California Real Estate Fraud Report

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03
Jun

Orange County Brothers Convicted of Running National Foreclosure Rescue Scam

Charles Head and Jeremy  Head (aka Mike Head), brother who owned Head Financial in Orange County, have been convicted for scamming $15 million from homeowners at-risk of foreclosure by promising the victims that they can keep them out of foreclosure and repair their credit (mortgage rescue scams, foreclosure fraud).

Charles Head was convicted on four counts of mail fraud; Mike was convicted on two counts. Their crimes were committed between January 2004 and March 2006, according to court documents.

The men used their own friends and relatives to act as straw buyers and gain title to the distressed properties without the homeowners’ consent (title fraud). They then applied for mortgages in order to suck any equity from the properties, as well as divided the rents paid by the homeowners among themselves. Of course, this resulted in the homeowners losing their homes to foreclosure, losing their equity and having their credit ruined.

Previous to the convictions, nine other defendants pleaded guilty.

 “The Head brothers preyed on the victims’ fear of losing their homes and then took advantage of those victims’ predicament to steal from them their last remaining equity in those homes, enriching themselves in the process,” according to U.S. attorney Benjamin Wagner. “As a result of their conduct, many of the victims who looked to the Head brothers for help were evicted and left destitute.”

Read the original article in National Mortgage News.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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