Download or read book Legislative Solutions for Preventing Loan Modification and Foreclosure Rescue Fraud written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Legislative Solutions for Preventing Loan Modification and Foreclosure Rescue Fraud Serial No 111 28 May 6 2009 written by and published by . This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mortgage Loan Fraud Loan Modification and Foreclosure Rescue Scams written by Financial Crimes Enforcement Network (U.S.) and published by . This book was released on 2010 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Beware of Foreclosure Rescue and Loan Modification Scams written by and published by . This book was released on 2009 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Legislative Solutions for Preventing Loan Modification and Foreclosure Rescue Fraud written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2009 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Beware of Foreclosure Rescue and Loan Modification Scams written by and published by . This book was released on 2009 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Prepared Statement of on Foreclosure Rescue and Loan Modification Scams written by United States. Federal Trade Commission and published by . This book was released on 2009 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Consumer Advisory written by United States. Office of the Comptroller of the Currency and published by . This book was released on 2011 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Homeownership Preservation Federal Efforts to Combat Foreclosure Rescue Schemes are Underway but Improved Planning Elements Could Enhance Progress written by and published by DIANE Publishing. This book was released on with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Beware of Foreclosure Rescue Scams written by Federal Deposit Insurance Corporation and published by . This book was released on 2009-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A new breed of scam artist has grown along with the current mortgage crisis. This pamphlet describes common foreclosure rescue scams, tell-tale signs of a scam operator, and whom to contact if you're caught in a scam.

Download or read book Forensic mortgage loan audit scams written by and published by . This book was released on 2010 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An American Epidemic written by Michael S. Richardson and published by . This book was released on 2005-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I wrote this book in 11/05 and who could imagine Mortgage Fraud reaching record high levels in 2008 & 2009! My book is written like it is today, the fraud schemes have changed slightly although the motives are the same! Once a white-collar criminal gets away with fraud, the process quickly becomes addictive. Success breeds more success, and before long such crafters of fraudulent mortgage loans clearly begin feeling that not only are they above the law but in fact, they are not doing anything wrong in the first place. Fraud can happen to anyone: loan officers, processors, underwriters, buyers, sellers, investors, owners, and management of mortgage companies. It can happen anywhere: big cities, small towns, storied and well-recognized firms, smaller mom, and pop businesses who just want to do the right thing for a would be homeowner or just have the need to make money. The Treasury Department provided a plan to collaborate with private funds to buy up to $1 trillion of "toxic assets." It is very unclear if these purchases will include foreclosed properties. The unlisted and unsold foreclosed homes are likely to further delay the recovery and destabilize lenders' financials further or increase the dollars needed to include the foreclosed properties. RealtyTrac states lenders may be holding up to 700,000 residential properties that are not on listed for sale yet, foreclosure properties. This supply of homes are not counted as part of the housing inventory, with 3.8 million existing homes for sale in February which is almost a year's supply of homes for sale. The foreclosure rates have remained somewhat the same recently although it could be due to government moratoriums or voluntary lender halts on foreclosures, however, eventually a large percentage of those homes will end up being foreclosed on. With that supply of existing home for sale homes and the foreclosed properties, values are going to fall further. When the foreclosed properties enter the market, the appraisals will negatively reflect values. Some of the positive news in February was that existing-home sales rose 5.1% and housing starts were up 22.2% from record lows. One of the issues surfacing is the so called specialists who are attempting to work a modification for borrowers are growing like springtime weeds most without the experience of needed to work the new programs or even understand the mortgage industry, thus fewer mortgages are actually being modified. Then there are the many new schemes these weeds (fraudsters) have developed preying on the homeowner once again. When the economy eventually picks up, many of these issues will not be as challenging to the lenders, and this leads to the concern of mortgage fraud. Mortgage Fraud continued to climb up by 26% in 2008, another record. The Suspicious Activity Reports (SARS) climbed by 44%, mortgage fraud which is the third most reported activity to Financial Crimes Enforcement Network (FinCEN) , Almost 900 filing institutions submitted mortgage loan fraud SARs and according to FinCEN, fewer than 200 institutions submitted 98% (60,800) of the total. The top 10 filing institutions submitted 57% (35,400) of these filings, compared to 30% for the top 10 filing institutions of all SARs. With fewer loan originations in the last year or so, some professionals reviewing the data may believe the increases are due to this very slow economy and shows signs of more desperation, causing more people than ever before to try to commit mortgage fraud. While that may have a some merit, mortgage fraud statistics point, clearly ,point to nothing short of an epidemic for over 5 years now or longer. Yet, really, what do we know about fraud? In fact, it is not what we know about fraud that is dangerous; it is what we do not know. What is worse is the staggering amount of opportunity with which the American real estate industry provides those who commit fraud. Clearly, the amount of money to be made in real estate both residential an

