A Silver Spring man who conspired to embezzle thousands in mortgage loans was sentenced to 21 months in prison by U.S. District Judge Peter J. Messitte and ordered to pay punitive damages of $625,000.
In a guilty plea agreement, 49-year-old Dennis O. Edwards admitted to submitting fraudulent loan applications with the help of several unnamed co-conspirators to purchase or refinance homes in Silver Spring, Hyattsville and in Columbia by pretending to have worked as a nurse and as a moving company employee, earning a total of $6,000 a month. But in reality, Edwards was unemployed and receiving only $1,000 in Social Security disability payments.
According to the District of Maryland U.S. Attorney’s Office, Edwards also tried to convince the bank to accept a “short sale” of the Columbia property after it was set to be foreclosed.
When you are financially unable to afford your mortgage, a legal short sale may be your best financial option. Call the short sale attorneys of Chaifetz & Coyle, P.C., to learn more about this process and how they can see you through the process. Call 443-546-4608 to learn more.