Tag Archives: Real

Sarasota Real Estate Market Stands on Solid Ground

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Sarasota, FL (PRWEB) November 09, 2012

The actual estate markets in Sarasota and Manatee are displaying steadier recovery compared to all of Florida if current statistics on foreclosures are to be the gauge, Sarasota Bay True Estate reports. The complete-service Sarasota real estate broker, noting that foreclosures are one of the barometers on the wellness of the home marketplace, observed that the house loan delinquency picture in the two counties is more reflective of the national level rather than the state-wide predicament.

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The quantity of U.S. residence foreclosures this September declined to its lowest level since the mortgage meltdown in 20082009. It was estimated that completed foreclosures nationwide amounted 57,000 in September 2012, down from 59,000 in the preceding month, and from 83,000 a year earlier. The months figures improved, nonetheless, in many states where the foreclosure method involves the courts.

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Florida in Leading Five States

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Florida with 92,000 foreclosures was among the five states with the highest number of completed foreclosures for the 12 months ending in September 2012. The rest had been California (108,000), Texas (59,000), Georgia (55,000), and Michigan (51,000). These top 5 states accounted for 47.7 percent of all completed foreclosures nationwide.

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Florida was likewise amongst the five states obtaining the highest foreclosure inventory as a percentage of mortgaged properties with 11.five %. This August, it was reported that foreclosure activity in Florida rose on a year-over-year basis for the seventh time in the earlier eight months, creating it the state with second highest foreclosure price: 1 foreclosure filing for every single 328 housing units.

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Contrasting Picture in SarasotaManatee County

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In contrast to the all-Florida record, Sarasota’s inventory of foreclosed properties, dropped to 5,660 in September this year from 6,838 in August 2008. Foreclosed properties in Manatee declined as nicely, even though in much less a dramatic style, from 4,587 to 4,362. Filings of foreclosures also declined sharply in both counties. In Sarasota, lispendens lawsuits (the initial step in the foreclosure process) reported throughout JanuarySeptember 2008 property market place meltdown amounted six,349, although only two,738 had been recorded in the 2012 comparable period. Manatee had 1,593 so far this year, compared to 4,508 early-stage foreclosure filings 4 years ago.

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Improvement in the quantity of distressed house sales as a percentage of total sales had been also accomplished in each counties. In Sarasota, 15.24 % of total sales were accounted for by sold distressed properties during the second quarter of 2012, down from 19.67 % in 2008. Manatees was at 13.54 %, better than the 15.01 percent in 2008.

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The steady declines in foreclosures along with the continuing erosion of the shadow inventory in the two counties are clear manifestations of stabilization and improvement in the property marketplace, Sarasota Bay True Estate mentioned. The firm hailed current market and government initiatives to permit distressed home owners to pursue loan modifications, refinancing, or quick sales in order to stay away from foreclosures. These are positives methods that will certainly support further improve industry conditions and propel the real estate business to a more robust recovery, the full-service realty firm added.

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About Sarasota Bay True Estate

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Sarasota Bay Real Estate is a full service genuine estate brokerage in Sarasota Florida owned by Sarasota true estate broker, Christina Miller, and advertising and marketing professional, Roy Hunter. With each other they, and their group of effectively-experienced agents, offer some of the highest top quality genuine estate marketing and advertising solutions for the properties in the companys inventory. Sellers of Sarasota Florida true estate decide on Sarasota Bay Genuine Estate due to their reputation of going above and beyond expectations when advertising properties located in the Sarasota-Manatee County areas as well as the companys vast Net marketing reach. Sarasota Bay Real Estate World wide web assets get more than 1,000 guests a day and this exposure contributes significantly to a home selling quickly and for the highest price tag. When home advertising techniques are paramount in sellers listing needs, Sarasota Bay Real Estate is the clear selection in the Sarasota real estate marketplace.

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Get in touch with information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com

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Mikey Modification and Sally Short Sale: Fresh New Faces to Foreclosure Prevention Introduced by Real Estate Veteran

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Santa Clarita, CA (PRWEB) November 13, 2012

Maz Badie, President and CEO of Exclusive Partners, Inc., a Santa Clarita-based true estate firm, introduces Mikey Modification and Sally Short Sale, the friendly faces of PreFore, a just-launched specialty provider of foreclosure prevention solutions to homeowners in default and facing foreclosure.

