Real estate blog entries tagged with buy and bail by Lynnette Phillips Real Estate Consultant

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Home : Blogs : Lynnette Phillips Real Estate Consultant : Lynnette's Blog : Tag "buy and bail"

buy and bail: Buy and Bail Mortgage Fraud - 09/17/08 01:34 PM

(This post is a requested follow-up to my post Homeowners Also Responsible for Mortgage Fraud.)
Lenders are finally on to this particular scam & are responding with even further tightening of the lending requirements (The Wall Street Journal). They even have the ability to sue the borrower if fraud can be shown.
How Does a ‘Buy and Bail’ Scheme Work?
A borrower qualifies for a loan on a second home by asserting that the first residence will be rented out to help cover the mortgage payments for the second home. Once they are approved for the new loan they … (25 comments)

buy and bail: Homeowners Also Responsible for Mortgage Fraud - 09/02/08 12:32 PM

Desperate to get 'out-from-under' in a declining market some homeowners have decided to walk away from mortgages they can no longer afford creating two rising scams to add to the mortgage crisis - the so called "buy and bail" scam and "phony short sales" scam.
Both scams include lying on your mortgage application which is a prosecuteable offense but in the Inland Empire enforcement is taking low priority because of the belief that it will be more beneficial to prosecute scammers who take advantage of consumers rather than lenders.
Read the article...Homeowner Fraud Exacerbates Mortgage Crisis

… (9 comments)

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Lynnette Phillips Real Estate Consultant

Yucaipa, CA

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Address: Yucaipa, CA, 92399

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**The Posts and Comments contained in this blog are not intended as legal advice.**