mortgage fraud: Sneaky Is As Sneaky Does....... - 03/12/13 02:27 AM


Here's an Oldie but goodie for you. It really illustrates the mortgage fraud issues we dealt with during the boom.

Original article and comments from March 2008

OK you're going to like this one. Several years ago I wrote a deal. It was one of those rare occasions where I was on both sides of the transaction. Now remember in Florida we do not have dual agency so in this case I was acting as a Transaction Broker. No fiduciary was involved all though there is limited confidentiality.

This Buyer had called me on one of … (2 comments)

mortgage fraud: A Countrywide Mortgage Blast From The Past! - 09/08/11 10:40 AM
Hi folks. Check it out. I wrote this article 4 years ago. Any wonder why Countrywide Mortgage no longer exists?
Enjoy!!!
You want my buyer to do what?  Originally posted 9-29-2007 This morning, I took my buyer back to the builder to do the contract for her purchase. This particular builder requires that buyers are pre-qualified through their preferred Lender who is on site. You don't have to close with them but you do have to qualify with them. They do this so they can remove the financing contingency from the contract.
Anyway, while our sales rep was preparing the contract … (6 comments)

mortgage fraud: ALL Monies Related to a Real Estate Transaction MUST be on the HUD. Right? - 05/03/10 11:59 AM

Hi folks. I've been having a discussion over at www.ShortSaleSuperStars.com on whether or not having the Buyer of a Short Sale pay off part of a junior lien "outside of closing" without disclosing to the 1st lien holder and without placing the payment as a P.O.C. (paid out of closing) item on the HUD is Mortgage Fraud and/or a violation of RESPA.
The article is presenting a scenario where the 1st lender does not agree to pay the 2nd $7,000 from the sale. They only agree to pay $3,000. So to skirt around this the agent suggest having the buyer … (80 comments)

mortgage fraud: The beginning of the end was quite evident....if we listened. - 08/28/09 08:51 AM

Hi folks. Sometimes I find it hard to believe that we are 3 years into this drastic market decline. I was reading through some of my older articles this morning and found this one written in late 2006.
Real Estate is about people, not money! Part 2 Today I met with another pre-foreclosure Seller. I sure am getting a lot of these lately. Anyway, I spoke with this gentleman yesterday and could tell he was really stressed out. Life had dealt him a bad hand this year, health wise, and he has found himself disabled and unable to make mortgage … (80 comments)

mortgage fraud: 350 DOM(days on market). Five contracts. And finally........SUCCESS!!! - 12/22/07 05:22 AM
Today I had my last closing for 2007. Yippee!!! I made it through a difficult year. This particular closing is the definition for "get ‘er done!".
I listed this property on January 5th 2007. It was my first listing of the year and fittingly my last closing of the year. It's been quite the ride.
350 days on the market, 5 accepted contracts and at least that many that we didn't come to an agreement on. This property was in pending status for almost 200 of those 350 days.
Our first Buyer got caught up in the sub-prime fall out and couldn't close since … (79 comments)

mortgage fraud: Be ignorant or be a student of real estate. It's your choice! - 12/07/07 07:38 AM
Hi folks. In my recent post, A "gift of equity" and the "loose fly", I briefly touched down on a RMB (Realtor/mortgage broker) that was asking my Seller to commit mortgage fraud by pretending that he was a relative of the Buyer so he could give a "Gift of equity". This post is a follow up.
After contemplating the way forward, I decided to call good ole' RMB and see if I could pry this Buyer's file out of his hands and place it with one of my trusted Mortgage Brokers(MB). My intent was to see if we could do an FHA tied … (54 comments)

mortgage fraud: The "gift of equity" and the "loose fly"!! - 12/05/07 09:16 AM
Earlier today, I received a call from the Realtor/Mortgage Broker(RMB) on one of my pending deals. I was kind of expecting it but was hoping it would happen sooner rather than later. You see when this guy called me about a month ago, to let me know he was sending over an offer for one of my listing, the caller ID on my cell phone read FRAUD!
When I was speaking with him I couldn't for the life of me remember why I had his number programmed in as FRAUD! Anyway, since it was an office number, I decided to give … (53 comments)

mortgage fraud: You want my buyer to do what? - 09/28/07 05:13 PM
Hi folks. I don't normally post two days in a row but this one's too good to not share.
This morning, I took my buyer back to the builder to do the contract for her purchase. This particular builder requires that buyers are pre-qualified through their preferred Lender who is on site. You don't have to close with them but you do have to qualify with them. They do this so they can remove the financing contingency from the contract.
Anyway, while our sales rep was preparing the contract my buyer and I had to go see the "mortgage momma" to get … (83 comments)

