Two women out of Pompano Beach, Fla., are facing more than five years in prison for their roles in scamming distressed borrowers into financial transactions that robbed them of their homes without providing relief.

U.S. District Judge Kenneth Marra out of the Southern District of Florida sentenced Lisa Wright, 46, and Cathy Saffer, 52, of Pompano Beach to 66 and 60 months in prison, respectively.  

Authorities claim the two women operated a company called Foreclosure Solution Specialists from 2006 through 2009.

Distressed homeowners contacted the pair when facing foreclosure. Authorities say the two women told homeowners their properties would be sold off to investors, and they would get the opportunity to remain in their homes after the sales.

Instead, the homes were sold off to straw purchasers using fraudulent information on mortgage contracts, the Justice Department said. The scheme ate up any remaining equity and landed homeowners in foreclosure.

Wright pled guilty in March to one count of conspiracy to commit mail and wire fraud. Saffer went to trial and was convicted of three counts of mail fraud and two counts of wire fraud.

kpanchuk@housingwire.com

         

Most Popular Articles

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Jan 15, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please