Advice from Craig Bohall, Mortgage Lender.
Buy and Bail = Buy a new house and Bail (walk) on the one you are currently living in!
or
Bail and Buy = Bail or walk on a home that 1 spouse was obligated on and then buy a new home using only the 2nd spouses credit.
This has become a huge issue in the country as there were rules a few years ago that allowed you to buy a home and not have some things checked out . Not any more. Fannie, Freddie and the Govt have closed every loophole they could find to stop all related tactics.
These situations have become more prevalent with the decline in market values.
Buy and Bail - They are usually at a high risk of occurrence when:
1. A borrower is moving to a new home in the same market and keeping current residence, especially when they owe more on their current home than its current value and they can purchase a similar property or larger size home for less. This risk still exists when a borrower is not purchasing in the same market.
Investors are cracking down hard on mortgage companies that don’t sniff this out ahead of time and there are huge penalties for lenders who loan money to people and then those people bail on another home!
Bail and Buy – These are at a high risk of occurrence when:
1 A non-purchasing spouse (#1)is in default/foreclosure/short sale on the property currently serving as the primary residence of the purchasing spouse (#2).
These transactions also show up when the non-purchasing spouse has had a previous foreclosure/short sale/deed-in-lieu within the last 12 months on any property that our borrower was party to either due to occupancy of the property or by marital knowledge (borrower was married to non-purchasing spouse at the time of event, property was indicated on joint tax returns, etc.)
So just because your spouse is not on this new loan but he/she had a foreclosure/short sale / deed-in-lieu recently does not mean that “nobody will find out” - TRUST ME they find out everything!
Without getting into the 50 new guidelines and rules and ways that information can be gathered on your residence, home, mortgage, history, tax records, IRS files etc……. just pleeeeeeeeeese believe that trying to buy and bail or bail and buy will likely not work because there are thousands of underwriters, guideline writers, govt officials and bank auditors, and govt policy writers who all combined have thought of all the ways you can possibly think of to sneak past the system and they have 20 systems that you don’t even know about.
Don’t do it!
Craig Bohall
Your “Safe Harbor” Lender
480-344-2852 – office
480-374-6946 - e-fax
craig@myazmp.com
www.myazmp.com
5304 E Southern Ave #101
Mesa AZ 85206
NMLS 233903
MB-0904081
Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Wednesday, February 23, 2011
Tuesday, September 21, 2010
STRIPPING FORECLOSED HOMES
ARIZONA INFORMATION TO ASSIST THE ARIZONA MORTGAGE BROKER©
(May 18, 2009)
FBI AGENTS AND LOCAL LAW-ENFORCEMENT HAVE ARRESTED FIVE PEOPLE THIS PAST MONTH FOR STRIPPING THEIR FORECLOSED HOMES
FACTS
FBI agents and local law-enforcement personnel have arrested five people in the past month for stripping their foreclosed homes of appliances, cabinets, countertops and plumbing fixtures. That includes cases in Fountain Hills, Anthem, Phoenix and Surprise of some of the more egregious violators who are taking everything they can out of homes.
To combat the theft, the Mortgage Fraud Task Force is going after violators who have stripped multiple investment properties that investors are losing to foreclosure, rather than homeowners who have lost their home. But the enforcement effort is also trying to discourage those thefts as well.
One realtor has been recently arrested for this type of theft. The task force recently arrested Kailash Bhatt, 43, after officials say he advertised the sale of cabinets, granite countertops, an oven, microwave and dishwasher on craiglist.org. Bhatt, who owned a foreclosed home in Anthem, was indicted last month by a Maricopa County grand jury on charges of theft and defrauding creditors. Bhatt, who operates a Web site listing foreclosed properties, accepted $2,000 from an undercover task force agent, according to the Maricopa County Attorney's Office.
The FBI Mortgage Task Force, which got its start last June, is also continuing to investigate mortgage-fraud cases. Prosecutors are working on plea deals or to take those cases to trial, said Halferty, the task force supervisor. Some of the new cases involved schemes with losses of $10 million to $100 million, she said. Agent Tolhurst said a number of people employed in financial services and real estate have come forward to assist the task force. (azrep51409)
MORAL
First buy the investment property, then strip it and then win the prize of going to prison . Remember, everyone is innocent until convicted. I trust he has a good attorney. If not, I can recommend one.
(May 18, 2009)
FBI AGENTS AND LOCAL LAW-ENFORCEMENT HAVE ARRESTED FIVE PEOPLE THIS PAST MONTH FOR STRIPPING THEIR FORECLOSED HOMES
FACTS
FBI agents and local law-enforcement personnel have arrested five people in the past month for stripping their foreclosed homes of appliances, cabinets, countertops and plumbing fixtures. That includes cases in Fountain Hills, Anthem, Phoenix and Surprise of some of the more egregious violators who are taking everything they can out of homes.
To combat the theft, the Mortgage Fraud Task Force is going after violators who have stripped multiple investment properties that investors are losing to foreclosure, rather than homeowners who have lost their home. But the enforcement effort is also trying to discourage those thefts as well.