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The company will supply loan modification consulting solutions to home owners hoping to modify their mortgage with their lender and receive a reduced price and payment. PreFore provides this service for costs that are overall performance-based, an unconventional model in an industry dominated by flat fees that dont hold organizations accountable for poor overall performance.

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I wanted to show our clientele that we sincerely have their very best interest in mind, and I felt that the ideal way to do that was to tie our good results to their good results, said Badie. It makes me sick to my stomach to have to study about individuals getting defrauded on a everyday basis. Ive been in the true estate enterprise for 15 years, so its my duty to give the firm, steady ground for the people whom Ive been helping all these years. It is a correct pleasure to be able to offer homeowners in need with a trusted, trustworthy service when trust and reliability is what they need to have the most.

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Badie is not alone in his efforts earlier this year in March, a $ 25 billion settlement that the federal government and state attorneys reached with the nation’s five biggest banks has been supplying substantial assistance to homeowners in the type of principal reductions and enhanced processing instances of loan modifications. The California Homeowner Bill of Rights, signed into law in July of this year and which goes into impact on January 1, 2013, will serve to protect home owners from dual-tracking, a method utilized by lenders via which they foreclose upon properties while home owners are actively in search of a loan modification. The FBI has reported that there have been over 73,000 victims resulting in over $ 1 billion in losses throughout their battle with mortgage fraud. The dire state of the sector, along with the changing landscape becoming provided by different government agencies, have demanded the presence of men and women and organizations with the integrity to assist property owners get back on track.

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In addition to modification solutions, PreFore also performs short sales for property owners wishing to leave their residences for new ones. Prior to establishing PreFore, Badies Exclusive Partners has completed more than $ 500 million in actual estate transactions. PreFore will carry that torch as it strives to grow to be the nations preferred brief sale company.

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About PreFore: PreFore is a foreclosure prevention business specializing in loan modifications and quick sales. Home owners in search of assistance can go to their web site at http://www.prefore.com.

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About Maz Badie: Maz Badie is a 15-year veteran of the actual estate market, offering residential and industrial sales and financing, bank-owned sales and, in the previous five years, assisting property owners with loan modifications and short sales. He has also played major roles in the development of foreclosure prevention projects in current years, which includes LoanModDVD and Modassist. His firm, Exclusive Partners, Inc., for which he serves as President and CEO, has completed over $ 500 million in genuine estate transactions because 2003.

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MSN Real Estate Functions Banking Bads New Strategy of Addressing Grievances with Large Banks

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San Diego, CA (PRWEB) December 12, 2012

A multitude of bank buyers have complained about the loan modification approach, but one Bank of America consumer, De Veau Dunn, took his grievance to a new level. Dunn developed a internet series titled Bank of America Desires You to Die Prior to They Modify soon after Bank of America repeatedly requested a death certificate along with other economic documents to full his loan modification.

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Dunns network is named Banking Undesirable and was lately featured on MSN Real Estate. A simple monetary transaction turned into a real life document mystery, said Dunn, who turned to social media to voice his discontent following he felt Bank of America was mishandling his economic transaction. I am a bit shocked to see the Banking Negative YouTube Channel get so several responses from dissatisfied consumers going by way of similar scenarios with massive banks. There is a real require for improvement from a buyers standpoint, continued Dunn. De Veau employed social media as a tool right after continually reporting banking problems and concerns to the bank itself through emails, letters, and telephone calls, but still not getting the problems resolved.

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Bloomberg Businessweek also did a function story on Dunn and his Banking Poor channel. Businessweek week reporter Karen Weise stated, Dunns creation stands out for its higher production worth and at instances humorous writing. Dunn said in response to the Businessweek report, The mentions are good, but the point of this channel is to assist individuals that may not otherwise have a voice and may well be silently enduring abuses from some big monetary institution. If the media shines light on some dark banking practices, then it is truly worth it to me. With over 30,000 views and well over 800 subscribers on YouTube, the Banking Negative channel appears to be gradually becoming a voice for many disgruntled consumers along with the Banking Poor Facebook web page. One Youtuber in a comment left on the Banking Bad YouTube page stated, Thank you for putting such a compelling voice to the discomfort of so numerous of us.

