Illinois Mortgage Companies Sued By State

Three Chicago businesses promised to save more than 12 struggling homeowners since 2003, then proceded to scam them out of tens of thousands of dollars in hard-earned home equity.

That’s the charge levied by state Atty. Gen. Lisa Madigan, who announced the state is filing a lawsuit as of yesterday against the individuals responsible for this Illinois mortgage scheme.

The firms - Eyes Have Not Seen Inc.; Creative Financial Solutions; and Mutual Trust Funding, formerly known as Greater Investment Solutions - lured victims by offering to help make mortgage payments, according to the suit, which was filed in Cook County Circuit Court.

The companies then ran a scam that involved persuading the homeowners to put their home mortgages in someone else’s name, the lawsuit alleges.

In 13 complaints filed with Madigan’s office, homeowners said they lost from $28,000 to $85,000 at the closings arranged by the defendants.

“Mortgage-rescue-fraud artists, like these defendants, take advantage of homeowners who are in financial distress,” Madigan said in a statement.

Also named as defendants in the lawsuit are Charles T. White Jr., president of Eyes Have Not Seen; and Debra Gray and Darius K. Monroe, who are identified as agents of the firm.

None of the mortgage company officials could be reached on Wednesday.

The lawsuit seeks to force the defendants to repay the homeowners and pay fines of up to $50,000 for each violation. Hopefully, this new, statewide crackdown on mortgage fraud will continue and serve as an example for the rest of the U.S.

SOURCE: Chicago Tribune