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The fraud involves operatives calling homeowners, who oftentimes had previously sought relief from their mortgage lender and thus were expected to be contacted, according to the FCC.
Here are four key signs that you’ve found the right reverse mortgage lender for your situation, according to Steven Parangi, an attorney and owner of Alpine Mortgage, a mortgage lender.
The age of the youngest borrower. The reverse mortgage program you choose ... a fixed-rate reverse mortgage. Fixed monthly payments for a ... and how a reverse mortgage might affect your estate ...
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.
This provides an incentive to unscrupulous servicers who aggressively interpret mortgage documents to add additional fees [5] to a borrower's mortgage account. Many times, the additional fees added on create an event of default allowing the mortgage servicer to foreclose on the property. This practice is commonly referred to as manufacturing a ...
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes or homeowner's insurance ...
The Phillip Hill mortgage fraud scheme charged in this indictment is the most extensive this office and federal investigative agencies have uncovered to date in the Atlanta area. This indictment is a major step forward in this office's commitment to expose and eradicate mortgage fraud schemes in our community."
A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home’s equity for tax-free payments. The reverse mortgage lender makes these payments to the ...
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