mortgage fraud
goodhearted
asked:
"My home was taken from me by mortgage fraud, I can not afford an attorney. I have legal aid. They have now given me two attorney's. They have informed me , I definently have been scammed. But because it is so detailed and so much involved , Because they are a free service only so much time can be invested into my case. If I can help by finding information out about these preditors , It will help me . as of now I'm basically screwed unless I can see if they have done this before. I do I search online for information on who has commited mortgage fraud. I've tried FBI files and many others please help me stop them from doing this to another family with children. They took advantage of me at my low time."
Question posted courtesy of:
zack replied:
"Post it all over sites on the Internet, people will read it and be aware. Other than that, I have no idea."
Holly P replied:
"Mortgages are a matter of public record. Your mortgage is on record at the county courthouse in the county which the home is in. You can also search many counties by mortgage company or bank name and dates. When a lender or mortgage broker wants to get leads, they search courthouse records for homeowners. You can obtain someone's balance, rate, bank, etc. My husband and I are loan officers with a large, reputable bank. I would be very interested in hearing more about what happened to you so that I can better inform my customers and realtors. You should fight this until you are satisfied. Also, the lender that did your loan MUST be licensed in your state. A lot of brokers get away with doing loans in states where they have no license. I wonder if these people were licensed in your state? No one really checks that kind of thing. Feel free to contact me if you have questions. Good luck!"
Iñigo
asked:
"In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What's the part that these frauds played in the actual mortgage crisis ? Thanks."
Question posted courtesy of:
kate replied:
"Read . . .>"
alterfemego replied:
"Lenders were not clear or were untruthful about how the adjustable rates worked and what the consequences would be to the homeowner in the future when they adjusted. Some started folks out with what were called "teaser rates", like 4%, but it would adjust significantly within a short period of time, like 1-2 years, and the new rate would be 8%! These folks had no clue. Loans officers were not licensed in most cases and were'nt held to a higher standard like Realtor/Appraisers are. Thus they bent the hell out the rules to make a buck. Others like a few builders and others would use what are called "straw buyers" to sign closing paperwork on a property they really didn't wouldn't own. These straw buyers put themselves in deep trouble with Federal Authorities. And some appraisers were in the mix as well, dummy up appraisals to match the trumped up sales of properties. So it all came down to greed and now we are all going to pay for this for many years to come. I would estimate that somewhere between 85-95% of Americans will feel some effect of this on their credit with no control on their part. A damn sad state of affairs."
afiesha s replied:
"That is a really good question. Allow me to direct you to this site. It is great for people with questions like yours."
Oye chak de phatte!! replied:
"read on...The above article elucidates you on the actual subprime mortgage crisis in us. and the persons behind the mortgage fraud and all those who are to be directly blamed for this financial catastrophe."
mobyisaparrothead
asked:
"I've come across a heafty amount of information regarding mortgage fraud. I don't want to throw anyone under the bus, but, there are a few jerks that I wouldn't mind being compensated for extending their fraudulent practices over to the right people."
Question posted courtesy of:
*LALICIOUSLATIN* replied:
"dude u just look way too happy in yr pic, thought u should kno that. ta ta for now"
Maxable replied:
"Crime Stoppers"
dwayne l
asked:
"I have seen on the news they had a crack down on mortgage fraud. Who would I contact about it."
Question posted courtesy of:
RE its what i do replied:
"Hi Dwayne,Honestly - the FBI. they have divisions of m/f investigators in every state right now."
vaneska replied:
"scary situation"
Jeromy W replied:
"absolutely the FBI, you may also want to contact your state commissioner of banks, but the FBI first"
godged replied:
"Yes, I saw that too, where two Bear Stearns executives where arrested for various mortgage fraud and trading offenses, and numerous people involved in transacting real estate were also arrested.Start with the FBI, they are the ones rattling the cages."
red head
asked:
"i have recently obtained a house by fixing my income to be eligible for the mortgage.i am in the middle of a courtcase which is up to the point i left my partner.can they investigate my affairs since i left him or would that be my buisness.please proper advice, i needed the house so me and my daughter could have a roof over our head, as he kept all.the mortgage is in my sole name... this is why i had to doctor my income.I bought it after we split, as he kept all 5 houses."
Question posted courtesy of:
wizjp replied:
"If you have the house, the mortgage company won't bother with you as long as you keep the payments coming on time."
old know all replied:
"If you have obtained a mortgage by making a false statement, you have committed a criminal offence. You're unlikely to be prosecuted - there aren't enough prisons to go round.Provided you keep up the payments, you should be OK. If you get into arrears, don't expect to keep the equity in your house."
MANCHESTER UK replied:
"You don't say if the Mortgage was taken out in a sole name, yours.When you applied for the Mortgage, you presumably told the lender the truth about your income at that time so you have not committed mortgage fraud.The question arises whether you are still in a position to fund the Mortgage.You are on safe ground if you are the sole Mortgagee and can pay your dues to the lender."
Digital G replied:
"In my opinion your mortgage issue is not the purpose of the trial and if investigated should only be when or if a juge feels the new mortgage is a peice of evidance that could affect the trial he is conducting.Ffs dont tell anyone and when possible sell the house and get a diferent mortgage with proper numbers. Things maybe ok now but if the lender finds out it may bring tears. Lenders dont need much of an excuse to investigate but usually nothing will be investigated unless you fail to pay. A lot of people give false numbers as upto £250,000 you usually dont have to prove your income."
JOHN R replied:
"If you mean could the mortgage company investigate; then they could but I can't see them bothering if no one brings it to their attention and you keep the payments up to date. If you mean could solicitors involved in the court case investigate your affairs then they could. However as you don't explain what the case is about it is difficult to know whether they are likely to."
ancuie s replied:
"Best Answer - Chosen by Voters is the best resource for mortgage information. With over 10,000 posts it is the most comprehensive site of its kind anywhere online."
nearly two years into the bursting of booms in housing and mortgage securities, scant few related arrests have been made and most of those have been focused on individual mortgage brokers vs. major industry leaders. "There is no poster child [for the housing scandal] because you need to investigate, and you need to bring cases and we haven't don
An article by Chuck Jacobus concerning mortgage fraud.
November 14, 2008, that Brian Tray, a resident of Pittsburgh, Pennsylvania, has been sentenced in federal court in Pittsburgh, Pennsylvania to 41 months of incarceration and five years of supervised release on his conviction of Conspiracy, Bank Fraud and Wire Fraud, all in connection with Mortgage Fraud.
A Texas Community Bank has chosen The Edcomm Group Banker’s Academy to deliver Compliance, Ethics, Mortgage Fraud Protection, and Elder Financial Abuse Training for its bank training needs.
McBride and Wrolstad have been charged in a 34-count indictment for their alleged involvement in the scheme. “Cases such as this are an example of the impact that mortgage fraud has contributed to the credit crisis,” said Hanaway. “Mortgage fraud causes damage the economy, as well as our neighborhoods. The investigation and prosecution of these
