A couple years ago, one of my LOs asked me to sign up with an investor funding foreclosure bailouts at ridiculously high LTVs. The company was called FundingForeclosures.com. Here’s what their site looked like at the time.
I thought it sounded too good to be true, so I passed. I’m thankful for that. Let’s check out how things progressed regressed.
- The enticing ‘sounds too good to be true’ ad November 18, 2005.
- Things get ugly a year later.
- And the latest update on FundingForeclosures.com below:
Seven Arizona properties are part of a “foreclosure rescue” mortgage scam that snared hundreds of victims in 27 states, according to an Internal Revenue Service warrant.
An IRS search warrant obtained by the Asbury Park Press of New Jersey lists 256 affected properties stretching from Maine to Hawaii. The warrant identified 106 homeowners as victims, so luckily Arizona wasn’t this scam’s main focus.
The FBI has sent letters to homeowners and investors about the scam. Those letters identify Charles Head, who ran FundingForeclosure.com, as the focus of the investigation.
Posted by: Paul - Mortgage Minute
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