A Philadelphia, Pennsylvania couple was convicted of a mortgage fraud scheme that ripped off $14.6 million from close to three dozen homeowners facing foreclosure.
Edward and Jacqueline McCusker, both 47, were found guilty of wire fraud, conspiracy to commit money laundering and wire and mail fraud. They face up to 240 years in jail and fines of $3.5 million. The McCuskers plan to appeal the verdict, and stated they were trying to help homeowners.
Under the name of Axxium Mortgage Co., the scheme involved linking distressed homeowner with investors to buy their homes. Jacqueline McCusker along with the business manager, John Briana would pose as buyers, called straw purchasers, to obtain fraudulent mortgages. They would take whatever equity was left, and put the funds in a shell company to pay the mortgage. Then pocket what was left. The homeowners eventually lost their homes and any equity left in them. Briana pleaded guilty to the fraud charges. To avoid frauds a troubled homeowner should hire a foreclosure attorney to assist them with their case.
Frauds are often perpetrated on people who in desperate situations. The prospect of losing their homes led the Pennsylvania homeowners to seek out any solution, and in this instance they were defrauded. Consulting a foreclosure lawyer can help keep homeowners from being robbed of their most valuable possession by fraud.
A foreclosure attorney can assist with mortgage modification or contesting foreclosure that may be unjustified.
