New Day - New Scam. Beware - be aware.

By
Real Estate Agent with 1st Action Real Estate
A number of you have reported being approached by investors to perform some level of service in conjunction with this type of transaction. If you are going to try it, make sure you follow the guidelines outlined by Fannie Mae or you and your investor/buyer/ client may be indictable.
fraud
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Satar Naghshineh 08/09/2009 10:41 PM
Topic:
ActiveRain Community
Groups:
The Lounge at Active Rain
REO REALTORS
Realtors®
Mortgage, Foreclosure & Elder Abuse Housing Fraud
ETHICS and the REALTOR
Tags:
real estate fraud
fraud
fannie mae

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Ambassador
294,754
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

I'm really glad you bloggd about this today as just yesterday I was approached.  Thanks for saving my hiney!

Aug 05, 2009 04:32 PM #1
Rainmaker
1,812,409
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Gene, if these people would work as hard doing it leaga as the do otherwise...they may be way ahead!

Aug 05, 2009 04:34 PM #2
Rainmaker
625,301
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

Hi Gene, unfortunately there are always preditors waiting to take advantage of someone's misfortune.  Good blog and very timely.

Bill Ladewig

Aug 05, 2009 04:34 PM #3
Rainmaker
225,083
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

I know we've been hit hard by these people lately - and there appears to be a legitimate way to do this but it's not the avenue most of these folks are taking. It's like the old overpay scam - if we could have seen that coming and understood the impact it would have on our markets, it might have gone away early and saved a lot of people a lot of money as well as saved their homes.

Aug 05, 2009 04:37 PM #4
Rainmaker
478,165
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Michigan

There re people doing it here as well and are agents within companies. When will the broker stop looking the other way and put a stop to it.

Aug 05, 2009 04:51 PM #5
Rainer
91,859
Terri Onigkeit
Keller Williams of Northern Colorado - Fort Collins, CO
GRI

Wow I would want no part of that one.

Aug 05, 2009 05:47 PM #6
Rainmaker
873,175
Richard Weeks
Waller Group - Dallas, TX
Realtor, Associate Broker - Manager Business Development

Gene,

Thanks for sharing this great information.  Someone always trying to beat the system.

Aug 06, 2009 01:23 PM #7
Ambassador
897,337
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate

Thanks, I was approached to do one of these for an investor group. I told them NO, it was mortgage fraud to the lender.

They told me it was done all the time.

I still said no.

Another local realtor listed it. Not good.

Aug 10, 2009 07:50 AM #8
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Rainmaker
225,083

Gene Wunderlich

Realtor & Legislative Liaison
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