A Phoenix minister and mortgage broker convicted in foreclosure scam
A minister and former Phoenix mortgage broker has been convicted of 10 charges related to foreclosure-aid scheme. Edward L. Carpenter, 52, was found guilty this week by a Maricopa County Superior Court jury of 10 felony fraud charges related to his mortgage "rescue" business. According to court documents, Carpenter contacted homeowners and falsely said he ran a "mortgage elimination" business that could legally remove borrowers names from their mortgages, giving them ownership of the properties free and clear. He charged up-front fees of $1,000 or more. Carpenters’ filings were designed to cloud the title, confuse title companies and cause mortgage companies … read the rest of this...
Phoenix foreclosure help for pets
T o save the growing number of pets adandoned in foreclosure homes, a group of metro Phoenix real estate agents has formed the Lost Our Home Pet Foundation. The nonprofit’s goal is to rescue pets left behind after their owners lose homes to foreclosure or eviction. “We know that in order for us to help the vast numbers of pets in need, we also need to help pet owners by providing a variety of immediate, convenient and available services,” said Jodi Polanski, founder of Lost Our Home, which operates a pet food bank for people who can no longer afford to feed their animals. The nonprofit also has a … read the rest of this post
Drop in pending loan modifications for metro Phoenix homeowners
L enders have permanently modified the mortgages of 18,409 metropolitan Phoenix homeowners through the federal government’s program to help people avoid foreclosure. That’s the tally so far for the Making Home Affordable Program launched in the spring of 2009. Permanent loan modifications in metro Phoenix have climbed by 2,000 to 3,000 for each of the past few months. Foreclosures in the region have climbed by at least 4,000 a month so far this year. What changed in July was the number of trial mortgage modifications fell significantly. At the end of July, there were 9,735 trial loan modifications underway in the region, down … read the rest of this post
Arizona misses out on latest round of federal foreclosure aid
A rizona’s unemployment rate is preventing the state’s struggling homeowners from receiving help from the federal government’s latest foreclosure-prevention program. Last week, the U.S. Treasury Department named the states that will divvy up $2 billion in additional funding to specifically help homeowners facing foreclosure due to unemployment. Arizona wasn’t on the list, a disappointment to many of the state’s homeowners and housing advocates. Arizona is already receiving $125.1 million from the federal government’s Hardest Hit Housing Markets fund, which is the same federal program administering this latest round of aid. Arizona is one five states – California, Florida, Nevada and Michigan – sharing $1.5 billion...
Pair convicted in Phoenix mortgage fraud scam
A Phoenix couple has been convicted for their part in a cash-back, mortgage fraud scam that resulted in $6.6 million in losses and the foreclosure of 25 Valley homes. Samuel T. Dobos, 30, and Georgiana Dobos, 28 were each recently sentenced to 27 months in prison for their roles in the scheme, which involved straw buyers. The couple has also been ordered to pay $220,000 in restitution. Mortgage fraud during the boom worked to inflate home prices and then drive up foreclosures during the downturn. Arizona is now among the top five states nationally for mortgage fraud. Arizona regulators and prosecutors formed a state mortgage fraud task force in 2007. “The Dobos’ … read the rest of this...