Foreclosure Topic Archive

Investors Made Millions from People Facing Eviction

A six-year conspiracy by veteran real estate investors to rig bids and stifle competition at tax sale auctions made two chief organizers at least $10 million, largely from fees homeowners paid to keep from losing their properties, according to federal prosecutors.

Though many details remain under seal in U.S. District Court in Baltimore, prosecutors allege that from 2002 through 2007 the pair acted to corrupt nearly two dozen municipal tax sales in Baltimore and five other Maryland jurisdictions, including Montgomery and Prince George’s counties in the Washington, D.C. suburbs.

By Fred Schulte18 May 2010

VIDEO: FTC Consumer Chief To Fraudsters: 'I Want to Put You in Jail'

As many Americans spiraled deeper into financial disrepair last year, a record number of consumers fell victim to companies seeking to profit from their misfortune, according to the federal governments consumer complaints report released Wednesday. Last year, distressed homeowners became particularly vulnerable to financial rescue schemes, the complaints data show. Companies that, for instance, offer mortgage modifications or foreclosure relief programs generated one consumer complaint in 2008—and nearly 8,000 in 2009.

The Huffington Post Investigative Fund is documenting these schemes in the ongoing series, Hard Times Profiteers. Credit and mortgage schemes are often advertised on roadside signs, according to consumer advocates. If youve seen such an ad, snap a picture and send it to the Investigative Fund. And if you are the victim of a scheme, send the Investigative Fund your story at huffpostfund.org/profiteers. 

» Related Story: Consumer Complaints Soar on Mortgage 'Rescue' Schemes

 

By Lagan Sebert and Ben Protess
24 February 2010

Consumer Complaints Soar on Mortgage 'Rescue' Schemes

As many Americans sank deeper into financial trouble last year, a record number reported that they fell victim to schemes seeking to profit from their misfortune, according to a federal report released Wednesday.

By Ben Protess and Lagan Sebert
24 February 2010

HARD TIMES PROFITEERS: Help Us Investigate 'Signs of Deception'

Drive through most any city in America and the offers will leap out at you: "Repair Your Credit!" "Sell Your House Quick!" They are signs of this recession, posted by Hard Times Profiteers seeking to capitalize on the financial misfortune of others, and we need your help documenting them.

By Ben Protess and Lagan Sebert
18 February 2010

The Fraud Squad

MIAMI ⎯ The sun-seared condominiums along Brickell Avenue stand tall and shiny, but these days they're pockmarked with vacant units, one after the other ⎯ the foreclosed detritus of what was once Boom City.

This part of Florida has seen more than its share of real-estate bubbles over the years and been home to countless schemes, scams, and cons. There's a reason some call it "Fort Frauderdale."

By Howard Goodman22 June 2009