SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – A Filipino couple in Las Vegas, USA, has been sentenced in a mortgage assistance scam.
According to local NBC News affiliate News 3, Alex Soria, 69, and Sonia Rodis, 55, were sentenced on one felony count of mortgage lending fraud.
Soria and Rodis offered their clients a “Zero Mortgage Program,” a report on FOX News said. Their clients would be promised that their mortgages would “disappear” while they would still be able to maintain the property title.
After several months, banks would no longer recognize the legitimacy of the process, and proceed with foreclosing the properties. This would leave homeowners even worse off than they were before.
The process involved the “recording of affidavits, deeds of reconveyance and other title documents that failed to eliminate their mortgages.” The scheme took place between May 2010 and October 2011.
They were both arrested in 2013 and collected a total of $63,000 from their victims. Soria and Rodis were both convicted and sentenced to 38 to 96 months in a Nevada state prison. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.