Alpharetta, GA (PRWEB) May 07, 2012
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Category Archives: Securitization Audit
Slim Weight Patch Advanced Weight Loss System Offers Extra Two Month Supply and Membership for Maximum Weight Loss
Los Angeles, CA (PRWEB) May 25, 2013
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Lance Denha Discusses Bank of America Announcement to Widen Its Principal Reduction Offerings
(PRWEB) May 16, 2012
Bank of America announced last week that it has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an estimated average of $ 150,000 each. This reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on May 7, 2012.
The principal reduction offers from Bank of America Home Loans are the direct result of a $ 25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures, as reported in March of this year by the Associated Press. To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities, Ron Sturzenegger, a legacy asset servicing executive, said in the statement. Lance Denha, Esq. of the Law Offices of Lance Denha commented however that The banks involved have up to three years to meet the provisions of this settlement although there are incentives for banks to assist homeowners in the first twelve months.
Bank of America said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year. To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January. Mr. Denha was quick to note, Catering only to those borrowers 60 days or more behind on payments has the added benefit to Bank of America to avoid any potential legal hurdles in cases where shoddy paperwork makes it difficult for them to prove it owns the mortgage and has the right to foreclose. Its a strategic move by Bank of America to assist those homeowners that it initially tried to foreclose on during the Robo-signing period that resulted in the settlement. Many of the original problems and irregularities still exist. The Associated Press noted at the time of the settlement that Bank of America had the largest financial obligation under the settlement at $ 11.8 billion.
The bottom line is this, says Lance Denha, Those who help themselves succeed more than they fail. Those who are conditioned to waiting for the state or federal government to make the banks do the right thing are likely to find themselves with few options. The wise homeowner is already pursuing his bank in the right medium: the courtroom. He is well-prepared, usually has retained an attorney, has the evidence of a securitized loan audit and can prove his case.
The Law Office of Lance Denha P.A. is committed to ensure that every possible avenue is pursed so that the homeowners legal rights are preserved. Actively monitoring the ever changing landscape of foreclosure laws, recent foreclosures across the nation as well as state imposed rules and procedures associated with foreclosure, is vital to ensure and protect these rights. The Law Offices of Lance Denha P.A. is a multistate law firm and helps legally defend wrongful foreclosure actions and utilize any and all legal tactics available to help accomplish preserving homeowners rights. For further information or assistance, please call at 954-840-0770.
Pradaxa Lawsuits Mount, as Filings in Federal Pradaxa Side Effect Litigation Exceed 800, Bernstein Liebhard LLP Reports
New York, New York (PRWEB) May 25, 2013
Pradaxa lawsuits filed on behalf of patients who allegedly suffered serious, life-threatening episodes of internal bleeding while using the blood thinner continue to mount in a federal litigation underway in U.S. District Court, Southern District of Illinois, Bernstein Liebhard LLP reports. According to a posting on the Courts website, 818 Pradaxa side effect claims had been filed in the litigation as of May 24, 2013. Thats up from 705 claims reported by the Court on May 15th. ( In Re: Pradaxa (Dabigatran Etexilate) Products Liability Litigation MDL No. 2385)
We are not surprised that the Pradaxa lawsuits filed in this litigation are increasing at such a rapid rate. Our Firm receives inquiries on a regular basis from Pradaxa patients who have allegedly suffered serious instances of internal bleeding, says Bernstein Liebhard LLP, a nationwide law firm representing victims of defective drugs and medical devices. The Firm is offering free Pradaxa side effect lawsuit evaluations to anyone who suffered internal bleeding while using the blood thinner.
Pradaxa Side Effects
Plaintiffs with claims pending in the Pradaxa side effect litigation allege that Boehringer Ingelheim failed to adequately warn that there is no readily-available antidote for internal bleeding that is sometimes associated with use of the blood thinner. According to a Bloomberg.com report published in December 2012, regulators in several countries have issued alerts regarding Pradaxas potential to cause dangerous internal bleeding in some patients.* Pradaxa was supposed to be an improvement over warfarin, a decades old blood thinner. However, warfarin bleeding can be stopped via the administration of vitamin K, while dialysis is the only available treatment for this Pradaxa side effect.
