Loan/Tax Fraud in Your Neighborhood- Owner Occupancy
Are you Ready for this?
Ever had an investigator knock on your door and ask if you have ever seen Mr. Smith next door and if he truly does live there? Think it doesn't happen? - Guess again!
It is happening right here in Colorado and they are starting to get creative and utilizing all different kinds of resources in order to catch people. They find the buyer and work their way up to the Real Estate agent and Mortgage Broker-
Buyers: You can't hide from this. Are you changing your entire life to avoid getting caught? Your records, your mail, your credit cards. Bills in your name- registrations, etc. Don't miss something because if you do- your toast. But always remember- you can't avoid an investigator. They will find you!
Ready to trade in your black suit for a orange one? Here are few that did-
Ronald Fontenot - a mortgage broker with First Choice Mortgage who has entered a guilty plea and owner of PIK Properties and Investments, L.L.C
Torrence James - a mortgage broker with First Choice Mortgage and Green River Mortgage who has also entered a guilty plea
Nicole Puller - a mortgage broker with Rapid Contracting Services who has entered a plea of guilty
Glenn Puller - a purchaser who has entered a guilty plea
Talita James - a purchaser who has entered a guilty plea
Taiwan Lee - a purchaser who has entered a guilty plea
Cindy Ingram - a purchaser who has entered a guilty plea
From Mortgage Fraud.org
How about your mortgage lender giving you legal advise. Something along the lines of "it is ok- don't worry even I do it!" - News flash they are NOT attorney's and possibly weren't smart enough to pass the bar exam to begin with that is why they are telling you that it is ok to commit a FEDERAL CRIME.
What is it that you are signing at the closing table an autograph on your latest book? There are a plethora of forms you fill out stating that you will live in the property- remember when you learned how to read. Invoke that childhood lesson people, please! Read the affidavit!!!
Either the mortgage brokers are stupid or the have nothing to lose. But the majority of professionals in this industry have families so you try to make sense of that one. If someone will sell their own integrity down the river in in order get your business - why in the world do you think they would help you not go to jail. You would be the first to go!
Plus- they alone don't take the blunt of the crime. Although most people think that they can cry wolf if they ever get caught and tell the judge they were bamboozle into buying the property and that the loan officer told them not to worry about it. I don't know what judge will be sympathetic to you not using common sense and reading what you are signing. None the less- everyone goes to jail. No one falls under the purview of protection when they knowingly commit a crime. So sorry!
Line 398 item 17. of the Residential Real Estate Commission Approved form-
Buyer Does or Does Not represent that Buyer will occupy the Property as Buyer's principal residence.
One sentence- isn't confusing and doesn't take a brain surgeon to interpret it- does it?
Did someone wake up and bump their head this morning? Seriously, how hard is it to do the right thing-
Obviously one of the most difficult for an unprofessional consultant claiming that they have integrity to do, because people are committing these crimes right under our noses with no fear of losing everything. Wonder if they know how to spell that word- maybe they just thought it was a catchy word to place on their business card ;)
What is it that loan officers and real estate agents don't understand about the term "FEDERAL Crime!" Here is a person that works specifically to catch people in the act. If you have any questions- or you want to report an agent or loan officer. Here would be a good place to start!
You do all this for what a lower interest rate and to avoid paying capital gains and taxes on the additional income? RIGHT! Well- the penalties far out way the cost. So you figure it out! That is what I have to say...
FBI Field Office, Mortgage Fraud
White Collar Crime Supervisor
Federal Office Building, Room 1823
1961 Stout Street, 18th Floor
Denver, CO 80294-1823
Phone: (303) 629-7171