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Blog entries tagged with "loan fraud":
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Borrowers facing foreclosure or unemployment are often targets of PREDATORY LENDERS because they are desperate to find any type of SOLUTION.
You might assume that with home purchases and new mortgage volume off by 30 percent or more in many markets during the past year, loan fraud would be down as well.
Wrong. A bench mark quarterly study released Aug. 25 by the mortgage industry’s principal compiler of fraud reports, the Mortgage … (0 comments)
Quick story, and to the point. I decided to write this blog because sometimes you get in the grind of your business and the intensity or volume of your "RADAR" gets turned down. If you have kids and used the "walky talky" so you could hear them cry when you were in the … (1 comments)
I just finished a post on a Texas mortgage fraud ring busted for the second time...called ...
Protect Yourself from Predatory Lenders
So who’s to blame for this mess?
We can point fingers all day, but lets look at who’s responsible for what in any given real estate transaction. A lot of other things go in a real estate transaction, but for the sake of readership, I name these 8.
The department of Housing and Urban Development (HUD) offers a brochure designed to educate consumers about ways to avoid becoming a victim of predatory lending scams. The brochure, entitled "Do Not Be a Victim of Loan Fraud---Protect Yourself from Predatory Lenders," ia available in both English and Spanish.
Today, a blog was started to point out an AR advertiser who was actually blatantly advertising a product intended to be used for consumers to help them commit loan fraud. The professionals that responded were outraged, and before you knew it, the actual advertiser had jumped onto the blog and started spamming … (9 comments)
Now I understand that some Realtors are having some issues these days and any deal is worth fighting for, BUT in the last week I have had 2 rather unsettling conversations with Realtors desperate for a paycheck.
What does the FBI have to do with a Realtor Magazine 30 Under 30 Celebrity? Mortgage fraud, money laundering, According to the FBI indictment "The defendants engaged in approximately 432 straw buyer transactions, and obtained control over approximately 227 properties with a total purchase price of over $100 million." Wow! For … (42 comments)
US Department of Justice announce...
Countrywide, a California lender, which did lots of business in the Chicago area is being investigated by Lisa Madigan, our Illinois Attorney General. She has asked them to provide her with files of Chicago closings from the past few years. She believes that there is evidence of fraud...and redlining.
You notice he said Co-Conspirator NOT Victim … (0 comments)
I deal with allot of investors, and every once in awhile I get connected with a "mark". It seems like it is always the same story. Some guy who drives a fancy car, wears a nice watch, and "big shots" impresses some fellow who makes an honest $25,000/year. The "investor" tells … (5 comments)
http://www.californiarealestatefraudreport.com/
Recently we read about a real estate agent in Florida who allegedly inflated the prices of nine homes in Tampa and North Pinellas, so buyers could get larger loans. In most cases, the homes were mortgaged for approximately $100,000 more than their true market value! Should the allegations prove true, then these … (1 comments)
It's interesting to me how many lenders are still completely unable to handle the concept of 'loss mitigation' with regard to loan modifications and/or short sales today---over a full year since the onslaught of defaults that have been the result of so many 'adjusting' ARMS. Certain lenders have pulled staff out … (0 comments)
...its the path of least resistance.
I keep reading posts about this House Bill or that House Bill that is pending and will jump start the housing industry. I don't believe the House nor the Senate can fix the problem. Gaping wounds are not restrained by band-aids. Lest you get the wrong impression, I don't have the … (2 comments)
Earlier this month my client, Karl, called me 4 days before we were scheduled to close on his first home. His loan was approved, the appraisal and property inspection were complete, and everything was ready to close. Or, so I thought. 
Luxury real estate circles are abuzz with the latest report that two top producing Beverly Hills agents have been indicted for their alleged participation in a mortgage fraud scheme. The LA Daily News reports that Joseph Babajian and Kyle Grasso have been suspended by Prudential California Realty, and are under orders … (11 comments)
Do you know the signs of a possible Loan Fraud? 04/23/2007
I would like to share my experience with a Seminar by prominient Boulder Atty, Jon Goodman of Frascona, Joiner, Goodman, and Greenstein. I have actually attended this seminar twice now, and It is very well presented. Obviously the title is meant to raise eyebrows, and is certiainly not to be taken … (1 comments)
Here are some warning signs to be aware of...
I've cut out this particular lender's name and company, just found it to be interesting. It seems he sent this plea to everyone in his database.
A story in the Denver Post yesterday related how a ex-mortgage company owner is heading toward a new career...in loan fraud prevention.