Certified Securitization Analysis Re-Brands and Expands Product Offerings in the Wake of new Judgments vs. Banks in Wrongful Foreclosure and Illegal Debt Collection Practices
San Francisco, California (PRWEB) May 17, 2012
CSA, LLC (formerly Certified Securitization Analysis, LLC), the leading resource for consumers in debt has re-branded and launched their new website at http://www.1analysis.com. Offering an expanded suite of products which will empower consumers in the fight against wrongful, and in many cases illegal debt collection, CSA, LLC now offers securitization audits and analysis covering not only Commercial and Residential Real Estate Loans but also Credit Cards, Retail Installment Agreements i.e. Auto Loans and Student Loans.
With over 600* million credit cards currently in circulation in the US alone and the average credit card debt per household standing at close to $ 16,000**, many consumers are now defaulting on their credit cards. Similar to sub prime mortgage lenders, credit card issuers have been seeking to maximize profits by lending to those who are financially vulnerable and then spreading the risks by selling off securities based on credit card receivables. The financial crisis has reduced households access to credit, undermining the competitiveness of the credit card industry. Thus, credit card companies are more likely to be able to charge higher rates without losing all of their customers. Credit card companies will have no incentive to conduct proper underwriting of new accounts, since losses can be spread among the existing account holders who have fewer opportunities to change cards. If underwriting is tainted in these situations, then the securitization process is compromised and holds the same pitfalls as mortgage backed securitization, which leads to lack of standing by the banks and causes wrongful debt collection to proceed unmonitored. The consumer loses accordingly.
In the case of retail installment agreements, the auto loan is the most similar example to mortgage backed securities. Car dealerships have often securitized a sizeable portion of their customers’ auto loans – that is, bundling several loans from purchasers into a security and then selling the security as a whole to a larger corporation. Securitizations enable a lender to remove debt from its books and sell them to larger financial institutions. Recently, many car purchasers have reported that their interest rates and monthly payment plans changed as soon as their loans became part of a securitized portfolio. Buried in the fine print of the auto loan were terms and conditions that allowed the securitized portfolio’s manager to make these adjustments, and precluding the borrower or car purchaser from contesting the change.
Since no direct communication occurs between the customer and the large company that takes over the loan (customers are often unaware that their loans were securitized at all), car salesmen have been accused of fabricating the client’s financials in order to close a deal. A recent case highlighted one individual whose monthly payments increased to $ 425 a month from $ 250 after their loan was part of a portfolio syndicated to a national bank because the dealership had changed his income information. Living on just $ 800 monthly Social Security disbursement, this person could not possibly have qualified for the loan.
In addition, student debt has now become a nightmare for Americans with the potential to explode as the next major US financial crisis as students and workers seeking retraining in a tough economic market are borrowing extraordinary amounts of money through federal and private loan programs to help cover the rising cost of college and training. Currently out of the $ 1Trillion student loan debt on the books, $ 300 Billion of that debt is currently 30 days or more past due.
CSA, LLC has recognized that the financial institutions are now foreclosing on America and are not helping Americans solve their financial debt crisis. Were on the securitization roller-coaster and its going off the tracks fast as consumers plunge deeper and deeper into debt and greedy financial institutions continue their wrongful debt collection practices. says Adam J. Meyer, CEO of CSA, LLC. The credit card provisions that have been identified as unfair, deceptive, and anticompetitive are not only sending American families further into debt, but standing in the way of economic recovery. The economic downturn and financial crisis have accelerated the adverse impacts of these practices on consumers, small businesses and our economy as a whole. CSA LLCs new suite of product offerings seeks to combat these financial institutions wrongdoings and give America back to the consumers. This is our country and we are not willing to give it up to the banksters.
Already known as a stalwart in mortgage securitization, this new suite of products will further enhance CSA LLCs position in the debt collection space and assist the millions of US consumers who are saddled with unsurmounting credit card, retail installment and student loan debt. It will only take 1analysis from CSAs new product offering suite to put homeowners and those in debt on the correct path to reclaiming their homes and protecting themselves against the wrongful foreclosure and debt collection practices of the financial institutions.
*Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010
**Calculated by dividing the total revolving debt in the U.S. ($ 801.0 billion as of December 2011 data, as listed in the Federal Reserve’s February 2012 report on consumer credit) by the estimated number of households carrying credit card debt (50.2 million)
About CSA, LLC:
Founded in 2010, CSA, LLC is the leading resource for consumers in debt. Our audits and analysis empower consumers and/or their legal advisors with effective and actionable strategies to defend against wrongful, and in many cases illegal debt collection. Our audits and analysis cover Commercial and Residential Real Estate Loans, Credit Cards, Retail Installment (Auto Loans and Student Loan) Agreements. For more information and a free debt analysis and evaluation of your current situation, please see http://www.1analysis.com or contact CSA, LLC at sales(at)1analysis(dot)com or call 1-888-715-0060.
