AUSTIN, Texas – University FCU on Friday announced it has completed home loans for 11 Hispanic families who fell victim to local home purchase fraud.
The deal allows the families to keep the homes they bought, which Texas Attorney General Greg Abbott discovered to be part of a scam.
The homes were sold to the families by a company called Galindo Trust, then re-sold without the company informing the families the company still owned the liens on the properties.
The scam targeted people who did not speak English, lacked Social Security identification or other documents needed for purchasing a home, according to the attorney general.
The credit union is providing fixed-rate mortgages for these families and a property deed. It will escrow funds for taxes and insurance. Homeowners only are required to pay the balance owed to the lender on their homes.
