RECENT BLOG POSTS
The most serious type of mortgage fraud is referred to as “fraud-for-profit” and involves multiple loans and an elaborate scheme to gain illegal proceeds from property sales. The most common type of fraud-for-profit is “illegal property flipping,” which usually requires two major ingredients: fal...
07/07/2010
A former owner-operator of Noble Title Agency and Noble Mortgage Company in Colorado has been indicted by a federal grand jury in Denver on 63 counts of wire fraud in connection with a mortgage fraud scheme that Noble allegedly perpetrated.  The indictment states Noble knowingly devised and inten...
06/16/2010
  The Justice Department characterizes the case as involving "a more than $1.9 billion scheme that contributed to the failures of Colonial Bank ... and TBW."   As the current mortgage meltdown continues we all need to recognize how mortgage fraud has played a huge role in beating up the real esta...
06/16/2010
  Bait-and-switch schemes involve an offer that is presented to the borrower early-on as a means to entice, but later once the borrower has signed, the terms of the deal change. Essentially the borrower jumps on a great deal, and ends up with a terrible one.   In a continuing probe into a defunct...
06/14/2010
The goal of a short sale is to help a homeowner avoid foreclosure if they are no longer able to make payments or remain in the home. In the short sale process, a house is sold and a settlement of the mortgage debt is for less than the amount that is owed to the lender. With the high level of fore...
06/13/2010
2 Indicted for Mortgage Fraud Schemes   A straw buyer is a person who uses or allows their credit to be used for the purchase of a property they never intend to use or control. Straw buyers can also be used to purchase non-owner occupied properties by being paid simply for the use of their credit...
06/10/2010
  Ruben Hernandez and co-defendant Joel Rodriguez owner of Coast to Coast Mortgage were sentenced in a mortgage fraud case.   Hernandez purchased six properties using false social security information and bank statements. While Rodriguez used false social security numbers to purchase two properti...
06/10/2010
Mortgage Brokers & Homeowner Victimized by Fraudsters   In the first fraud scheme, the fraudsters set up a business that telephoned mortgage brokers around the country, offering them lists of purported "live leads" - homeowners in the brokers' local area who had purportedly expressed an interest ...
06/09/2010
  A quitclaim deed has the forged signatures of a thief. What actually happens is, a fraudster forges a property owner’s name on a quit claim deed. The forgery is made to look as the owner has sold off or transferred the property to the fraudster. The forged deed is signed by a notary public eith...
06/08/2010
Whether you are a homeowner, agent or appraiser we all need the fraudsters to FEAR retribution from the ethical honest "real estate industry professionals". Florida Quality Council is having a membership drive, only $39.00 for 2010! When you join FLQC, you're clearly demonstrating your commitment...
06/02/2010
Rainmaker
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Michael Richardson

First Colorado Lending
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