Foreclosures, Real Estate

12 indicted in Atlanta mortgage fraud scheme

 

From the Atlanta Journal and Constitution:

Local authorities said Monday they charged 12 men with an elaborate mortgage fraud scheme in Atlanta’s West End neighborhood and seized more than $200,000 of assets.

In indictments filed last week, Fulton County District Attorney Paul Howard Jr. accused the men of buying and selling nine homes using false appraisals that were more than double the homes’ actual value. Seven of the houses were in the 30310 zip code in the West End, where 26 homes were put up for foreclosure auction in late June.

McFall said his work is not finished: there are “thousands” of homes in the Atlanta area that are tied to mortgage fraud.

Zip code 30310 leads the nation in mortgage fraud.

 

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