Posted by 101livescan on 3/30/11 9:49am
Msg #377963

Scams Abound USE SC RELENTLESSLY

A very dear friend of mine just signed his house over to a "forensic auditing" company as a bail out measure. Since he's in the real estate business, I'm astounded how he did not check out these scam artists in the very beginning. But he is so desparate, over encumbered, living on credit cards for three years now, completely upside down and business is sucky in his area.

There are no avenues of tracking this company down, they are completely incognito, but were able to smooze my friend into this transaction. There aren't enough special agents at the FBI mortgage fraud division to investigate these fraudulent scam artists. They move in the night. Change phone numbers all the time.

Watch yourself out there. I worked for a SS last night that has HORRIFIC ratings on SC. I told her that since the LO and the RE Agent in the REO purchase transaction are friends of mine, I would accept the assignment, but I better get paid pronto or I'll be all over her like a glove making sure I got paid no matter what.

And by the way, there are more loan (forensic auditing) modification companies out there than you can shake a stick at. Scary stuff. My attorney told me yesterday that 15% of homes in CA are vacant. The signing I did last night was for a house that sat empty for 10 months while the bank grappled with what to do with it, and they ended up selling it for $520K. The foreclosed loan was over $900K. Where is the wisdom?

Reply by janCA on 3/30/11 10:25am
Msg #377967

Re: Scams Abound USE SC RELENTLESSLY n/m

Reply by janCA on 3/30/11 10:26am
Msg #377968

Sorry about that, pushing wrong buttons.

Need to take contacts out and put glasses on.

Reply by 101livescan on 3/30/11 10:46am
Msg #377974

Re: Sorry about that, pushing wrong buttons.

I know the feeling. My right eye is pretty lazy these days, the left eye compensating. Gotta find a new way to see better!

Reply by jba/fl on 3/30/11 10:50am
Msg #377975

Re: Sorry about that, pushing wrong buttons.

Exact same problem, but my right eye is injured. Was reading computer with head resting on hand. Fell asleep, head fell, nail scratched eye (white only) and now have goopy stuff for healing blurring my vision.

Reply by Les_CO on 3/31/11 9:39am
Msg #378087

The ‘wisdom’ is that the $900K loan was probably insured.

Reply by Jodith/WA on 3/31/11 5:49pm
Msg #378193

I've found it astounding lately how many folks with really good credit are being forced to do FHA loans on their refinances. The banks just don't seem to be loaning money without a guarantee unless your credit is perfect.