment, where shame and punishment should be placed, this inhumane act will repeat itself again and again, especially when there is so much financially to gain in the case of the straw buyer and nothing to lose. “What kind of justice is this?”

November 5, 2011 Posted by | Court News | , , , , , , , , | Leave a comment