Category: Fraud
Beware of New Mortgage Scam Beware of the new mortgage scam I’ve heard about recently. It happened in Nevada, but could happen anywhere. I’m surprised I haven’t heard of this mortgage scam before, it’s pretty slick! The new mortgage scam plays off the sale of mortgage loans. Banks buy and sell residential mortgages all the [...]
Recently I received a referral from a REALTOR partner, the client was looking to purchase an investment property but wanted to claim it as his primary residence so that he’d qualify for a lower interest rate (0.125% lower), and claim the California First Time Buyer Tax Credit. Can you say mortgage and tax fraud? Committing [...]
If you follow me over on Facebook you’ve probably already seen this: Interesting fact: Out of 188,333 Mortgage Originators across the country only 11,667 Mortgage Professionals are licensed. If you’re in the market for a home mortgage it’s in your best interest to ensure you’re working with a licensed professional! Today’s announcement that U.S. authorities [...]
Freddie Mac is reporting that Short Sale Fraud is Trending Up. With so many buyers out there looking for a great deal in today’s market is it any wonder we’re seeing a trending up of short sale fraud? If you’re a Realtor, Seller or Buyer caution is needed to make sure that you don’t unwittingly [...]
Nigerian home rental scams plaguing Craigs List at an alarming rate, I urge everyone who is in the rental market to remember this one piece of advice. If it’s too good to be true it probably isn’t true. I’m in the market to rent a home in Palm Springs, California, I’ve been searching Craigs List [...]
Two operators of a foreclosure consulting firm operating in Orange County were each sentenced to a year in jail and ordered to repay dozens of homeowners who were swindled out of thousands of dollars in up-front fees for foreclosure-relief services that didn’t exist. Marianne Curtis, 69, of Costa Mesa and Mary Alice Yraceburu, 46, of Riverdale, [...]
Some general tips: If it sounds too good to be true-it probably is! Never sign a blank document or a document containing blanks. This leaves you vulnerable to fraud. Don’t sign anything you don’t understand. Mortgage Fraud: Get referrals for real estate and mortgage professionals. Check the licenses of the industry professionals with state, county, [...]
Most American home builders don’t need new problems at the moment, but they just got one: Federal regulators confirmed last week that they are aggressively investigating allegations that builders around the country are pressuring or requiring purchasers to use their mortgage financing affiliates illegally. Under the federal Real Estate Settlement Procedures Act (RESPA), builders and [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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