Comments on: Mortgage Fraud Case Studies http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: ARDELL http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-320234 ARDELL Tue, 24 Jun 2008 19:06:25 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-320234 Jillayne, I got the above comment as an email from Ales and forwarded it to Craig. My observation was that both properties were possibly purchased as "owner occupied" for mortgage purposes. Jillayne,

I got the above comment as an email from Ales and forwarded it to Craig. My observation was that both properties were possibly purchased as “owner occupied” for mortgage purposes.

]]> By: Alex http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-320231 Alex Tue, 24 Jun 2008 17:37:33 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-320231 Good Morning, I found you on line and I had a few questions regarding 2 properties that I bought from a mortgage broker. When I first meet her she told me I would be able to refinance my home right away and that I have gained already 9 months of equity. She told me I would be able to pull out about 30 thousand dollars when I refinanced on each house. After I purchased my homes I went to another lending company to refinance me and they told me I did not qualify to refinance because I did not make enough income and I did not have enough equity in the properties. That is when I found out she made fake pay stubs for me to get approved for the loans so she would be able to get the commission. Also when I tried to refinance I found out my homes were over appraised about 40 thousand dollars on each home, and she told me she would have her friends appraise the homes. Now my homes are in foreclosure. I have reported her to the DFI, but they advised me to get a lawyer. Can you recommend any lawyers? Thank you for your time Your response would be greatly appreciated. Good Morning,

I found you on line and I had a few questions regarding 2 properties that I bought from a mortgage broker. When I first meet her she told me I would be able to refinance my home right away and that I have gained already 9 months of equity. She told me I would be able to pull out about 30 thousand dollars when I refinanced on each house. After I purchased my homes I went to another lending company to refinance me and they told me I did not qualify to refinance because I did not make enough income and I did not have enough equity in the properties. That is when I found out she made fake pay stubs for me to get approved for the loans so she would be able to get the commission. Also when I tried to refinance I found out my homes were over appraised about 40 thousand dollars on each home, and she told me she would have her friends appraise the homes. Now my homes are in foreclosure. I have reported her to the DFI, but they advised me to get a lawyer. Can you recommend any lawyers?

Thank you for your time
Your response would be greatly appreciated.

]]> By: Thayne Westerman http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-282880 Thayne Westerman Wed, 12 Mar 2008 00:08:25 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-282880 After reading this ... makes me think who can I or anyone else trust. What I read here blows my mind. Sad that this kind of thing can happen or that someone would even try thinking they could get away with this!! After reading this … makes me think who can I or anyone else trust. What I read here blows my mind. Sad that this kind of thing can happen or that someone would even try thinking they could get away with this!!

]]> By: Jillayne Schlicke http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-272445 Jillayne Schlicke Wed, 27 Feb 2008 18:03:18 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-272445 Hi Lynn, I am sorry to hear that this happened to you. I have answered your question off-blog in a direct email. Please email me directly in the future and let me know how your case proceeds. Hi Lynn,

I am sorry to hear that this happened to you. I have answered your question off-blog in a direct email. Please email me directly in the future and let me know how your case proceeds.

]]> By: Lynn http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-272389 Lynn Wed, 27 Feb 2008 16:24:36 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-272389 the only thing i have in writing was i agreed that the purchase price was 495k my home loan was for 500k but when i finally closed escrow it ended up being 535k??? my realtor works for her brother who's a realestate broker - he was the one who got me my loan. the only thing i have in writing was i agreed that the purchase price was 495k my home loan was for 500k but when i finally closed escrow it ended up being 535k???

my realtor works for her brother who’s a realestate broker – he was the one who got me my loan.

]]> By: Jillayne Schlicke http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-271902 Jillayne Schlicke Tue, 26 Feb 2008 23:52:40 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-271902 Hi Lynn, Do you have anything in writing as to the agreement between you and the Realtor? When you say "broker" did you mean real estate broker or mortgage broker? Hi Lynn,

Do you have anything in writing as to the agreement between you and the Realtor?

When you say “broker” did you mean real estate broker or mortgage broker?

]]> By: Lynn http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-271887 Lynn Tue, 26 Feb 2008 23:33:40 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-271887 Well i have an issue that just happened to me. I bought my house for 495k but what my realtor/broker was going to inflate the price slight higher so that i could get back my down. my final closing cost was 535k and never got my money back. I'm really confussed and don't know what to do. need major advice Well i have an issue that just happened to me. I bought my house for 495k but what my realtor/broker was going to inflate the price slight higher so that i could get back my down. my final closing cost was 535k and never got my money back. I’m really confussed and don’t know what to do. need major advice

]]> By: Michael Fladseth http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-260064 Michael Fladseth Sun, 10 Feb 2008 08:50:39 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-260064 I can not believe the story that i just read, it is appalling that these people are so greedy. why not just work with normal ethics and make a descent living instead of the greed. on another note, i do agree with jillayne about human underwriters. in the 80's and 90's you knew all the underwriters by name and talked to them constantly about files. now i can rarely even talk to an a/e. i do think we need old school underwriters that evaluate the hole file from top to bottom. i still can't believe some of the unethical stories that i have read in theses blogs! in the 1% commercial i did not see any "apr" clearly visable. I can not believe the story that i just read, it is appalling that these people are so greedy. why not just work with normal ethics and make a descent living instead of the greed. on another note, i do agree with jillayne about human underwriters. in the 80’s and 90’s you knew all the underwriters by name and talked to them constantly about files. now i can rarely even talk to an a/e. i do think we need old school underwriters that evaluate the hole file from top to bottom. i still can’t believe some of the unethical stories that i have read in theses blogs! in the 1% commercial i did not see any “apr” clearly visable.

]]> By: weir-yaur wu http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-236883 weir-yaur wu Tue, 01 Jan 2008 00:00:29 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-236883 wow....It seems the finacial fraud has become more difficult to prevent. However, I highly suggest the home buyer to find the reliabe agents and LOs from their friends. Home buyer needs to do some home works first. And, ask some questions to agents and LOs. Then, you will have basic idea what may be wrong. wow….It seems the finacial fraud has become more difficult to prevent. However, I highly suggest the home buyer to find the reliabe agents and LOs from their friends. Home buyer needs to do some home works first. And, ask some questions to agents and LOs. Then, you will have basic idea what may be wrong.

]]> By: Mortgage Fraud | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-232711 Mortgage Fraud | Rain City Guide | A Seattle Real Estate Blog... Mon, 24 Dec 2007 04:56:41 +0000 http://raincityguide.com/2007/11/30/mortgage-fraud-case-studies/#comment-232711 [...] Part 1 Mortgage Fraud Basics Part 2 Case Studies Part 3 Recent Mortgage Fraud Developments and Future Outlook [...] [...] Part 1 Mortgage Fraud Basics Part 2 Case Studies Part 3 Recent Mortgage Fraud Developments and Future Outlook [...]

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