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-Bloggged 1 time:

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

Comments 8 New Comment

Rainmaker
224,999
Gene Wunderlich
Realtor & Legislative Liaison
1st Action Real Estate

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.

August 05, 2009 04:37 PM
Rainmaker
476,413
Robert L. Brown
Grand Rapids Real Estate Bellabay Realty, West Michigan
www.mrbrownsellsgr.com

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.

August 05, 2009 04:51 PM
Rainer
91,809
Terri Onigkeit
GRI
Keller Williams of Northern Colorado

Wow I would want no part of that one.

August 05, 2009 05:47 PM
Rainmaker
721,037
Richard Weeks
Realtor, Associate Broker - Manager Business Development
Waller Group

Gene,

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

August 06, 2009 01:23 PM
Ambassador
894,389
Missy Caulk
Realtor - Ann Arbor Real Estate
Missy Caulk TEAM

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.

August 10, 2009 07:50 AM
Rainmaker
224,999

Gene Wunderlich

Realtor & Legislative Liaison
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