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Mortgage

California man jailed for foreclosure rescue scam

Sentenced to 10 years in prison

A Huntington Beach man who was involved in a nationwide foreclosure scam that included several Sacramento-area homeowners among its victims has been sentenced to 10 years in prison, according to an article in The Sacramento Bee.

Jeremy Michael “Mike” Head, 34, was sentenced Wednesday in Sacramento, according to a U.S. Attorney’s Office news release. Head’s brother and co-defendant Charles Head, 40, was sentenced by Judge Mueller in September to 35 years in prison.

The Head brothers and their associates substituted straw buyers for the victim homeowners on the titles of properties without the homeowners’ knowledge. Once the straw buyers were on the title to the homes, the defendants applied for mortgages to extract the maximum available equity from the homes, then shared the proceeds from the equity and the “rent” the homeowners paid them.

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