Real estate blog entries tagged with mortgage fraud by Lynnette Phillips Real Estate Consultant

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Home : Blogs : Lynnette Phillips Real Estate Consultant : Lynnette's Blog : Tag "mortgage fraud"

mortgage fraud: 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)

mortgage fraud: Top Five Scams And How To Beat Them - 08/28/08 01:53 PM

I came across this article and wanted to share the info. Included are Home Improvement scams and Mortgage Bait & Switch scams...could be important to some of our clients.
Especially close to mind for me was the one regarding Fake Checks. Our office advertised a listing in Yucaipa for a horse property on CraigsList. We received a response from someone in Nigeria. As his emails regarding the property became more strongly worded when I kept asking for a commitment that agreed with our regulations I finally asked that he wire (not send a check) $10,000 to open an escrow his emails … (11 comments)

mortgage fraud: Don't They Realize Where They'll Be Soon? - 08/27/08 01:46 PM

A recently issued report by the Mortgage Asset Research Institute (MARI) states that mortgage fraud climbed 42% in the first quarter of 2008. The lender criteria has tightened considerably so that some feel it is necessary to 'tweak' applications. The most common situations cited were General Application Misrepresentation such as debt & asset misstatements, invalid social security numbers, incorrect addresses and Employment & Income falsification.
Loan applications are at an 8 year low according to the Mortgage Bankers Association and this supposedly makes the so-called 'professionals' push for clients. Maybe understandable but is this just another another area where it has … (9 comments)

mortgage fraud: Foreclosure Scams Video From CNN - Only 37 Days?! - 03/21/08 11:18 AM

The foreclosure crisis is nationwide. The scam artists have no heart. I salute this woman for fighting back and wanted to share this video from CNNMoney.com
I don't know what is more appalling the woman's situation or Georgia's 37 day foreclosure process!
This woman is seeking help through legal channels; they evidently are making every effort but will they be in time? Only 37 days from start to finish...a big difference from California's foreclosure process but too many people are finding them selves in the same situation because of the sharks plotting their scams!
… (10 comments)

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Lynnette Phillips Real Estate Consultant

Yucaipa, CA

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