MORTGAGE LOAN COMPLIANCE®

As troubled homeowners seek new ways to stop foreclosure, Bank filings have reached an alarming rate of more than 10,000 per day. Still some homeowners fight only to find that the Foreclosure Consultant or helper is a fraud.

On July 13, 2009 U.S. District Judge Roger W. Titus sentenced Kurt Fordham of Ft. Washington, Md., to 10 years in prison, followed by five years of supervised release, for his involvement in the Metropolitan Money Store mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit.

Using the properties, the conspirators applied for mortgages to extract the maximum available equity from the homes and submitted fraudulent loan applications to lenders to obtain inflated loans on the properties. Fordham served as straw buyer on at least six properties. Nine other defendants have pleaded guilty in this case, including Fordham’s wife Joy Jackson.

Judge Titus also ordered Fordham to pay $13.13 million in restitution and forfeit three residential properties and three vehicles. Fordham, his wife, and others at MMS fraudulently promise to help homeowners avoid foreclosure by convincing them to put title to their homes in the names of straw buyers for a year, during which time MMS promised to improve the homeowners' credit ratings and help them obtain more favorable mortgages.

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Mortgage Loan Compliance

www.ml-compliance.com