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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
According to real estate agents and landlords who count themselves as her victims: Winegardner posed over and over again as a prospective homebuyer interested in a lease-to-own option; she never ...
A multimillion-dollar scam by real estate agents and loan officers, in collusion with homebuyers, left mortgage lenders in the dust, authorities say. Two real estate agents and two mortgage loan ...
Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question. U.S. lending laws state that only the owner of a loan can initiate a foreclosure. [21] [22] Class action law suits against MERS are pending in California, Nevada, and Arizona. State courts remain sharply ...
Bitwise’s brand was prominently displayed on many of its properties, but what was less known publicly is that most of the company’s California real estate was not wholly owned by the company.
An additional party, called a straw borrower, acts as the buyer in the sale. This requires the involvement of lenders and an approval process, as the borrower takes a type of mortgage loan called a cash-out refinance to purchase the property. Rescue artists arrange the closing (often delaying the date until shortly before the homeowner's ...
Sadly, undoing the scam requires going to court. "The person who forged the deed is now the property owner," real estate attorney Arash Sadat explained to ABC7 Eyewitness News. "So, for you to get ...
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