Jeffrey Whaley, along with his co-defendant, Atty. Jerry Kerley, were convicted on a $6 million dollar mortgage fraud scheme on July 1st for their crimes. Whaley was sentenced for five years in prison for wire fraud, bank fraud, and money laundering while Kerley got a four year sentence. Both men conspired to defraud SunTrust Mortgage, Inc. in Richmond, Virginia and Citizens Bank in New Tazewell, Tennessee using a “straw borrower” mortgage fraud scheme. Under this fraud, the straw borrower is not liable for mortgage payments, but once the mortgage is foreclosed, the delinquency is reported under the borrower's name. Mortgage frauds are quite common in the industry. So for those looking for mortgage services, one needs to do their research. And they should conduct business only with reputable providers for home mortgage in Chattanooga such as Churchill Mortgage.
http://chattanooga.churchillmortgage.com/chattanooga-mortgage-loan-products-services/
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