In Detroit, a mortgage scam has surfaced and targets senior citizens. Last Wednesday, the Wayne County Prosecutor announced the arrest of a suspected scam artist accused of ripping off dozens of homeowners.

Anthony James of Romulus is the suspected scam artist for this case. Investigators believe he may have obtained nearly a million dollars by scamming up to 40 homeowners in Oakland and Wayne counties.

Anthony James is now charged in a case involving 84-year-old Shirley Schultz of Belleville. She saw a commercial on TV for a reverse mortgage, which allows senior homeowners to convert equity in their home to cash.

Shirley Schultz talked with James over the phone, who ultimately had the closing company issue two checks at the closing. Prosecutor Kym Worthy said Ms. Schultz thought the loan amount was for $62,000, but James made it for almost $103,000, and pocketed the remaining money.

Prosecutor Worthy says everyone must be very careful when it comes to any kind of loan. On Thursday, James will be charged with uttering and publishing for cashing fraudulently that $42,000 check. Meanwhile, Ms. Schultz is said to be of sound mind, and she is working with investigators.

By M. Sese
http://realestatepress.org