mortgage fraud: You want my Sellers to do what? - 07/11/07 12:00 PM
Hi folks! Well, today, I received another of those fraudulent offers for one of my listings. Do you get as tired as I do of getting these things? It really leaves a bad taste in my mouth for our profession. When folks hire a REALTOR® they should be assured that they will not be participating in mortgage fraud. Mortgage fraud is a disgrace to our industry and it makes me mad.
A REALTOR®, called me yesterday, to let me know she was sending over an offer. She gave me a heads up that the offer was written with the Buyer needing … (128 comments)

mortgage fraud: Don't make "P.I." Broker Bryant take you down! - 05/24/07 04:46 PM
Yesterday afternoon, I received a call from a Buyer who was in front of one my listings. I spoke to them briefly and made an appointment to show them the house today at 11:00. Well, later last night, I got a call from a Mortgage Broker who had the Buyers connected in on a conference call. He proceeded to tell my about his Buyers and how they had seen a house they were interested in but he wanted to know how much the house would appraise for.
He went on to say how he was also a Real Estate Broker and he … (84 comments)

mortgage fraud: Buyer rebates. Good business or potential fraud? - 11/12/06 07:39 AM
 On Friday, I had written a post, that facilitated quite a discussion about our commissions and how we justify what we charge. If you read my post and the 110+ comments, it generated, you saw that the consumer, Mr. CandiBags showed up. He asked a pretty good question, that I would like to expand upon here.
How do you feel about Buyer's Agents rebating a portion of their commission to the Buyer? Well my immediate answer was that I could not care less. I am a listing side Realtor and it does not effect me at all. But then I started thinking … (143 comments)

mortgage fraud: Read it, learn it, recognize it and report it. - 10/22/06 08:07 AM
Ok so I’m here to toot some horns today. Not mine, but I do feel compelled to highlight a couple members of ActiveRain and a few off site Blogs. Why? Because I think they have something important to say and we all should be made aware of it. I’m talking about mortgage fraud. I know this subject has been beaten to death but it really is important and will be affecting our business drastically over the next few years. Mortgage Fraud is running rampant through out industry. It is leaving a trail of ruined lives and is affecting market values everywhere. … (38 comments)

mortgage fraud: Please, help stamp out mortgage fraud, today!! - 09/28/06 05:18 AM
                                                                  Ok, I have been doing a little research related to my post the other day. It seems the Realtor, involved in these deals, had quite a few of these, in my opinion, fraudulent transactions. My research uncovered the fact that, this Realtor, since January 1 2006 has 7 active listings, 3 closed transactions and, are you ready for this, 74 withdrawn listings! That’s right, 74 withdrawn listings. The majority, of these were new homes purchased to be flipped.
As I had stated in my earlier post, these houses were not worth anywhere near what they were purchased for. Based on … (21 comments)

mortgage fraud: The sharks have had their fill................... - 09/23/06 12:02 PM
I just got off the phone with Mr. Ive B. Screwed. Seems like a nice young man from South Florida, I could hear babies crying in the background. Mr. Ive B. Screwed bought a house in Poinciana, January of this year. He’s never been to Poinciana but based on advice, he received from one of his neighbors, he decided Poinciana would be a great place to purchase a new home, then turn around and sell it for a small profit. Well, unfortunately for Mr. Ive B. Screwed, he was connected with a builder, WeRipOff, Inc. who just happened to be building … (37 comments)

mortgage fraud: If it ain't on the HUD, it ain't happening. - 08/09/06 12:18 PM
Let's talk about Mortgage Fraud. Now I'm not an expert on this but I do see it quite often in my market. Or at least, what would be fraud, if my Seller and I didn't just say no. These are a few of my favorite lines:
  1. "Don't worry I have a good appraiser, he'll make it work".
  2."If the Seller can give the Buyer a personal check for $5,000 at closing, we'll get this closed".
  3."No, it can't be on the HUD".
  4."Don't worry this Mortgage Broker does this all the time".
  5."The Lender said the Seller can hold … (12 comments)

 
Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) Rainmaker large

Bryant Tutas

Selling Florida one home at a time

Winter Garden, FL

More about me…

Tutas Towne Realty, Inc and Garden Views Realty, LLC

Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

Office: (407) 870-9003

Mobile: (407) 873-2747

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