Mortgage Fraud In The News

RE:Mortgage Fraud In The News

LindaB — Thu, 07 Aug 2008 11:00:00 GMT

I purchased my home in May of 2006 at that time I had an Excellent credit rating, of 750. With this rating I should have been given a low interest-rate between 5.50% to 6.5% and Thirty (30) year fix rate loan, which Iask for but did not receive. The cost of my home was $525,000 .00. I made a down payment of $118,300.00, leaving a balance of $420,000.00. At signing, I received, a loan for 420, 000.00 with a 7.50% Adjustable ARM (Sub Prime) loan that would adjust up to 9.25% over a 40-year term. When I question it, the Broker told me that this was the only loan that was being offer to me, so I signed the documents believing what was being told to me. My loan has adjusted, now I owe $458,000.00 on my home. In a 2-year period I have gained $38,000.00 more on to the balance of my original loan. The rates jumped from 7.50% to 8.75 in two years, thank god that I have been able to keep up so far but it is getting harder to pay all my other bills along with the house note going up. I am so sorry for the people that have already lost there homes with no help from the Government because so of us did have good credit, a down payment and were about to get into good loans.

RE:Mortgage Fraud In The News

San Diego — Fri, 25 Jul 2008 11:00:00 GMT

It is the Brokers fault in our situation, , because they pushed the loan to make an unethical amount of money, and said "you can refinance it anytime." That's the motto. As if it is as easy as pie. You put trust in these people because they are the experts at what they do. We have excellent credit, but I am sick of this, this mortgage isn't worth it, the lenders aren't willing to revise loans because of equity. Don't they want to keep making our money by keeping us in the house???? The government keeps coming up with useless ways to help. We're in California, and our house is worth 75,000 (last I checked) less than what we paid.

RE:Mortgage Fraud In The News

jake — Fri, 11 Jul 2008 11:00:00 GMT

It is really a shame that this industry has become so bad. People tend to blame Loan Officers for putting them into loans that have since gone into foreclosure. The truth is that we were selling the products that were given to us to sell by the greedy Lenders out there. I knew five years ago that a 530 credit score should not be able to borrow 100% of the value of their home. I know that all of the Lenders knew this as well but took their chances for the quick fat paycheck. One of the real problems that has occured over the last five to 6 years specifically is Appraisers giving inot the demands of some very crooked Loan Officers. The majprity of these Appraisers felt no guilt in getting this value that they knew was sometimes twice as high as it should have been.

RE:Mortgage Fraud In The News

joannofny — Mon, 19 May 2008 11:00:00 GMT

I purchased a home in NY.I was told by the realtor and loan officer that an appraisal was done and came out higher than the aking price.I requested the appraisal several times and each time was told it would be sent to me.Went through cosing,had a lawyer who also said the property value was good and way above the asking price according to the appraisal I never saw.After waiting six months and demanding the appaisal,I was sent by the mortgage company a Rels report!I paid for a real appraisal in the amount of 400.00.I learned that a appraisal was not done although the mortgae company had my appraisal money for over a year before I learned that a appraisal did not exist.Now I learn after all this,my home at the time of purchase is worth less tha what I paid for it!I also learned the reason there is no value is because it is containted!The realtor,loan officer and lawyer concealed this fact and now I am stuck.Lawyers say I have a case but my money is tied up in a worthless real estate.I will go pro se if needed but hope that a lawyer will help me.I know this is out right fraud.

RE:Mortgage Fraud In The News

angel — Tue, 08 Jan 2008 13:00:00 GMT

I am in need of an attorney in the Houston Tx area, for predatory Lending fraud. If anyone can help me find a good attorney, please post. It would be so appreciated.

RE:Mortgage Fraud In The News

Anonymous — Fri, 14 Sep 2007 11:00:00 GMT

WOW!!!!! I've just come across a big scam what should I do?

RE:Mortgage Fraud In The News

Jose — Wed, 22 Aug 2007 11:00:00 GMT

Everyone in the real estate industry, including the government and the media for failing to educate and bring to light the unforeseeable, should bear responsibility more so than the buyer for I would venture to say that the agents and loan officers were fully aware that those individuals that had access to subprime loans would not be able to afford those homes.

RE:Mortgage Fraud In The News

Jose — Wed, 22 Aug 2007 11:00:00 GMT

Those individuals that were enticed into purchasing ridiculously priced properties simply because the money was available are now faced with the reality that they cannot sell those over priced property to avoid foreclosure. Now qualified buyers are suffering the consequences and are unable to purchase a primary residence to be owner occupied because they were pushed out of the market.

RE:Mortgage Fraud In The News

Jose — Wed, 22 Aug 2007 11:00:00 GMT

As a result of the Subprime Lending, 5 year Interest Only Loans, ARM's and Stated Income Loans combined with the unscrupulous Real Estate Agents, Loan Officers and Real Estate Brokers that developed schemes to suddenly become Investors and flipped properties, the inventory of affordable existing housing was depleted. Hence the cost of existing properties in some instances doubled and tripled in price within a period of a year.

RE:Mortgage Fraud In The News

Anonymous — Sat, 11 Aug 2007 11:00:00 GMT

I am involved in a recent investment mortgage scam. A man we've known since he was a teenager, now a broker, told us he would refi our home, reinvest our money and would make the house payments for us for 36 months and then refund the amounts in full that was taken out. He took $233,000 and now won't tell us where the money went. Our payments are now $4000 a month, were $1000 a month. We can't pay it. We live on Social Security. He also took all my daughter's equity of her home - $108,000.

RE:Mortgage Fraud In The News

Adrian — Sun, 05 Aug 2007 11:00:00 GMT

I am in the mortgage business, I think the biggest predatory lending comes from builders given so many incentives, that people buy just to get money back and closing and then they cannot pay the mortgage. Now that is abusive.

RE:Mortgage Fraud In The News

Deb — Tue, 31 Jul 2007 11:00:00 GMT

I am in the mortgage industry. I've seen borrowers who may have overstated their income, have been making interest only or minimum payments, (i.e. 1% start rate) and now that the loan is adjusting (& they can't refinance because stated won't get to 100% LTV, or the property has LOST VALUE) they're scurrying to find someone other then themselves to blame for what I call "predatory borrowing".

RE:Mortgage Fraud In The News

Jim — Sat, 28 Jul 2007 11:00:00 GMT

Solution to predatory lending and the tsunami of foreclosures it has caused: 1. Homeowners sue the predatory lenders/brokers under the Truth-in-Lending statues. 2. Audit mortgage documents for Truth-in-Lending compliance on settlement, as soon as the mortgage docs are signed. Brokers/loan officers, seek to have your GFE audited for Truth-in-Lending compliance before closing, that will prevent your being swept up in the predatory lending law suit frenzy that's just warming up.

RE:Mortgage Fraud In The News

Michael — Mon, 09 Jul 2007 11:00:00 GMT

I am involved in a recent investment mortgage fraud scam. I was used as a straw borrower. I earn only 42K, however, a particular mortgage borker approved me for 917,000 in loans on my credit. It appears as though the loan officer, mortgage broker, title company, the perpertrators themselves all took second loan proceeds exceeding $190,000 and less that a year later the loans are moving toward foreclosure, taxes unpaid. I reported it to the FBI and other Texas agencies.

I believe that many other persons are involved. I was able to get an attorney and we are dealing with the situation on a day to day basis.

RE:Mortgage Fraud In The News

Anonymous — Fri, 23 Feb 2007 13:00:00 GMT

I know this guy that works for ********* Mortgage as a loan officer that is a total fraud. He has used an alias to gain two properties. This mortgage fraud must be stopped.