Banana PeelJust when I thought I had heard it all, up pops the latest twist in the mortgage fraud game - The Lien.

Since there are many eyes looking for mortgage fraud in our market, the scams to deal with the cashback payoff get more and more creative.  One of the first lines of defense when confronted with a mortgage fraud contract was to say " Put it on the HUD" - well, I have seen some pretty creative attempts,but today's story is the best one yet...

Contract comes in at $200,000 above list price with $250,000 going back to the buyer.  On the HUD??? No problem.. buyer will record a fictitious lien for the $250,000 that needs to be paid off at closing.  Can you believe that one?  I just shake my head... what's next?

 
Posted by Beth Butler on 06/06/2007 10:24 PM   Comments (14)   mortgage fraud, real estate genome  

14 Comments on Mortgage Fraud Update- The Lien Twist

JUN
06
2007
1 Featured Post
Shake your head and run.  Creative crooks.
10:27pm • #1
9 Featured Posts
They keep finding us Ronnie- running as fast as I can.
10:33pm • #2

It is amazing that people keep coming up with ways to perform mortgage fraud.  Being in Georgia, we are in the top five. 

11:02pm • #3
9 Featured Posts
So, you share my pain...I have heard that Atlanta is almost as bad as Miami- I was a little surprised by that.
11:08pm • #4
Did it work?  Or are the perpetrators in jail for a while where they belong?
11:51pm • #5
JUN
07
2007

Oh no....always a new one and this is my first time hearing of this twist.  Thanks for posting...it's good to know so we can be aware and on alert.
12:46am • #6
349,895 Points Outside Blog
There is something shady born almost every day. First hearing of this one.
12:59am • #7
9 Featured Posts
Roger - it didnt work this time - but I am sure it has worked for them before.
6:26am • #8
9 Featured Posts
Vickie- Oh yes!  I sent them your way...just kidding!
6:27am • #9
9 Featured Posts
Bob and Caroline - I understand Arizona is right behind Florida in these scams.  Thanks for stopping by.
6:29am • #10
226,235 Points 41 Featured Posts Outside Blog
Incredible.  I'm glad you're passing these along to us.  In your position you must hear of new ones almost daily.  I bet you have enough to fill a book.
6:55am • #11
9 Featured Posts
Maggie- I could write a book - but for now - the blogging will have to do!
7:07am • #12
1 Featured Post

It's incredible!  Sounds familiar to me!!  What do you think will be next?

JoAnn
9:07pm • #13
9 Featured Posts
Hi Joann- who knows - I never see them coming and I am always amazed!
10:03pm • #14

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Beth Butler

South Miami, FL

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Beth Butler - EWM Realtors

Address: 4689 Ponce de Leon Blvd, Suite 200, Coral Gables, FL, 33146

Office Phone: (305) 661-8108

Cell Phone: (305) 528-7988

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The study of real estate practices and related organisms.


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