Comments on: Short Sale Fraud Spiraling Out Of Control, Say Investigators https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/ With the latest on mortgages, refinancing, real estate & home tips Sun, 21 Oct 2012 03:00:22 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Mike Wheatley https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-211328 Mike Wheatley Fri, 06 Jul 2012 10:34:01 +0000 https://realtybiznews.com/?p=4020#comment-211328 lol, John, yes it's pretty obvious why this gets so much publicity... lol, John, yes it’s pretty obvious why this gets so much publicity…

]]> By: john https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-211133 john Fri, 06 Jul 2012 01:02:50 +0000 https://realtybiznews.com/?p=4020#comment-211133 The first paragraph says it all, "plaguing markets and seriously impacting on mortgage lenders, who are missing out on thousands of dollars due to the problem." Interesting wording. The first paragraph says it all, “plaguing markets and seriously impacting on mortgage lenders, who are missing out on thousands of dollars due to the problem.” Interesting wording.

]]> By: Stina https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-207286 Stina Thu, 28 Jun 2012 12:52:47 +0000 https://realtybiznews.com/?p=4020#comment-207286 I have seen offers like these come through for countless properties and I just ignore them. They do in fact exist. How about the association attorneys that bill for over $1000 to the lender for a $20 late fee from five years ago? There is fraud taking place and it seems like we can't stop it. I have seen offers like these come through for countless properties and I just ignore them. They do in fact exist. How about the association attorneys that bill for over $1000 to the lender for a $20 late fee from five years ago? There is fraud taking place and it seems like we can’t stop it.

]]> By: Brandon May https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-151676 Brandon May Mon, 02 Apr 2012 15:41:07 +0000 https://realtybiznews.com/?p=4020#comment-151676 Interesting that they quote CoreLogic, when they, via there E-apprasier company, falsified thousands of appraisals in NY. and are now being sued. Interesting that they quote CoreLogic, when they, via there E-apprasier company, falsified thousands of appraisals in NY. and are now being sued.

]]> By: James Donovan https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-135114 James Donovan Sat, 10 Mar 2012 12:16:14 +0000 https://realtybiznews.com/?p=4020#comment-135114 So I have a better understanding. The true lender who only posted 10% of the original loan amount, used agent banks to fill the securitization pipeline, fraudulently charged huge mark-ups at closing violating RESPA, pooled loans that did not meet the underwriting standards expected by certificate investors or the GSE's,lied to the monoline insurers, wrote swaps and synthetic swaps that extended well beyond the time they loans were on the balance sheet, filed forged documents due to bifurcation, put law firms out of business due to their false claims, and than want to buy the house on a credit bid, again not putting any monies into the process, carry it on the books as non accrual asset with held to maturity marks to further distort discount rates, hire their own appraisers to review short pay offers from arms length investors, and than claim they are being defrauded? This whole scenario, so a technology company spun out of one of the largest Title Insurance Companies can sell a product is frightening. Why wasn't core logic writing about the lender fraud that has occurred since the Glass Steagal repeal? Corelogic should immediately terminate the relationship with the individual that provided this story. It is one thing to wear a black-eye for participating in the fraud so you could sell products, it is another separate matter to continue the illusion so you can continue telling the GSE's that your valuation products are accurate, and when they see that your AVM models are deficient, it must be appraiser fraud. Corelogic appears to be the folks creating a fraud to unjustly enrich themselves and protect their inaccurate models. So I have a better understanding. The true lender who only posted 10% of the original loan amount, used agent banks to fill the securitization pipeline, fraudulently charged huge mark-ups at closing violating RESPA, pooled loans that did not meet the underwriting standards expected by certificate investors or the GSE’s,lied to the monoline insurers, wrote swaps and synthetic swaps that extended well beyond the time they loans were on the balance sheet, filed forged documents due to bifurcation, put law firms out of business due to their false claims, and than want to buy the house on a credit bid, again not putting any monies into the process, carry it on the books as non accrual asset with held to maturity marks to further distort discount rates, hire their own appraisers to review short pay offers from arms length investors, and than claim they are being defrauded?

