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Mortgage Company Fined $7.5 M by FTC

JUL 12, 2013 9:57am ET
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The question remains as to the effect of the documents on the many borrowers. That is an interesting question. With forged signatures, are foreclosures valid? Can they be set aside? Are they void? If the trustee’s deed upon sale was forged by the DocX people was there a valid transfer? It might be interesting to trace some of them if the borrowers want to spend the time and/or the money and if they can find out if it was there documents that were forged and if the documents relate to who has real title. This is an interesting legal issue.

OWNERS OF OHIO TITLE COMPANY CHARGED FOR DEFRAUDING COMPANIES AND CUSTOMERS OUT OF MORE THAN $290,000

FACTS

Two Lorain County men were charged with conspiracy to commit wire fraud for defrauding companies and customers out of more than $290,000.  Gregory R. Klima and Timothy R. Grodzik were charged in a criminal information. The men owned Title Access LLC, with Klima serving as president and Grodzik as vice president of sales, according to the information.

Title Access was formed in 2000 and was in the business of administering real estate transactions by providing services including title insurance and escrow account management. It used Stewart Title as an underwriter for the issuing of title insurance, according to the information.

Klima and Grodzik are accused of defrauding Stewart and parties to real estate transactions by diverting funds from Title Access’ escrow account for their personal benefit between December 2009 and February 2011, according to the information.

Around February 2011, Grodzik, with Klima’s knowledge, falsified Access’ financial documents to conceal from a Stewart auditor the fact that they diverted funds from the Title Access escrow account, according to the information. (usattyndoh7213)

MORAL

Choose your title companies wisely. If you do not know of a decent way to analyze, give me a call and we can name several.  And we do not get paid for this.

 

THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE. AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.

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