Read it, learn it, recognize it and report it.

By
Real Estate Broker Owner with Bryant Tutas-Tutas Towne Realty, Inc BK607690

Ok so I’m here to toot some horns today. Not mine, but I do feel compelled to highlight a couple members of ActiveRain and a few off site Blogs. Why? Because I think they have something important to say and we all should be made aware of it. I’m talking about mortgage fraud. I know this subject has been beaten to death but it really is important and will be affecting our business drastically over the next few years. Mortgage Fraud is running rampant through out industry. It is leaving a trail of ruined lives and is affecting market values everywhere. And we all pay the price. Mr. and Mrs. Homebuyer are going to be facing a very difficult time when it comes to finding financing to purchase a home. Lenders are going to be forced to tighten up their qualifications or they are going to end up going out of business.

This is going to put pressure on housing prices and unfortunately will spoil the chance for a lot of honest, hard working people to own a home of their own. We have not even begun to see the effects from all the shady lending practices and investor fraud that has taken place over the last few years. Folks, I am here to tell you, it is going to get ugly. And it is going to get ugly very quick. Remember the Savings and Loan crisis? I am not a negative thinking person but I think the coming crisis is going to be just as bad.

As Realtors, we need to be able to spot the signs of fraud and we need to report it to the proper authorities. I am by no means an expert on fraud. So, I am going to provide with some links here that may help you to educate yourselves and will also give you some resources to report it.

First, I’m not sure if you have noticed but we have new member by the name of Ralph Roberts. For those who don’t know, Mr. Roberts is a Realtor, author, lecturer, investor and fraud expert among many other things. Read his bio. Mr. Roberts has written 5 excellent books on Real Estate sales and investing. Anyway, his site at www.FlippingFrinzy.com is an excellent resource for learning about fraud AND reporting it. I encourage you to visit it.

Another member of ActiveRain, Michael Richardson, has been on both sides of the table when it comes to mortgage fraud and has now made his mission to stomp out fraud one transaction at a time. He is an expert on this subject and has a great website www.preventmortgagefraud.com.

I have read several good Blogs this week also related to mortgage fraud. You owe it to yourselves and our profession to read these and educate your self on fraud in all it’s ugliness.

Damion Flynn’s ActiveRain post, from last night. Blew me away that people can be so blatant about teaching others how to become criminals.

Another great Blog dedicated to mortgage fraud. http://www.mortgagefraudblog.com/

And this one you will really like. IamFacingForeclosure.com. This is a Blog from 24 year old “investor” who is now facing foreclosure on his properties and possible jail time. His Blog is very open and details his endeavor into committing loan fraud. I could not stop reading.

So folks, read it, learn it, recognize it and report it.

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Comments 38 New Comment

Rainmaker
221,083
Rick & Ines - Miami Beach Real Estate
Majestic Properties

Ray, there were a series of e-mails where they had manipulated amounts, signatures and price on appraisals (which were never completed). It was pretty black and white.  The first hint was the offer without seeing the house.

As Realtors it is important to keep a trail of everything that comes in and is sent out, I know it sounds like common practice, but one little slip and you can get pulled into the whole nightmare.

Hope that helps,

ines

October 23, 2006 09:35 PM
Rainmaker
548,978
Cheryl Johnson
Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA

The iamfacingfforeclosure.com web site looked a lot different back in September when I first took note of it.  I think the guy changed it because the mortgage fraud was so blatantly apparent back then?

October 24, 2006 05:04 PM
Rainmaker
221,083
Rick & Ines - Miami Beach Real Estate
Majestic Properties

Here's a new post on red flags to help identify mortgage fraud: Detecting Mortgage Fraud .  Hope this helps,

ines

October 25, 2006 09:28 AM
Rainer
62,269
Nick M.
Realtor-Appraiser in West Palm-South Florida Real Estate Appraiser
Certified Residential Appraiser- West Palm Beach Real Estate

Here is an interesting article on mortgage fraud and identity theft. I figured its pertinent.

-nick

October 26, 2006 04:30 PM
Ambassador
550,981
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc.

"Big Nick"

Funny...I was just thinking about you and pop, there you are on my mail. Still want to help me. Come with me...Got something to show you.

 

October 26, 2006 05:08 PM
Rainmaker
1,080,210

Bryant Tutas

Broker/REALTOR, Tutas Towne Realty, Inc
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