Independent Foreclosure Review Compensation Checks Stun Recipients
Minneapolis, MN (PRWEB) May 09, 2013
According to a May 8th Bloomberg report, Rust Consulting of Minneapolis, the agent responsible for compensation checks according to the Independent Foreclosure Review (IFR) Payment Agreement, said yesterday that “a clerical error led to some borrowers in the May 3, 2013, wave of payments being sent checks for less than the amount that the Federal Reserve directed those borrowers to be paid.” Rust has corrected the mistake and announced its intentions to mail supplemental checks to affected borrowers as soon as May 17, 2013, making up for the insufficient amounts qualifying homeowners were to be paid.
“Concerned recipients will have a letter explaining the reason for the error will be included with the supplemental check,” says Jenna Thuening, owner of Home Destination. “Many caught in the Minnesota foreclosure timeline are eager to gain some sense of closure to the hardships following losing their homes.”
4.2 million individuals are or will gain the Independent Foreclosure Review compensation checks they have been waiting for. Regulators are dividing $ 3.6 billion in payments among the qualifying recipients; of these, 2.4 million homeowners are receiving $ 300. The correct total foreclosure reimbursement amounts are categorized on the Federal Reserve Boards website.
The recipients of the foreclosure compensation checks are mortgage loan borrowers whose homes were in any stage of a foreclosure process during 2009 or 2010, and whose mortgage servicers were among the 13 companies, or their subsidiaries or affiliates. Compensation checks began to go out in the mail April 12.
According to the OCC website, regulators at the Office of the Comptroller of the Currency and the Federal Reserve board announced that all 4.4 million people who received a foreclosure notice in 2009 or 2010 could expect to receive a compensation check, regardless of whether they suffered any harm or were wronged. All things being even, the $ 3.6 billion allocated to the indicated homeowners would find a medium of everyone gaining a check just over $ 800.
Eventually, regulators established 11 categories in hopes to extend more money for homeowners who suffered greater harm. A “completed foreclosure” of a borrower protected by bankruptcy law, for example, would yield at minimum a $ 31,250 payout. Others would receive just $ 300, states Business Wire in a press release titled “Rust Provides Update on Independent Foreclosure Review Settlement Payments”. The Fed acknowledges the erroneous compensation payments have been sent, and says they will be corrected.
The OCC offers details of the IFR compensation categories. However, a recent GOA assessment of the process indicates tangles in the job and suggests lessons that can be learned from the process.
Questions remain as to the description of exactly what situations fall into which categories. The “Other ($ 3,000 & Up)” category comprises significant numbers that are unspecified.
In January, legislators seeking to help stop the foreclosure crisis, including Representative Maxine Waters,Senator Robert Menendez, together with Representatives Brad Miller and Luis Gutierrez, requested that the Government Accountability Office (GAO) monitor the Independent Foreclosure Review process. On April 17, 2013, the GAO issued its second report on the topic, unveiling a list of shortcomings. The report revealed that although regulators publicly released more information on the foreclosure review process than is typically disclosed in connection with a consent order, key elements of communication are missing, explaining why compensation checks stun recipients.
Compensation Categories As Outlined By The Regulators:
Modification Request Approved ($ 300 – $ 500)
Modification Request Denied ($ 1,000 – $ 6,000)
Modification Request Received – but no underwriting decision made ($ 400 – $ 800)
Servicer Did Not Engage With Borrower – in a loan modification or other loss mitigation action ($ 300 – $ 600)
Other Loans ($ 300 – $ 500)
Other Loans ($ 3,000 – $ 125,000)
Questions about the status of the check or any other inquiries regarding the Independent Foreclosure Review should be given to Rust Consulting; as they are the paying agent for the Federal Reserve Board. Rust Consulting is the agency intended to handle questions and provide answers. The Federal Reserve Board promises to continue monitoring the payments closely and encourages borrowers who have concerns or experience difficulties cashing their checks to call Rust at 1-888-952-9105.
Home Destination is a Certified Distressed Property Expert who is passionate to help Minneapolis real estate sellers and home buyers enjoy their homes; gaining a compensation check timely and in full may be part of that. Call 613-396-7832 for guidance.
