Florida Foreclosure Defense Lawyers Blog

Ms. Burroughs was in charge of a company, WLL & Co., LLC, which purchased distressed homes, improved them, and then would sell them for a profit. In order to continue the business Burroughs allegedly was concealing where the borrowers down payments were coming from in an attempt to get lenders to give loans to buyers that would not have been eligible for the loans. Allegedly Burroughs was giving the potential borrowers the down payment money by depositing cash into their accounts, giving them a fake bill of sale from another property, or fake cash gift receipts. Due to the fact that many of the borrowers were not capable of making their monthly payments, many of the homes went into foreclosure. Because of this scheme underwriters had over $385,000 in losses. She faces a maximum of 20 years in prison and a $250,000 fine. This is one of the first cases brought by Obama's Financial Fraud Enforcement Task Force also known as "Operation Stolen Dreams."