This whole scenario, so a technology company spun out of one of the largest Title Insurance Companies can sell a product is frightening. Why wasn’t core logic writing about the lender fraud that has occurred since the Glass Steagal repeal? Corelogic should immediately terminate the relationship with the individual that provided this story. It is one thing to wear a black-eye for participating in the fraud so you could sell products, it is another separate matter to continue the illusion so you can continue telling the GSE’s that your valuation products are accurate, and when they see that your AVM models are deficient, it must be appraiser fraud. Corelogic appears to be the folks creating a fraud to unjustly enrich themselves and protect their inaccurate models.

]]> By: REALTOR https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-88009 REALTOR Thu, 05 Jan 2012 15:58:52 +0000 https://realtybiznews.com/?p=4020#comment-88009 The short sale scam is orginated with the short sale banks, particularly Bank of America, who has repeatedly mishandled files for 6 months and then, at the 11th hour, responds with price increases, new criteria for the HUD, and with anything they can think of at the 11th hour to terminate the the sale and let the house go to foreclosure. The negotiators are unprofessional, unscrupulous, incompetent and show total disregard for the home owner, the buyer, and the Realtors that work diligently on the transaction for months to meet their unrealistic and repeated requests. The short sale scam is orginated with the short sale banks, particularly Bank of America, who has repeatedly mishandled files for 6 months and then, at the 11th hour, responds with price increases, new criteria for the HUD, and with anything they can think of at the 11th hour to terminate the the sale and let the house go to foreclosure. The negotiators are unprofessional, unscrupulous, incompetent and show total disregard for the home owner, the buyer, and the Realtors that work diligently on the transaction for months to meet their unrealistic and repeated requests.

]]> By: Mike Wheatley https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-85289 Mike Wheatley Mon, 02 Jan 2012 12:21:22 +0000 https://realtybiznews.com/?p=4020#comment-85289 I agree, banks are probably the biggest losers in these cases. I agree, banks are probably the biggest losers in these cases.

]]> By: jg https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-84350 jg Sat, 31 Dec 2011 23:54:34 +0000 https://realtybiznews.com/?p=4020#comment-84350 mmm...let me pose this question??? If a investor buys a property at a foreclosure auction , then why would they solicit a shortsale on the same property a week later???? smells fishy too me...any input??? mmm…let me pose this question??? If a investor buys a property at a foreclosure auction , then why would they solicit a shortsale on the same property a week later???? smells fishy too me…any input???

]]> By: Susanne @ Columbus Homes https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-84304 Susanne @ Columbus Homes Sat, 31 Dec 2011 20:44:03 +0000 https://realtybiznews.com/?p=4020#comment-84304 If anyone is negatively affected by flipping a short sale, which you refer to as fraudalant in the article, it is the mortgage holder, not the home owner. The home owner walks away, as the write-off is foregiven by the bank most of the time. The lender, however, has a loss, which, if insured by FHA, is covered by us tax payers. So, lenders are certainly interested in recovering the money an investor or property flipper makes when reselling a short sale quickly. If anyone is negatively affected by flipping a short sale, which you refer to as fraudalant in the article, it is the mortgage holder, not the home owner. The home owner walks away, as the write-off is foregiven by the bank most of the time. The lender, however, has a loss, which, if insured by FHA, is covered by us tax payers. So, lenders are certainly interested in recovering the money an investor or property flipper makes when reselling a short sale quickly.

]]> By: NO WAY https://realtybiznews.com/short-sale-fraud-out-of-control/9874020/#comment-51665 NO WAY Sat, 05 Nov 2011 19:09:15 +0000 https://realtybiznews.com/?p=4020#comment-51665 ...didn't realize this was a website related to Realtors (used Stumbleupon and wound up here...read the article and reacted...) All of you on here already know what I just posted. Keep up the good work Realtors!! Priceless advice at a critical time is exactly what our clients need right now. Cheers! …didn’t realize this was a website related to Realtors (used Stumbleupon and wound up here…read the article and reacted…)

All of you on here already know what I just posted.

Keep up the good work Realtors!!

Priceless advice at a critical time is exactly what our clients need right now.

Cheers!

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