Advanced e-Discovery Provider e-Logic Group Tranforms and Takes Real Estate Securitization Audit and Forensic Audit Analysis to the Next and Right Level
Miami, Florida (PRWEB) July 07, 2012
As more companies offer Bloomberg Terminal Training to sprouting audit report companies, miss the requirement and necessity of a qualified report and as a result, purchasers of a securitization audit report spend thousands on worthless paper. “e-Logic’s sister company Anthony Martinez & Associates(“AMA”) has provided Legal Process Outsourcing (“LPO”) Services in loan level litigation since 2008 and we’ve been identifying fraud-securitization in draft pleadings and memorandums for attorneys since then” says Anthony Martinez, President and Chief Executive Officer of e-Logic Group, Inc.
Mr. Martinez has provided advanced discovery services and consulting for over 16 years. As a Discovery Expert, Consultant and Strategist, Mr. Martinez is fluent in finding the “smoking gun”. “Move past simple certification in a research tool like Bloomberg where you pay a couple of thousand a month for terminal access to find the trust information. You have these securitization reports stating information too loosely like lender, originator, sponsor, depositor, issuing entity, underwriter etc. without fully analyzing each of their roles. Did the securitization documents exist before the subject loan was consummated? If so, did the Sponsor provide a warehouse line of credit to the originating parties and if so, did the funds transfer to the Originator directly from the Sponsor or did the funds transfer directly from the funding source to the Seller? These are all important questions when the loan docs identify a lender who never lent anything and the real Lender/Creditor remained undisclosed. This is discovery at its best. Why would anyone rely on a report that provided anything less? Audit companies provide an injustice when they provide a report with charts and graphs that say a loan was in the trust and ABC Mortgage Company was the lender without knowing for certain the lender actually lent the money.”
Moving past the days of traditional discovery wherein war rooms were created by law firms and filled with temp attorneys to shift through boxes and boxes of documents to determine responsive versus non-responsive documents, e-Logic Group has incorporated e-discovery platform automated analytics into its securitization analysis to find critical information within SEC filed documents coupled with “tagging and flagging”, a term commonly used when important and critical information is found. “Now that you’ve found the critical information what do you do with it? Attorneys want to know the above lender/creditor issues coincides with violations of Mortgage Fraud and Consumer Protection and Deceptive Practices Acts. They want insight into relevant cases specific to their state and federal district courts” says Martinez. Securitization reports commonly contain fluff about MERS and inaccurate legal conclusions instead of 100% factual information an attorney can use. Those who provide the report normally do not provide a Curriculum Vitae (“CV”) showing their qualifications, background and experience that qualifies their opinion. Most would not fit the expert witness criteria leaving most securitization reports useless.
Well past the days of foreclosure defense, Mr. Martinez now brings his extensive knowledge and experience as a Discovery Expert, Consultant and Strategist to the Webinar and Seminar Circuit to pass on critical information to attorneys across the United States. “If I wanted to stop a Warlord from genocide in Africa and confronted him by myself he’d kill me and would most certainly make an example out of me. But, if I went over there with an army of 200,000 soldiers I’m sure the outcome would be different. I know that may seem a bit extreme but so is children losing their bedrooms and the safe sense of security they gain growing up in a home. Neither the fraudclosers nor the courts recognize the damage done to a child who loses their sense of security when they lose their home. All attorneys and their clients want is judgment on the merits. There are over 90,000 licensed attorney’s in the state of Florida alone. I’m confident I have a knowledge base that can effect change, will provide attorney’s with a successful tool box that not only uses e-Logic’s Advanced Securitization Audit and Forensic Audit Analysis’ but also provides a way to level the playing field to make it business smart for them to engage.”
To learn more about e-Logic download their most current White Paper here.
About e-Logic Group, Inc. – e-Logic is one of the most advanced e-Discovery Providers in the industry today that uses state of the art technology that incorporates intelligent algorithms and analytics to automate information processing. e-Logic is now a provider of high end Advanced Securitization Audit and Forensic Audit Analysis Reports for attorneys engaged in loan level litigation involving fraud.
About Anthony Martinez – Mr. Martinez is a top Discovery Expert, Consultant and Strategist in the industry today with over 16 years of experience in complex litigation discovery and e-discovery matters. A veteran of the gulf war, Mr. Martinez is currently the President and CEO of e-Logic Group, Inc., Executive Director of Anthony Martinez & Associates, a leading LPO Service Provider and is the Author of Discovery Tactics, a leading Weblog that discusses real property litigation matters, case law and other topics.
