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Mortgage-fraud Articles

Posted on February 21   By MLP Blog
There's a grim new twist to the wave of foreclosures ripping through Boston's poorest neighborhoods. It's called the "rescue scam." Hundreds of home and condo owners in Dorchester, Roxbury, Mattapan and Hyde Park are faced with losing their homes to foreclosure after signing on with high-interest-rate lenders. Now, a cottage industry of shady small-time speculators has sprung up to target these struggling homeowners, neighborhood activists report. One popular tactic: persuading a beleaguered hom.... Read More...
Posted on February 13   By MLP Blog
The Department of Housing and Urban Development, or HUD, is warning consumers about two separate offers that are going around. One is a work-at-home offer to become a "Refund Tracer." Consumers report getting job offer postcards in the mail from companies boasting high starting pay and benefits to process government insurance FHA refund notices. On its Web site, HUD reminds consumers that the Department does not have a financial relationship with third party tracers nor does HUD authorize discl.... Read More...
Posted on February 13   By MLP Blog
p>WASHINGTON — Federal Reserve Chairman Ben Bernanke said Thursday that he did not believe the growing number of mortgage defaults would seriously harm the economy.   Facing criticism from members of Congress about lax regulation, Bernanke also promised that the Fed would do everything possible to crack down on abuses that have put millions of homeowners in jeopardy of defaulting on their mortgages. "We at the Federal Reserve will do all that we can to prevent fraud and abusive lending and.... Read More...
Posted on February 13   By MLP Blog
With record numbers of individuals seeking home loans these days, it's no surprise that scam artists have developed new ways to separate borrowers from their money. Mortgage scams are on the rise and typically target people who are overextended, have bad credit, or are in need of financial relief. These scams can cost a lot – in fact, they can result in the loss of your home. Guard yourself against con artists with a little background on common mortgage scams: Slight-of-Hand Signings There.... Read More...
Posted on February 13   By MLP Blog
As much as the Federal Bureau of Investigation (FBI) is trying to combat it, mortgage fraud is becoming an increasingly popular way to make a fast–and illegal–buck. It can put you at risk to lose thousands of dollars if you don’t know what to watch out for. And though it’s not known exactly how rampant this problem is, statistics show it is growing all the time. There are several third parties involved in getting a mortgage which means there is a propensity for individual.... Read More...
Posted on February 13   By MLP Blog
Bill to require licensing would help curb fraud, backers say Many of the people in Arizona who help home buyers finance what is often the biggest purchase of their lives are not licensed. In the rapidly growing mortgage industry, many of these unlicensed people who handle home loans can put consumers at risk. If home buyers get a bad loan with an exorbitant interest rate and extra fees, they are stuck. And if unlicensed mortgage officers scam customers or engage in mortgage fraud, it’s har.... Read More...
Posted on February 13   By MLP Blog
Second of two parts The familiar Century 21 logo lent instant credibility, but their alleged victims say that’s where the legitimacy ended. Inside the Edison Park East strip plaza office and a title company office elsewhere, they say they were conned into real estate deals they would soon come to regret. Trinity Century 21 Realty co-owners Sotirios “Steve” Gertzas and Radomir “Erik” Ivanovich, along with appraisers and title company employees with whom they have wor.... Read More...
Posted on February 13   By MLP Blog
A state lawmaker wants to increase criminal penalties for mortgage fraud. State Sen. Jay Tibshraeny, R-Chandler, has introduced a bill to make committing home mortgage fraud a felony with penalties of up to 10 years in prison. Home mortgage fraud and predatory lending has been a growing problem in Arizona, especially in the Phoenix area, which has seen strong population growth and a roller coaster real estate market in recent years. Some nefarious lenders have used mortgage applications to commi.... Read More...
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