REPORTER UNCOVER MILLIONS IN MORTGAGE FRAUD! EVERYONE SHOULD WATCH THIS!!! http://www.kcra.com/kcrainvestigates/13226878/detail.html http://www.kcra.com/kcrainvestigates/13237304/detail.html
so, you registered just to post this story, which doesn’t apply to most REAL real estate investors.
it does apply to people who are likely to get scammed because they think they can easily make a quick buck. the investors and scammers are getting what they deserve.
i’ll disagree that everyone should watch, but agree that someone should.
Yeah, I hate to say it but a fool and his/her money will soon be seperated. As fraudulant as some deals may be everyone is responsible for their own decisions.
You guys are a tough crowd! The mortgage company committed fraud. The victims (besides the lenders) were duped by professional con artists. They weren’t necessarily foolish.
So why exactly did you join here, just to post this article?
I’m as compassionate as the next guy but this is a tough world and you have to watch out for number one. The borrowers were duped into obtaining financing and purchasing properties with the promise of instant tennants and cash flow riches. Their greed got the better of them. They didn’t ask the tough questions; where is the tennant, what is this property really worth, will it cash flow after all expenses. Probably they were unsophisticated and didn’t know what to ask, or believed the con(fidence) man filling their head with tales of wealth. In the end a little suspicion might have saved them the headaches.