Former ASCD President Joins NEF to Head up Federal Grants/STEM Academy division
(PRWEB) May 25, 2013
Dr. Art Stellar, to head NEFs Midwest and Southern region federal grants/ STEM Academy division. We are tremendously excited about Arts plans for our federal grants and STEM Academy programs commented NEFS Chairman Dr. Appu Kuttan. Stellars primary role is to aid school districts across the United States (specifically KS, MO, IL, TN, GA, MS, & FL) apply for and receive funding through the Federal Qualified Zone Academy Bonds (QZAB) program (http://www.qzab.org).
Each state has millions of dollars available with most being currently unclaimed. This funding is first come, first served and may not exist in the future if left unused or not utilized according to the Federal requirements. Interested school administrators should contact Dr. Stellar (828-764-1785 or artstellar(at)yahoo(dot)com)
Stellar brings a broad range of educational experience to NEF. He has served as superintendent of school districts in various states, as well as being a central office administrator, principal, coach, and teacher. Dr. Stellar has also been active in numerous professional organizations including being elected president of Association for Supervision and Curriculum Development, the North American Chapter of the World Council for Curriculum and Instruction and the Horace Mann League. He was also elected vice-president of the New York State PTA and chairman of the Board for the National Dropout Prevention Center at Clemson University.
We selected Dr. Stellar for this role due to his passion for better education for our disadvantaged students, wide range of contacts, knowledge of education and ability to communicate, along with his track record of getting things done, stated Dr. Appu Kuttan, founder and president of the National Education Foundation. He continued, Our mission is to help raise student achievement by assisting school districts access funds while ensuring that they meet all the requirements of QZAB.
About NEF: The National Education Foundation (NEF) is the national nonprofit leader in bridging the STEM education divides. As part of its mission, NEF assists school districts with Qualified Zone Academy Bonds (QZAB) funding at the request of the US Congress and the US Education Department. The National Education Foundation has been working with both and the state QZAB directors on QZAB since the inception of the QZAB in 1998. The Foundation is based in Alexandria, Virginia and can be reached at http://www.cyberlearning For information on QZAB, visit http://www.qzab.org.
Advantage Legal Group Announces Seattle Area Foreclosure Defense Seminar Dates For May 2013
(PRWEB) May 11, 2013
Advantage Legal Group is offering 3 free foreclosure defense seminars in the Seattle area in May 2013. The seminars focus on legal options for homewoners facing foreclosure in Western Washington and will be held in Bellevue, Tacoma and Lynnwood.
Homeowners facing foreclosure on a Seattle area home have legal options they may not be aware. Advantage Legal Group’s Seattle Foreclosure Defense Seminars focus on foreclosure defense strategies including mortgage mediation, deed in lieu of foreclosure, mortgage modification, real estate short sales, the Washington Foreclosure Fairness Act and bankruptcy options.
Attorney Jonathan Smith says, “Seattle area homeowners have legal rights when facing forecloure and the focus of the foreclosure defense seminars is to help homeowners understand all possible options available when facing foreclosure on a home in in the Seattle area including Bellevue, Tacoma, Everett and Western Washington.”
The Seattle foreclosure defense seminar dates for May 2013:
Lynnwood: Tuesday May 14th from 7:00 PM to 9:00 PM – Lynnwood Convention Center 3711 196th St. SW Lynnwood, WA. 98036
Tacoma: Thursday May 16th from 7:00 PM to 9:00 PM – Greater Tacoma Convention and Trade Center – 1500 Broadway, Tacoma, WA. 98402
Bellevue: Saturday May 18th from 10:00 AM to Noon – Coast Bellevue Hotel – 625 116th Ave NE, Bellevue,WA. 98004
Homeowners facing foreclosure in Seattle or considering filing for bankruptcy are encouraged to attend this seminar to learn about all the options in Washington State before making a decision. There is no cost to attend the Seattle foreclosure defense seminars.
Space is limited so attendees are encouraged to pre-register at the Advantage Legal Group website.
Jonathan Smith, whose firm serves most of Western Washington, notes that a great number of his clients are obtaining modified loans through the mortgage mediation process under the Washington Foreclosure Fairness Act. (FFA) which gives the homeowner facing foreclosure the right to force their bank to the mediation table. Washington State was the third state to implement such a foreclosure mediation program after Nevada and Maryland. While the law has been in effect since July 22, 2012, it is estimated that less that 10% of those eligible have availed themselves of the program to date.
