Mortgage Loan Fraud – Could it Happen to You?
Imagine if you were a homeowner facing foreclosure, and you received a call telling you that you’ve been approved or pre-approved by an underwriter for a loan modification. Sounds too good to be true, right? But in a stressful situation, that four letter word, hope, can have you believe anything is possible.
Jason Vitulano of Boca Raton, Florida knew that, and took advantage of 2,000 at-risk hopeful homeowners between September 2007 and August 2009. His mortgage fraud scheme raked in $7 million for himself and his accomplices.
Vitulano ran several fraudulent companies and websites by the names of: FHA All Day.com Inc., Housing Assistance Law Center, Inc. and Safety Financial Corp. These companies ran out of boiler rooms in Vitulano’s hometown of Boca Raton. When homeowners handed over funds but never received their loan modifications, Vitulano would change the company name to avoid charges.
But his day is now here. In December 2014, Vitulano was ordered to pay $5.9 million in restitution by U.S. District Judge Kenneth Marra. He was also sentenced to 11 years in prison, followed by three years of supervised release.
At Marina Title, we want you to stay informed of your rights so that you can feel protected. We work with leading industry experts who can make you feel at ease every step of the way, whether you are facing a foreclosure or simply need guidance with your purchase or sale. Call us today at (305)-901-5628 or [email protected] for more information about how we can be your trusted title insurance agency.