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Dunn has also teamed up with homeowners advocate Steve Triebernig, who hosts the Facebook web page Maintain Bank of America Truthful. Steve Triebernig has been instrumental in assisting quite a few home owners in dealing with the banks in order to save their residences via his organization All Factors True Estate. Steves firm has been nominated for a Greater Company Bureau Integrity Award and is positioned in Minnesota.

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To date there have been two episodes released in the Banking Bad series. Banking Negative Episode 1 chronicles the story of “Dee”, who was looking for a loan modification with Bank of America. This transaction became increasingly far more complicated when the bank sent two separate letters saying, “they need to have” a “Death Certificate” as one particular of their specifications to approach his loan modification. Banking Bad Episode two explores loan modifications on a larger scale. Via broadcasting his story onto social media, “Dee” becomes a significant contributor to a increasing network of customers banning with each other to cease negative behavior from huge banks. The principal character, Dee, interviews a residence loan advocate who in turn provides lurid specifics of why some house loan modifications get stalled.

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About Banking Undesirable: &#13

The Banking Poor site and YouTube channel are committed to educating and informing the public of strange or immoral activities involving banking institutions. Banking Bads social media encounter which includes the Banking Undesirable Twitter page enables customers to join the conversation and exchange data about their newest loan modification or banking pitfalls or successes.

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Associated Loan Modification Services Press Releases

Mortgage Debt Forgiveness and Its Influence on Californians Completing a Brief Sale, According to ACL Real Estate and Property Management

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Hayward, Oakland, Dublin, California (PRWEB) January 08, 2013

The newly extended law is due to expire December 31, 2013. This law tends to make 2013 a single of the greatest years to comprehensive a short sale or obtain a residence by means of short sale and rent out.This law will continue to make eligible homeowners exempt from getting taxed on the debt that was forgiven by the bank in a Brief Sale or Loan Modification.

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Pease Limitations, which had been also element of the all round agreement, had been fully repealed for most folks. Pease Agreements permitted the reduction of worth on items via line item reductions. The new restrictions now apply to these who make $ 250,000.00 as individuals and $ 300,000 as married couples.

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The passing of the law now eases the impact a non-passed law would have had on the Mortgage Interest Deduction vs. an actual dollar deduction limit, percentage deduction limit, and the general Mortgage Interest Deduction shall be claimed under the passed legislation.

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ACL True Estate and Home Management will continue to supply updates as they turn out to be obtainable.

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ACL Real Estate and Home Management is a full service Bay Region Brokerage that specializes in Promoting and Managing Single Household, Multi Family units. The Service Places Are Which includes but not restricted to: East Bay Location, Alameda Counties, Contra Costa Counties, San Mateo Counties. Berkeley, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and a lot of more.

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Real Consumer Stories of Mortgage Loan Modifications Gone Wrong Detailed in New GoBankingRates.com Investigation

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El Segundo, CA (PRWEB) March 20, 2013

According to a Boston Globe write-up from January of this year, close to four million Americans have lost houses to foreclosure, although one more 10 million are at danger of foreclosure in the subsequent handful of years. GoBankingRates.com reached out to home owners presently chasing modification applications in order to avoid related fates, finding it is their lenders who usually stand in the way of a successful mortgage loan modification.

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Brenda C. is just 1 of the numerous victims of mortgage loan modifications gone incorrect. Following suffering job losses and an expensive health-related emergency in the midst of a down economy, she and her husband filed for bankruptcy. They managed to hold onto their home, but necessary a mortgage loan modification to preserve it.

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At the advice of her loan representative, Brenda stopped producing mortgage payments in order to qualify for a modification plan. Nonetheless, after agreeing to a trial period of lowered payments, the lender stopped answering the phone. “It just drug on for months and months previous the three-month trial. I could not get anything in writing from the mortgage business, and our loan rep would not get in touch with us,” she explained to GoBankingRates. Now the couple is facing foreclosure.

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Terri H. knowledgeable a similar ordeal, attempting to have her mortgage modified when a single piece of documentation threw a wrench in the process. “I knew I had sent it in,” she told GoBankingRates, “and when I named, my ‘customer service’ rep told me not to be concerned, every thing was in and to ignore the notice I got.” Thirty days later, Terri received a notice that her modification had been denied and she could apply the following year.

