A Dix Hills man who prosecutors said stole $568,000 from dozens of homeowners who sought his help with a mortgage modification pleaded guilty Tuesday to grand larceny and fraud charges.
Mark Savransky, 59, pleaded guilty before Supervising Nassau County Court Judge Teresa Corrigan to second-degree grand larceny and second-degree scheme to defraud, Nassau County District Attorney Madeline Singas said.
Officials said Savransky had stolen money from as many as 32 homeowners in Nassau, Suffolk, Westchester, Queens, the Bronx and Brooklyn, using the funds they had hoped would pare down their mortgages for his own credit card bills, car payments, travel, restaurants, grocery stores, department stores and Netflix.
“This defendant preyed on vulnerable homeowners during the height of the mortgage crisis and swindled them out of more than a half million dollars,” Singas said in a news release Tuesday. “In many cases, homeowners didn’t know they were in trouble until lenders started foreclosing on their homes.”
Savransky’s attorney, Joseph Conway of Mineola, could not be reached for comment.
Prosecutors said Savransky ran a mortgage modification business based in Nassau during the national housing mortgage crisis, between 2008 and 2014. Officials said he assured 32 homeowners that, after securing modifications on their loans — most of them subprime mortgages — that he would hold their payments in trust and forward them to financial institutions servicing the loans.
But in many cases, he never did, prosecutors said, adding that he used the money on himself. Lenders began foreclosure proceedings on the homes.
Savransky was arrested in August 2015 by detectives assigned to Singas’ office and he was arraigned on grand jury indictment charges in October 2017, prosecutors said.
Savransky faces a maximum prison term of 1 to 6 years when he is sentenced on Jan. 10. He is due back in court on Dec. 4.