anyone know where I can go online to research mortgage fraud investigations, or related issues that occured in the houston area?
I would like to find out more of what I have heard.
I got suspect on one deal, called the better bus bureau and believe it or not they were aware of a similiar scam; next thing I know I’m on the horn w/ a rep from the US atty generals office. Then the secret service is calling me. Why? turns out these mobbed up guys had certified checks w/ routing #"s that cleared the bank. Start w/ the BBB they get tips & info on scams.
Edward,
We had a deal out here that the people were paying cash for a property then taking out three, four even five 95% loans against the property then walking with the cash… I got called out to a property where the banks were owed over 1 million dollars on a $175,000 property… Theses folks are now in prison for mortgage fraud and serving 30 years… NOT A GOOD IDEA… We also have investors that will buy four five houses owner occupied at one time then after a while it overwelms them and they to go belly up for fraud!!.. Also not a good idea… I know in Colorado you can look up fraud cases online don’t Know about Texas…
REO,
check this one out. If it sounds familiar it is because it is a spin off earlier overseas scams. Buyer acts interested via e-mail. Wants to send 2/3 of total pmt up front via certified check to your account. Says once it clears send me back @20 grand for moving, legal, living holdover etc. Check arrives gets deposited clears-troubles begin. bout a week later bank discovers the fake routing #'s. My atty, the US atty general rep & secret service say often (probably state specific) depositor is liable for $ in & out. Of course the $ you broke him off is clean,cashed & gone! Largely targets FSBO- —LISTEN UP OWNER SELLERS!!!----
Hey check this out There is some group telling investors they can buy 10 owner occupied properties all at one time.(BS) well you can I just found out there is a guy here in Colorado that is doing 15years in prison for this MORTGAGE FRAUD