Home > Lawsuits > Metropolitan Money Store Corp. et al. Foreclosure Rescue Scheme Class Action
Metropolitan Money Store Corp. et al.
June 26 2007
A class action lawsuit has been filed against the six defendants alleging mortgage fraud. The lawsuit was filed in Prince George County Circuit Court and is seeking to recover millions of dollars in home equity allegedly lost by hundreds of Maryland homeowners in a foreclosure rescue scheme.
The defendants include, Metropolitan Money Store Corp., Fordham and Fordham Investment Group Ltd., RTE Title & Escrow LLC, Sussex Title LLC, Diane Jones, and Leticia Nicholls.
According to the suit, the companies approached people already in the foreclosure process, but who had significant equity, with an offer to save their house. The defendants then arranged the house's sale to a straw buyer, telling homeowners they could remain in their house for a year and then repurchase it. The mortgage taken out by the straw buyer was in excess of the mortgage being foreclosed, which allowed Metropolitan, Fordham and the straw purchaser to cash out the equity in the property to enrich themselves.
Hundreds of Maryland families entered into illegal contracts and transactions facilitated by real estate professionals whose sole motive was to enrich their extravagant lifestyles at the expense of hardworking Marylanders who were cash poor but equity rich in their properties.
Metropolitan Money Store Corp. et al. Legal Help
If you have suffered damages in this foreclosure fraud case, please fill in our form on the right to send your complaint to a lawyer to evaluate your claim at no cost or obligation.
Over a year ago, I was introduced to an individual promoting an investor program that sought individuals with well established credit to help other individuals facing foreclosure from their homes. I was convinced to participate as an “investor”, with the offering of monetary compensation and the assurance of improved credit and possibly additional investment opportunities in the future.
I was maliciously led to believe that I was doing a good thing, but have since found out otherwise. This so called investor program is what I now know to be a foreclosure rescue scheme. Practically three months ago I found out that Metropolitan Money Store and Fordham & Fordham, who I had become involved with as an “investor”, had shut down their operations and were under investigation.
The closure of these operations and pending investigation has impacted payment of a large number of mortgages, including the two mortgages under my name. Knowing the lender was directly affected, I notified them shortly thereafter of this matter. However, I am now in a very dire situation. The two mortgages under my name are under foreclosure and the homeowner who thought they were avoiding foreclosure is now facing the same.
Although the Metropolitan Money Store and Fordham & Fordham are under investigation nothing is being done for those of us who were scammed by those entities – both investors and homeowners.
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