appraisal fraud: War on BPOs – Realtors vs. Appraisers
- 05/28/10 02:55 AM
One of the biggest problems has been in the current real estate market has been the time it takes for the lender to review the short sale package. Short sale offers have been hampered by cycle times that have easily lasted months and most time you will not get a retail buyer to wait, as they are looking for a home that they need to move into in a reasonable time. The only buyers who will endure a long delay are the ones who are willing to trade the inconvenience for a very low-priced house. As most know we now have alternative … (1 comments)
appraisal fraud: Mortgage Fraud Appraiser to pay $46 Million in restitution after federal prison time!
- 02/03/10 12:39 AM
During the trial last summer a real estate appraiser was shown as a part of a wide-ranging and sophisticated scheme that obtained inflated mortgage loans on homes in some of California's most expensive neighborhoods, including Beverly Hills, Bel Air, Malibu, and more. The fraudsters created and submitted false documents, including fake purchase contracts and appraisals, to the victim banks to swindle them into funding mortgage loans that were hundreds of thousands of dollars more than the homes actual value. Lehman Brothers Bank is just one deceived into funding more than 80 such inflated loans that resulted in tens of millions of … (3 comments)
One of the biggest problems has been in the current real estate market has been the time it takes for the lender to review the short sale package. Short sale offers have been hampered by cycle times that have easily lasted months and most time you will not get a retail buyer to wait, as they are looking for a home that they need to move into in a reasonable time. The only buyers who will endure a long delay are the ones who are willing to trade the inconvenience for a very low-priced house. 
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