One realtor has been recently arrested for this type of theft. The task force recently arrested Kailash Bhatt, 43, after officials say he advertised the sale of cabinets, granite countertops, an oven, microwave and dishwasher on craiglist.org. Bhatt, who owned a foreclosed home in Anthem, was indicted last month by a Maricopa County grand jury on charges of theft and defrauding creditors. Bhatt, who operates a Web site listing foreclosed properties, accepted $2,000 from an undercover task force agent, according to the Maricopa County Attorney's Office.
The FBI Mortgage Task Force, which got its start last June, is also continuing to investigate mortgage-fraud cases. Prosecutors are working on plea deals or to take those cases to trial, said Halferty, the task force supervisor. Some of the new cases involved schemes with losses of $10 million to $100 million, she said. Agent Tolhurst said a number of people employed in financial services and real estate have come forward to assist the task force. (azrep51409)
MORAL
First buy the investment property, then strip it and then win the prize of going to prison . Remember, everyone is innocent until convicted. I trust he has a good attorney. If not, I can recommend one.
Thursday, July 23, 2009
Mortgage Fraud Crackdown
From Realty Times of July 23, 2009
Mortgage Fraud Crackdown by Broderick Perkins
Apparently, even in hard times, mortgage fraud remains an easy con.
The number of Suspicious Activity Reports (SARs) for mortgage fraud tracked by the Federal Bureau of Investigation could skyrocket by nearly 300 percent this year.
Compared to 2007, mortgage fraud SARs in 2008 had already increased by more than 36 percent to 63,000. But just two months into 2009, the FBI has already documented nearly 29,000 mortgage fraud SARs. At that rate, some 174,000 SARs,
• a 276 percent increase
• could be filed by the end of the year.
And that's only what the FBI can see.
"Many mortgage finance-related entities are either loosely or completely unregulated at the state or federal level," said FBI Director Robert Mueller in recent testimony before the U.S. Senate Appropriations panel.
The good news?
"The current financial crisis has produced an unexpected consequence. They have helped reveal numerous mortgage fraud schemes, Ponzi schemes, and investment frauds, such as the Bernard Madoff scam," Mueller testified.
But while the Feds are catching up with Wall Street crooks, struggling homeowners on Main Street remain common prey. Despite tougher lending standards putting the kibosh on some types of home loan scams, organized wise guys continue to traffic in mortgage fraud.
That's prompted the U.S. Department of the Treasury, the U.S. Department of Justice (DOJ), the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois to launch new initiatives to pump up fraud investigations and step up enforcement actions, especially to protect homeowners seeking relief from President Obama's Making Home Affordable initiative.
The effort particularly targets loan modification and mortgage fraud.
Mortgage fraud, a relatively new form of organized crime, first cashed in on the greed that came with the boom market, when some buyers would do anything to own a home • including lie on the application. Cons, often insiders, also falsified documents, inflated appraisals and used other underhanded techniques to get home loans approved and properties flipped for a hefty profit when appreciation was skyrocketing.
With the housing market bust, however, came stricter underwriting scrutiny which helped stem the tide of loans approved with fabricated information.
Now, mortgage fraud is taking advantage of vulnerable, gullible homeowners facing foreclosure. Like those who once fibbed to cash in on the booming market, many struggling homeowners are likewise willing to do anything to remain homeowners.
Mueller said today's host of sophisticated scams are associated with new loan modification services, foreclosure bailouts, equity grabs, bankruptcy, identity theft and property flipping, among others.
Bruce Hahn, president of the American Homeowners Foundation, a non-profit advocacy group in Washington, D.C. says it's tough to tell the good guys from the bad without a scorecard.
"Some loan modification services are competent, but some are incompetent and there is another group of people who post ads to help with mortgage problems, but are basically fraudsters and fronts," Hahn said.
The FTC recently surveyed online and print advertising for mortgage foreclosure rescue operations nationwide and identified approximately 71 distinct companies running suspicious ads.
It's clear homeowners, who want to avoid being taken by the new scammers must likewise become more sophisticated.
The experts advise:
• Don't be a rube. If it sounds too good to be true • it probably is. Debts, bad credit and other financial holes didn't appear over night. They won't magically disappear over night.
"A fair number of homeowners have actually paid someone money before they see us. They see us because they paid and the company didn't do anything for them," said Martin Eichner, director of housing counseling services for Project Sentinel in Northern California.
• Be wary of strangers and unsolicited contacts, as well as high-pressure sales techniques. Avoid spam come-ons and web-based advertisements promoting the elimination of mortgage loans for an up-front fee to prepare documents to satisfy the debt. Beware of offers to "save" you from defaulting on loan payments or from foreclosure.
"The most outrageous of these schemes are offers to take your mortgage payment and hold them for you in a trust account. That is a total rip off. Never give your mortgage payment to any third party," Eichner said.
• Attempts to cajole you into making false statements in the name of mortgage relief is a red flag. Likewise don't sign blank documents or those you don't understand.
• Seek out family, friends, co-workers and others you trust who recently successfully solved a mortgage problem. Ask them for referrals. That applies to loan modifications, work outs, restructuring and refinance efforts.
