The numbers are numbing. Allegedly, one investment company and 41 people who worked for it, were responsible for 453 fraudulent mortgages in Cuyahoga County . Apparently, most of these homes are again in foreclosure. You can read about it here from the News Net 5 website and here from a website called Daily Mortgage Fraud News. How sad is it that there has to be an entire website devoted to this. Not surprising, but sad.
When I talk to people who live in other states they still don’t really believe that NE Ohio does not have foreclosure issues because of the infamous housing bubble that hit so many states. Just this week I was being interviewed by a reporter for REO Housing Wire magazine. I got the impression he was surprised when I said this. Our issues are due to predatory lending and continued job losses. But we know that because we live here!
When you think of how many foreclosures have come and gone over the last few years, it’s sobering to think that one scam alone could affect 453 home sales. Peace Out – 3C
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