mortgage fraud
Taylor Bean and Whitaker Mortgage Company Hotline Information for Borrowers
NEW UPDATE 9/10/09: Today’s update is an edited, condensed transcript of my conversation with BOA spokesperson Rick Simon. Cenlar is a legitimate loan servicing company and Roundpoint is NOT A SCAM. The situation is confusing, but not fake. 9/01/09 Yesterday, we reported that Bank of America taking over servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Earlier this month, Taylor Bean and Whitaker Mortgage Company, which is owned by Colonial BancGroup shut its doors. Dozens of Taylor Bean and Whitaker Mortgage Company borrowers called the Clark Howard Show and Ilyce Glink Show to ask what they should do. Should they pay their old loans or new loans? How could they find out if their loans funded? The FDIC and Federal Reserve Bank have set up customer hotlines you can call to get information.
Real Estate Fraud: Real Estate Broker Takes The Home But Not The Mortgage
How do you know if you’re the victim of a real estate fraud, a housing scam or mortgage fraud? A reader listed his house for sale with an investor who was also a Realtor. The investor/Realtor transferred ownership of the homeowner’s property to himself using a quit claim deed, but left the homeowner on the hook for the mortgage. Is he the victim of a housing scam or mortgage fraud?
New Mortgage Fraud Scams Emerged in 2008, FBI Says
In its 2008 survey of mortgage fraud, the FBI concluded there is a strong correlation between mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 that tested the abilities of the FBI to contain them. Here is a look at the newest mortgage fraud scams.
FBI Reports Mortgage Fraud and Mortgage Scams Increase in 2008
Mortgage fraud and mortgage scams increased dramatically in 2008, as homeowners found themselves pushed into mortgages they couldn’t afford, or lenders realized they had approved loans based on false premises. The survey found that mortgage fraud complaints surged in 2008. At least 63 percent of all pending FBI mortgage fraud investigations during FY200 involved dollar losses totaling more than $1 million. There were nearly 64,000 Suspicious Activity Reports (SARs) filed in FY2008, with losses of more than $1.4 billion, an increase of 83 percent over FY2007.
Installment Contract for Deed Can Result in Mortgage Fraud
A home buyer purchased a home using an installment contract for deed. She paid an escrow company, which then paid out her mortgage, taxes, insurance and homeowner association dues – or so she thought. Now she finds out that the escrow company/mortgage broker hasn’t been making any payments, and the house could be foreclosed upon. Is she a victim of mortgage fraud? What should she do now?
Reverse Mortgage Fraud Increases – Prompts FBI Warning
As the economy continues its downturn, reverse mortgages are on the rise. Reverse mortgages allow senior citizens to tap into their home’s equity…
Contact Lawyer To Determine Mortgage Loan Validity
How can you determine whether a mortgage loan is valid? You need to check with a real estate lawyer who can evaluate the circumstances around which the mortgage loan was issued. If a mortgage lender issued a mortgage to one spouse while the other spouse was incapacitated, that may make the mortgage loan invalid or an example of mortgage fraud.
Mortgage Industry Group Calls For Regulation
Perhaps they saw the writing on the wall. The Mortgage Bankers Association is calling for federal regulation of the mortgage lending industry. And not…
Most Mortgage Fraud Occurs In Rhode Island
Rhode Island ranks first in the U.S. for mortgage fraud, reported the Mortgage Asset Research Institute on Monday at a conference in Las Vegas. It jum…
Homeowner’s Mortgage Lender May Be Predatory Lender
How do you know if your mortgage company is a predatory lender. A predatory lender often does not take your account out of arrears even if you pay your late payments plus interest to bring your account current. Call your attorney general’s office and refinance the mortgage with another lender if you can.