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GoBankingRates managing editor, Casey Bond, states, “After convincing borrowers to take on mortgage loans they couldn’t realistically afford, mortgage servicers are now forcing borrowers to jump via hoops in an try to modify these loans to reasonably priced terms.”

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She adds, “In many cases, these are accountable, well-educated individuals who regrettably fell victim to the mortgage crisis, and now they are left on their personal to choose up the pieces or foreclose.”

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Click here to read their stories.

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For questions about this report or to schedule an interview with a GoBankingRates editor, please use the make contact with details under.

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About GoBankingRates

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GoBankingRates.com is a national web site dedicated to connecting readers with the best interest rates on financial solutions nationwide, as properly as informative personal finance content, news and tools. GoBankingRates collects interest price information from much more than four,000 U.S. banks and credit unions, producing it the only online prices aggregator with the potential to offer the most extensive and authentic nearby interest rate data.

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Get in touch with:

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Jaime Catmull, Director of Public Relations&#13

GoBankingRates.com&#13

JaimeC(at)GoBankingRates(dot)com&#13

310.297.9233 x261

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Source: The Boston Globe, Mixed score on federal mortgage modification program, January 27, 2013.

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Find Much more Loan Modification Services Press Releases

Expert Real Estate Broker Releases New Book, Support! I Cant Make My Home Payment!”

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Phoenix, AZ (PRWEB) April 01, 2013

Liz Recchia, a expert true estate broker and owner of We Sell True Estate, LLC who has sat across the kitchen table from hundreds of distressed real estate owners, announces the release of her new book, Support! I Cant Make My Home Payment! (2013). This comprehensive resource for the distressed homeowner covers loan modifications, quick sales and foreclosures from the first missed payment to the close of a brief sale or completed foreclosure. The book offers a complete look at what a homeowner is facing and how they can handle the approach to obtain their very best outcome.

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In March, RealtyTrac reported a 22.7% improve in foreclosure filings among the end of January and the end of February nationwide. Nevada saw a 334% improve year over year while California saw nearly a 50% boost year more than year. Phoenix, Las Vegas and several cities in California seem on RealtyTracs Very best Markets for Purchasing Short Sales list as brief sales stay a big part of those markets.

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Aid! I Cant Make My Property Payment! gives distressed property owners the tools to handle and control their distressed homeownership, their private finances and their emotions while they negotiate a short sale or loan modification. A lot more importantly, the book equips homeowners to make rational decisions and plan their monetary future so they can prepare to acquire a property once again in a single to 5 years.

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Help! I Cant Make My Home Payment! goes beyond the technical, legal, and financial processes of other books and addresses home owners from their point of view The Kitchen Table perspective. Actual case histories detail the documents home owners see and illustrates real world examples of the choices property owners make. The book shows property owners how to remain in manage of the approach and manage their choice making based on information not emotion whilst producing plans for future economic stability and real estate ownership.

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Title:

Summerlin Asset Management Launches Their New Real Estate Investment Strategy on Buying Real Estate Notes

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Irvine, CA (PRWEB) April 23, 2013

In this market, many real estate investors are starting to look at note investments as a new opportunity to earn above market returns as the price of real estate continues to stabilize, according to Jim Stepanian of Summerlin Asset Management. Real estate note investing, is defined as the origination of new, or the purchase of existing real estate secured mortgages and/or trust deeds. Many investors use language such as Buy Notes or Note Investing because the terms of a mortgage are detailed in the promissory note. Today Summerlin Asset Management has a large supply of mortgage notes for sale as they continue to buy large pools at wholesale prices.

With SAM’s new investment strategy they explain the many similarities between investing in real estate and investing in notes, including evaluating the collateral, and working with title, escrow and insurance companies. The old adage of real estate, location, location, location also applies to notes, although it may be more appropriate to say, collateral, collateral, collateral. Value the underlying collateral of the purchasers note investment as if they will own the property. Jim Stepanian stated, we prefer to own the loan and not the home, because we enjoy great cash flow on performing notes without the headaches of owning the property.”

