California Real Estate Fraud Report

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Four Real Estate Professionals Go to Prison for Reverse Mortgage Fraud

Four real estate professionals in Florida and Pennsylvania are serving prison terms after pleading guilty to wire fraud by scamming elderly home owners (elder financial abuse, elder financial fraud).

Marcos Echevarria, Louis Gendason, John Incandela were loan officers with 1st Continental Mortgage  who originated reverse mortgages  for seniors in seven states after identifying the victims as vulnerable. Home Equity Conversion Mortgages (HECM) are insured by the Federal Housing Administration (FHA). They also purportedly altered the home’s values (appraisal fraud) in order to negotiate fake short sales (short sale fraud). The losses to the lenders, in addition to the elderly homeowners, were $2.5 million.

The fourth defendant, Kimberly Mackey, owned Real Estate One Land Services, Inc. in Pittsburgh and performed title services. She had created fraudulent HUD-1 statements to show the mortgages had been paid off, when in fact they had not (title fraud, escrow fraud).

When all four get out of prison, they will have to find a new line of work, as they have been permanently barred from doing business with the federal government.

Read the original article in Lender Hookup.

© 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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