Metropolitan Money Store Corp. et al. Foreclosure Rescue Scheme Class Action


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Metropolitan Money Store Corp. et al.

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 click the link below to send your complaint to a lawyer to evaluate your claim at no cost or obligation.

Please click here for a free evaluation of your case

Last updated on Jun-26-07