Home » Real Estate Articles » LA Senior Allegedly Swindled Out of Home: Local Businesses Rally for Justice-- and Win
LA Senior Allegedly Swindled Out of Home: Local Businesses Rally for Justice-- and Win
After spending nearly five years in prison for foreclosure scams, convicted white-collar crime con-artist Timothy Barnett is awaiting trial for allegedly tricking five Los Angeles residents who unknowingly granted him title to their homes.
LOS ANGELES, CA, September 13, 2011 /Real Estate PR News/ -- After spending nearly five years in prison for foreclosure scams, convicted white-collar crime con-artist Timothy Barnett is awaiting trial for allegedly tricking five Los Angeles residents who unknowingly granted him title to their homes. One of Barnett's alleged victims, 73-year-old Eddie Baker Jr., a former Golden Gloves winner, was on the verge of homelessness -- until two local businesses put their gloves on to fight a bureaucratic system for his rights -- and won.
All the victims were in financial trouble and were promised help. They were told they could remain in their homes, repair their credit and then refinance. Instead, title was transferred, and large loans were taken against the property so that no equity remained. "Mortgage companies didn't just hand back the house to the victim," said Philip Lipp, President of AllwestMortgage.org, one of the local businesses that saved Baker from homelessness. What had been a nightmare saga for victim Eddie Baker Jr. has finally reached a successful close and Baker is now the owner of a new home.
Barnett's story of crafty white collar home heist was brought to public attention in 2007 by LA Times writer Michelle Hofmann and news of his most recent upcoming trial covered by Stuart Pfeifer of the LA Times and AP writer Robert Jablon.
First to step in to fight for Baker was Attorney Patrick Dunlevy of Public Counsel negotiated a monetary settlement for Baker but it was not enough for Baker to pay cash for a new home. Having been robbed of most of the equity he earned over the last 40 years, he could not afford to buy a home in an all-cash purchase. And, living on a fixed income, Baker couldn't qualify for a traditional mortgage.
Lipp and wife Ilene, both California reverse mortgage specialists, refused to accept that injustice could prevail. Using their knowledge of reverse mortgages and enduring months of negotiations, the team put Baker into a home of his own -- payment free, for the remainder of his life.
"The FHA reverse mortgage now allows for a direct purchase or refinance of a home for seniors 62+. With an FHA reverse mortgage, there are no monthly payments and no income or credit requirements," explained Lipp.
Lipp says that reverse mortgages aren't only for people in Eddie's predicament. "Many seniors suffering from the burden of being house rich and cash poor can live payment-free with an FHA reverse mortgage."
He cautions homeowners, however, to do their research first. Lipp's free report titled, "The 5 Reverse Mortgage Rip Offs Exposed," is available by request at info[at]allwestmortgage[dot]com.
About Allwest Mortgage:
Allwest Mortgage is led by Philip Lipp and Ilene Fischer, a husband and wife team in business together since 1984. Phil & Ilene, both Pepperdine University MBAs, are members of the California Association of Mortgage Professionals and the National Association of Mortgage Brokers. Phil is a founding director and Past State President of the California Association of Mortgage Brokers. He has twice served as President of the local chapter and remains on the Board of Directors in an advisory capacity. He has served on the Real Estate Commissioner's Real Estate Finance Advisory Committee (REFAC), providing guidance and input on matters of vital importance to consumers. He and Ilene have served on the Mayor's City of Los Angeles Anti-Predatory Lending Committee, an organization designed to help protect consumers, and especially seniors, from unfair lending practices. To further protect seniors, they volunteer their time by visiting senior citizen centers, churches, schools, and organizations and speaking to seniors on different types of financing options and how to avoid being victimized. They were recently honored by the Los Angeles Neighborhood Housing Services for their ongoing volunteer participation.
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