Alleged Foreclosure Scammer Settles With Coakley
Attorney General Martha Coakley's office has reached a settlement with Neville Francis, one of 18 defendants accused of taking part in a wide-ranging foreclosure scam.
Per a consent judgment, Francis will pay $5,000 in restitution and $1,500 in attorneys' fees and costs.
Coakley's office said Francis acted as a "straw buyer" in a scheme along with several real estate brokers, mortgage brokers and attorneys that ran a fraudulent foreclosure rescue program. Francis allowed a mortgage broker to use his name in applying for a loan to purchase a property.
Francis took title to the property without paying deposits, or closing costs and had no intention of occupying the property. Francis is the third defendant, and the second straw buyer, to settle with Coakley's office in the case.
The defendants in the case tricked homeowners on the brink of foreclosure into selling their homes while promising that they'd be able to remain in their homes and that they would maintain their homes' equity, according to Coakley's office.
However, the alleged scammers would disburse sale proceeds among themselves without paying any fees, and in certain cases, would sell the homes several times among themselves.
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