"I would say contact a U.S. Department of Housing and Urban Development, but you can't just say that. We can't help everybody who needs help (because of overwhelming demand). If you hire a for-profit service you should be paying money only if (and after) they are successful. If they are an attorney, contact the state bar. For mortgage brokers (and real estate agents) check with the California Department of Real Estate," Eichner added.
Hahn also says to contact city and county housing offices for assistance and referrals and the latest information on legal, government-sponsored assistance.
Get more help from the Making Home Affordable initiative.
--------------------------------------------------------------------------------
Copyright © 2009 Realty Times. All Rights Reserved.
Mortgage Fraud Crackdown by Broderick Perkins
Apparently, even in hard times, mortgage fraud remains an easy con.
The number of Suspicious Activity Reports (SARs) for mortgage fraud tracked by the Federal Bureau of Investigation could skyrocket by nearly 300 percent this year.
Compared to 2007, mortgage fraud SARs in 2008 had already increased by more than 36 percent to 63,000. But just two months into 2009, the FBI has already documented nearly 29,000 mortgage fraud SARs. At that rate, some 174,000 SARs,
• a 276 percent increase
• could be filed by the end of the year.
And that's only what the FBI can see.
"Many mortgage finance-related entities are either loosely or completely unregulated at the state or federal level," said FBI Director Robert Mueller in recent testimony before the U.S. Senate Appropriations panel.
The good news?
"The current financial crisis has produced an unexpected consequence. They have helped reveal numerous mortgage fraud schemes, Ponzi schemes, and investment frauds, such as the Bernard Madoff scam," Mueller testified.
But while the Feds are catching up with Wall Street crooks, struggling homeowners on Main Street remain common prey. Despite tougher lending standards putting the kibosh on some types of home loan scams, organized wise guys continue to traffic in mortgage fraud.
That's prompted the U.S. Department of the Treasury, the U.S. Department of Justice (DOJ), the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois to launch new initiatives to pump up fraud investigations and step up enforcement actions, especially to protect homeowners seeking relief from President Obama's Making Home Affordable initiative.
The effort particularly targets loan modification and mortgage fraud.
Mortgage fraud, a relatively new form of organized crime, first cashed in on the greed that came with the boom market, when some buyers would do anything to own a home • including lie on the application. Cons, often insiders, also falsified documents, inflated appraisals and used other underhanded techniques to get home loans approved and properties flipped for a hefty profit when appreciation was skyrocketing.
With the housing market bust, however, came stricter underwriting scrutiny which helped stem the tide of loans approved with fabricated information.
Now, mortgage fraud is taking advantage of vulnerable, gullible homeowners facing foreclosure. Like those who once fibbed to cash in on the booming market, many struggling homeowners are likewise willing to do anything to remain homeowners.
Mueller said today's host of sophisticated scams are associated with new loan modification services, foreclosure bailouts, equity grabs, bankruptcy, identity theft and property flipping, among others.
Bruce Hahn, president of the American Homeowners Foundation, a non-profit advocacy group in Washington, D.C. says it's tough to tell the good guys from the bad without a scorecard.
"Some loan modification services are competent, but some are incompetent and there is another group of people who post ads to help with mortgage problems, but are basically fraudsters and fronts," Hahn said.
The FTC recently surveyed online and print advertising for mortgage foreclosure rescue operations nationwide and identified approximately 71 distinct companies running suspicious ads.
It's clear homeowners, who want to avoid being taken by the new scammers must likewise become more sophisticated.
The experts advise:
• Don't be a rube. If it sounds too good to be true • it probably is. Debts, bad credit and other financial holes didn't appear over night. They won't magically disappear over night.
"A fair number of homeowners have actually paid someone money before they see us. They see us because they paid and the company didn't do anything for them," said Martin Eichner, director of housing counseling services for Project Sentinel in Northern California.
• Be wary of strangers and unsolicited contacts, as well as high-pressure sales techniques. Avoid spam come-ons and web-based advertisements promoting the elimination of mortgage loans for an up-front fee to prepare documents to satisfy the debt. Beware of offers to "save" you from defaulting on loan payments or from foreclosure.
"The most outrageous of these schemes are offers to take your mortgage payment and hold them for you in a trust account. That is a total rip off. Never give your mortgage payment to any third party," Eichner said.
• Attempts to cajole you into making false statements in the name of mortgage relief is a red flag. Likewise don't sign blank documents or those you don't understand.
• Seek out family, friends, co-workers and others you trust who recently successfully solved a mortgage problem. Ask them for referrals. That applies to loan modifications, work outs, restructuring and refinance efforts.
"I would say contact a U.S. Department of Housing and Urban Development, but you can't just say that. We can't help everybody who needs help (because of overwhelming demand). If you hire a for-profit service you should be paying money only if (and after) they are successful. If they are an attorney, contact the state bar. For mortgage brokers (and real estate agents) check with the California Department of Real Estate," Eichner added.
Hahn also says to contact city and county housing offices for assistance and referrals and the latest information on legal, government-sponsored assistance.
Get more help from the Making Home Affordable initiative.
--------------------------------------------------------------------------------
Copyright © 2009 Realty Times. All Rights Reserved.
Subscribe to:
Posts (Atom)
