CHICAGO (WBBM) - The state of Illinois is investigating nine real estate and mortgage professionals who are allegedly responsible for ripping off at least three homeowners in the Chicago area.
The people in trouble with the Illinois Department of Financial and Professional Regulation include a mortgage company owner. Loan originators. Real estate appraisers. Real estate sales people.
Department spokesman Louis Pukelis says they are accused of working together to defraud at least three homeowners.
"Literally stealing the homes out from under them."
Pukelis says the mortgage fraud chain of events usually begins with refinancing from somebody who's unscrupulous.
And then, the homeowners get in real trouble.
"Before they know it, the home is no longer in their control and they may have signed certain documents that essentially have taken the home out of their possession."
Pukelis's advice: hire an attorney before signing documents.
E-Mail Story
Print Story
