Need advice re: lender fraud - Posted by rm

Posted by rm on October 23, 2003 at 21:31:32:

Thanks… strange coincidence, huh?

Need advice re: lender fraud - Posted by rm

Posted by rm on October 22, 2003 at 20:11:59:

Okay, maybe I’m naive, but I’m blown away by this…

Got a call from a T/B I put into a house at the end of July.

Wife calls and says she responded to a “refinance your home” e-mail.

Ameriquest says they can do a loan and bring their monthly payments down by $200/month.

Mind you, my lender said in July that they’d need 12 months.

Am says they can close the loan by this Friday.

I said, “I’m going to be out of town on Friday.”

They said, “Don’t worry, you don’t have to be there. We’ll just send you a check.”

I- stupidly- said, “Oh, okay.”
[Later, I “remembered” that oh yeah, I might actually have to SIGN A DEED. Duh!]

I said, “We don’t even have a buy/sell agreement.”

They said, “Just send a copy of the land contract.”

I said, “There isn’t one- this is a lease-option.”

They said, “Can you write one up?”

I said, “I guess so, but what’s the point of having a L/C if we just sign it today.”

They said, “Just back-date it.”

I said, “Back-date it? To when?”

They said, “12 months.”

I said, “12 months? I just bought this place in July?”

They said, “Alright, don’t worry about it. Just do it for July.”

Then, they send a blank L/C that has ZERO in the spot where the sales price is supposed to be.

And no blanks for important things like, seller name and buyer name.

I asked them, “Hey- you really think you can close this on Friday?”

They say, “Oh yeah, definitely. We’ve closed them in as little as 22 hours.”

I say, “Well, I have two loans on this property. How are you going to get payoffs in time?”

They say, “Oh, don’t worry about that. If worse comes to worst, we’ll just cut you the check or we can calculate it based on your note. If there’s a little overage, you can get reimbursed by your lenders.”

Geez, Louise, I’d like to help my buyers get a break in their payments, and I’d like to cash out, but will I get burnt at the stake if I go along with this freight train?

See link-read! - Posted by anon

Posted by anon on October 23, 2003 at 15:44:19:

Re: Need advice re: lender fraud - Posted by Dimpil

Posted by Dimpil on October 23, 2003 at 05:46:02:

You own the home? You don’t have to sign papers? Wow, wish I could get property without the owner signing the deed!!

No, you have to be at closing and you do have papers to sign.

Back dating is a technical fraud.
Sales contract “enhancment” is another technical fraud.

No attorney will allow you to get a check and you caluculate what is owed. NO ATTORNEY in his RIGHT MIND.

I’d tell the T/B I’d like to help but I’m not about to commit FELONIES (mail fraud, wire, fraud, bank fraud, money laudering, consiracy to commit fraud, just a few to get the FBI started) to get them into the home as your freedom is not worth it and the money you will make on the deal will be eaten away by attorney fees defending yourself.

Yes these things are done all the time, but to me it boils down to, is making $$$ worth my personal freedom, having the FBI up my butt, having every deal I do scurtinzed and my reputation runied for a quick $$$?

That loan officer at Ameriquest is really trying to get his numbers up and doesn’t mind committing felonies in the process to make a fee. To me there are too many good deals that fit to make a deal up.

Re: Need advice re: lender fraud - Posted by Nate(DC)

Posted by Nate(DC) on October 22, 2003 at 22:45:59:

It sounds like you are losing control of the situation, which is a bad thing.

If you don’t sign a deed, they can’t do the loan, assuming the house is still in your name.

I might suggest that they slow down and let you review what is actually happening here.