Download or read book Mortgage Fraud and Its Impact on Mortgage Lenders written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2004 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Truth about Your Bad Home Loan written by Sandy White and published by Lulu.com. This book was released on 2008-01-08 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: If every defaulting loan followed the advice in this book, this country could avoid increases in homelessness, crime, domestic abuse, broken neighborhoods, and so much more. Keeping these families in place as long as possible, and maintaining the property, is in the best interest of the borrower, lender, neighborhoods, law enforcement and government. Sandy White offers: * State specific resources for filing complaints; * The stages of foreclosure and eviction; * Foreclosure scam awareness and the law; * An understanding of options that may help save money; * How and why you should stay in your house as long as possible. The information in this book will help get your voice heard, document your position, and possible recourse against the people that violated your trust. This book is a must read for anyone with a bad mortgage loan, industry professionals, and those seeking a future mortgage loan.

Download or read book Beware of Foreclosure Rescue Scams written by and published by . This book was released on 2012 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Iniquity written by Kelli Dudley and published by . This book was released on 2019-06-18 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in 2006, foreclosures of residential home mortgages increased precipitously. Home values dropped, homeowners found themselves underwater, and banks eagerly foreclosed when payments were allegedly late. Homeowners turned to the courts and legal system only to find the system was entirely coopted by lenders and the attorneys who prosecuted foreclosures. In Cook County, homeowners were directed to contact services that ultimately required them to give up important rights, even due process rights like proper service of process afforded every other litigant in every other type of case. Homeowners were diverted into a court-sponsored mediation program that required them to file an answer that admitted away the entire case, unknowingly waiving defenses any competent attorney would have identified. Homeowners seeking help were herded into a training session where the first slide presented asked, "Why am I in foreclosure?" The only answer provided was: "Because you missed a mortgage payment." No discussion was had of false allegations of missed payments or other reasons for foreclosure. In reality, reasons included allegations such as failing to maintain homeowners' insurance and were sometimes false. Homeowners were urged to opt for a "graceful exit" solution--leaving their home earlier than legally required and without an assessment of their legal rights, much less competent representation in litigation. As if official action betraying homeowners were not enough, many of the attorneys holding themselves out as "save your home" lawyers misled consumers. At their worst, attorney-sponsored scams included persuading the homeowner to sign the deed to the home over to the attorney or a crony, requiring the homeowner to pay rent. Attorneys would commonly promise to save the home in exchange for a monthly payment of legal fees, $1,500.00 or more commonly being required. While collecting this money, they would fail to file an appearance, fail to appear in court, and do nothing reasonably calculated to save the home. In fact, the rare times the attorneys did act often resulted in hastening the loss of the home. Homeowners often relied on the attorney without finding out about the fraud for a year or more due to the inherently long foreclosure process. Their first notice nothing was done was often the sheriff's knock on the door to evict them from the home they believed was safe.The scams robbed people of their home equity and $20,000.00 or more in cash that could have enabled them to move to a new home. Homes were lost where they could have been saved with less then ten hours of competent legal work. Homeowners were herded into expensive schemes involving attorneys (or cronies who provided a kickback) taking money for loan modification applications or "forensic loan audits." The loan modification applications could be completed at no cost by highly competent housing counseling agencies certified by the United States Department of Housing and Urban Development. The forensic audits were almost always expensive, useless, and misleading. For example, they would identify legal violation that did not provide the homeowner with a private cause of action or defense to foreclosure. Homeowners would react to this misinformation combined with incompetent legal representation to dig in their heels for a completely illusory legal batttle, ignoring bona fide options to save the home with a competent attorney or HUD-certified housing counseling agency.Adding insult to injury, many "save your home" scammers targeted people based on race, religion, and national origin. This included misleading advertising on radio shows marketed to African-American and religious communities, reaching out through immigrant networks and churches, advertising in Spanish-language publications, and using culturally-loaded iconography.Homeowners paid many times--hostile court systems, lawyers, and scammers all took a cut. They lost homes and incurred debt.

Download or read book Home Alone written by Nathaniel C. Nichols and published by . This book was released on 2009 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage foreclosures caused by predatory lending and subprime mortgages seem to garner front page headlines on a daily basis. Greedy mortgage brokers, greedy banks, greedy investors, and financially illiterate consumers all share some blame for this crisis. However, the Mortgage Foreclosure Rescue Scam (MFRS) has caused a crisis of its own for decades. This article describes how MFRS works. It gives a detailed account of an actual victim of MFRS and proposes several solutions to prevent the scam, when the elderly are its target.