For more insight visit: http://www.realestatenoteinvestments.com

Summerlin Asset Management also has a large supply of non performing defaulted loans it is buying from banks. After the acquisition of the note, Summerlin has the following workout solutions:

Short Payoff

One of the most equitable options SAM has for a borrower is a short payoff. In this instance, SAM provides a 6 month option where the borrower can pay off their mortgage at a price below the market value of the property. This happens by way of a family member putting up the cash, private money financing, or using 401k proceeds (if available) to pay off the home. Here is an example:


Unpaid Balance = $ 300,000.00
Home Value = $ 200,000.00
Purchase Price of Note = $ 120,000.00

In this case, SAM would offer the borrower a payoff at $ 180,000.00. In addition, SAM will write off the remaining debt and relieve the borrower from the difference. Since SAM is still profitable, SAM does not 1099 the borrower for the difference, thus creating no tax liability for the borrower.

Short Sale

The most common of all workouts, SAM works with the borrower to list their home. During the short sale period, SAM allows the borrower to live in the home with no mortgage payments. By keeping the borrowers in the home, it ensures SAM that the house is being properly maintained while the short sale process continues. If the borrower has a 2nd lien, SAM will work diligently with the subordinate lien holder to reduce their balance and be paid through escrow. Upon closing, SAM will provide the borrower with financial assistance to relocate in a smooth and efficient timeframe.

For more information visit: http://www.mortgagenotesforsale.us

Loan Modification/Forbearance Agreement

In this case, the borrower fell behind for a variety of reasons; loss of income, health issues, career change, etc. The borrower has expressed the desire to stay in the home and demonstrated the financial ability to sustain the current mortgage payment. SAM creates a forbearance agreement that will take the total amount of payments owing and divide the sum by 12. SAM adds the 1/12 to the regular monthly payment. This will immediately help borrower to get back on track, increase SAM’s cash-on cash return, and reestablish the borrower as a seasoned performer. In the event that the borrower lapses on their forbearance payment, SAM reserves the right to initiate foreclosure.

Cash for Keys/Deed in Lieu of Foreclosure

This is an instance where borrower is emotionally disconnected with the home and is living in the home. SAM creates an opportunity where the borrower is released from all personal liability on the obligation and walk away with enough cash to relocate and establish a new life. SAM offers them an aggressive cash incentive to sign over the deed to the home. This scenario exists if the home only has a first position lien (that SAM purchased) and the balance of the loan is higher than the value of the home. After SAM comes to a formal agreement in writing, SAM performs a thorough inspection of the home to identify potential problems. SAM’s contract states that within their discovery process SAM will identify problematic situations, i.e. roof leak, SAM has the right to reduce their cash offer to the current owner. SAM’s team encourages the home owner to treat this as a business decision.

Principal Balance Reduction

In this scenario, the balance of the borrowers loan is 175 percent or greater than the value of the home. In this case, borrower wants to keep their home. However, the borrower realizes they will never recoup the negative equity that they are paying down.

SAM will structure a 12 month program to write down the balance of the borrower loan in exchange for 12 months of un-interrupted, on-time payments. Here is an example below:

Unpaid Balance = $ 300,000.00
Home Value = $ 200,000.00
Purchase Price of Note = $ 120,000.00
Monthly Principal and Interest Payment = $ 1,896.20

For more info: http://www.safestrealestateinvestment.com

SAM will give the borrower a $ 5000 per month balance reduction at the end of the 12th month assuming borrower has made 12 on time payments. The end result is SAM’s portfolio enjoys a cash-on-cash return of 18.96 percent on their $ 120,000 investment while the borrower has the benefit of reducing the balance of their loan by $ 60,000 by month 12. This gives the borrower hope that their house will become an asset in the near future. In addition, SAM now has the ability to sell a 12 month, seasoned, performing loan, upwards of 70 percent of the home value. In conclusion, their return on investment for 12 months is 35.62 percent.

Today, Summerlin Asset Management has contracts with national banks, regional banks, hedge funds, and loan servicing companies across the united states. Therefore, Summerlin has more supply of 1st Trust Deed mortgage notes than most of its competitors. If you would like more information contact: Shannon Derosby or Adam Pakes at (928) 854-7747 or please visit http://www.investinsam.com







Advanced e-Discovery Provider e-Logic Group Tranforms and Takes Real Estate Securitization Audit and Forensic Audit Analysis to the Next and Right Level

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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.







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Top “Main Street” Mortgage and Real Estate Scams Exposed in New eBook by D. Lance Roberts

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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