The so called Foreclosure Fairness Act, gives distressed homeowners working with an attorney or housing counselor, the right to an in-person mediation process to avoid foreclosure of their primary residence. Homeowners cannot request mediation themselves and must request it through an attorney or housing counselor. Many smaller banks and credit unions are exempt if they had less than 250 foreclosures in the state in the previous year.
Many distressed homeowners have seen dramatic reductions in their monthly loan payments. Smith says Of course it is dependent on the clients situation, but we are often able to bring a clients loan, that is months or even years behind, current and lengthen their loan period out to 40 years in a fully amortized loan. Mr. Smith regularly attains these results for his clients. It is not unusual for my clients loans to be recast at rates as low as 2% interest rate says Seattle bankruptcy Attorney Jonathan Smith.
Advantage Legal Group is a debt relief agency specializing in foreclosure defense and bankruptcy services under the bankruptcy code. Advantage Legal Group has 2 Seattle area offices in Seattle and Bellevue, Washington
Top “Main Street” Mortgage and Real Estate Scams Exposed in New eBook by D. Lance Roberts
New York, NY (PRWEB) September 06, 2012
Mortgage and Real Estate Fraud is at an all time high. In 2008 The United States economy nearly collapsed. It’s no secret that the greed and corruption mitigated by Big Banks and Wall Street decimated the U.S. Real Estate Market and almost completely destroyed the economy. Most have heard of the various deceptive practices Wall Street used to defraud millions. The manipulation of CDO’s was a primary method of deception, credit default swaps were another.
Homeowners throughout the United States were enraged over this; millions are still being kicked out of their homes due to foreclosure. On the other hand, trillions of dollars went into the pockets of these crooks on Wall Street and for the most part many, to this day, have not been held accountable for their actions.
This corruption on Wall Street has been well documented. However, much less attention has been paid to the actions of those on Main Street. Main Street consists of Real Estate Agents, Mortgage Brokers, Loan Officers, Loan Processors, Title Companies, Loan Modification Companies, Real Estate Appraisers, and others, all operating in a neighborhood near you.
The Top “Main Street” Mortgage and Real Estate Scams of the 21st Century exposes the fraud and scams used by these Main Street players. Anything goes in this world of falsified documentation, identity theft, lying on mortgage applications, bank and wire fraud, embezzlement, and coercion.
Paid too much for your home? – Real Estate Agents. Refinanced your home and got robbed at the closing? – Mortgage Brokers, Loan Officers. Mortgage Loan Application exaggerated your income? – Loan Processors. Refinanced your mortgage and found out that it was never paid off? – Title Companies. Paid someone to represent you to negotiate a restructured mortgage, and you are still in foreclosure? – Loan Modification Companies. Way upside in your home due to inflated values? – Real Estate Appraisers.
One of the most amazing things about these scams is the fact that in most cases multiple players have to be involved to pull it off.
For example, In this scenario a homeowner with very little equity unable to sell his home is approached by a Realtor offering to represent this seller. As the Seller Agent he guarantees that he can sell the home; under certain “conditions.
THE PLAYERS
1) The Homeowner-Agrees to the scam
2) The Seller Agent-Originator of the scheme
3) The Buyer Agent-Brought in by the Seller Agent to make the transaction look legitimate
4) The Loan Officer-Provides the identity of the Straw Buyer
5) The Loan Processor-Submits the fraudulent mortgage application
6) The Appraiser-Inflates the value of the property
7) The Title Company-Conducts the fraudulent closing
In this scam, the Homeowner agrees to let the Real Estate Agent represent him because the sale is guaranteed, for a price (kickback). The Seller Agent contacts an Appraiser who will inflate the actual value of the property (for a fee of course). The Seller Agent pulls in his friend the Buyer Agent, to represent the buyer. There really is no buyer. From his rolodex, or the rolodex of his friend, the Loan Officer, emerges the “loan applicant” (stolen identity). This applicant has no intent to occupy the property; this person is totally unaware that they are in the process of applying for a mortgage. The loan application is submitted by the Loan Processor. The Title Company conducts the closing; the buyer is not present. How could he be? Once the deal closes the Real Estate Agents split the commission, the additional money now available due to the inflated property value is divided between the remaining participants. Incredible, but true.
About the Author
After witnessing this excessive fraud, greed and corruption in his 10 years experience in the industry, D. Lance Roberts decided to write this expos