This week a Denver grand jury convicted four people of mortgage fraud for taking out inflated loans on homes before letting the homes go into foreclosure.  The people were charged with 30 counts of criminal fraud charges.

The four reaped proceeds of $1.7 million in the mortgage fraud scheme.  Some of the money was used on other homes in a plan to continue the scam.  Warrants for the four’s arrest have been issued.

Victims of this kind of fraud include home buyers and mortgage companies whose credit ratings suffer.

Contact the HUD mortgage loan fraud attorneys of Tycko & Zavareei LLP at 202-973-0900 today if you suspect somebody may be committing mortgage loan fraud.