Friday, September 16, 2011

Jacksonville Loan Officer Sentenced To 30 Months

BizJax

A Jacksonville loan officer who operated a business called “Joe-Can-Do-It.net”  was sentenced to 30 months in federal prison for committing wire fraud, according to the U.S. Attorney’s Office.  Joseph Ulysses Grant IV,  31, was sentenced this week by U.S. District Judge Harvey Schlesinger.  Grant promised people he could obtain full financing if they bought homes he listed for sale, and as part of his scheme, he submitted false financial information on loan applications he prepared for the buyers, authorities said. He also gave lenders an inflated value for the sales price of the homes.

The statements submitted to lenders said the buyers were making down payments for the homes, but actually, Grant “or others” were providing money to buyers for down payments, prosecutors said. The person who advanced the down payment for the buyer then recouped the money out of proceeds from the sale of the house.
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It is people such as this that have contributed to the economic crisis we are in today.  However, if a competent foreclosure defense attorney were representing the homeowner, it appears on the surface that may be some very valid defenses and affirmative defenses.  The attorney could also look at a possible counter claim.

So, would you take a case such as this to state court, where the foreclosure would be filed, or file a Chapter 13 bankruptcy and proceed with an adversarial hearing?  This is one case where a Chapter 13 bankruptcy may be advantageous.

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