You're naive enough to think that because a law Firm and a broker are involved it isn't a scam?
Do you know what UDAAP is and who enforces it? Do you know the intricacies and myriad of ways companies, big and small, break UDAAP on a daily basis? Do you know those myriads of ways are considered scams in the broker business? Let's make something clear here: The notary business is not the real estate and loan business. You don't get to pass your notary knowledge off to an educated broker. You don't know scam.
Even if the borrower reads, understands and AGREES with the contract it DOES NOT remove it from being a scam. So, you are categorically wrong! You don't know UDAAP.
Merriam-Webster: (non-UDAAP definitions)
Scam:
a fraudulent or deceptive act or operation
an insurance scam
to deceive and defraud (someone)
the law firm had got the lucrative job of defending the corporate head of a savings and loan that had scammed another thousand or so people out of their savings..
http://www.merriam-webster.com/dictionary/scam
More...
"A scam is a dishonest or fraudulent scheme that attempts to take money or something of value from people. It is a confidence trick that dishonest groups, individuals, or companies perform. The person who carries out a scam is a scammer, trickster, or swindler."
http://marketbusinessnews.com/financial-glossary/scam/
“Pennsylvania homeowners are falling victim to MV Realty’s calculated deception in hiding the terms of the Homeowner Benefit Program,” said Attorney General Shapiro. “MV Realty is a scam that exploits Pennsylvanians in vulnerable financial situations, and my Office isn’t buying it." <<<<< Nor am I. They were UDAAP non-compliant.
http://www.attorneygeneral.gov/taking-action/ag-shapiro-sues-real-estate-brokerage-firm-mv-realty-over-misleading-homeowner-benefit-program/
So that you don't feel I'm solely picking on FL based MV Realty as the definition of scam, let's take it up a BUNCH of notches:
"CFPB Fines American Advisors Group (AAG - the largest reverse mortgage company in the country) $1.3 Million For Reverse Mortgage Scam Involving Seniors!"
You know, the people WITHOUT lawyers and brokers by your definition?
http://mfi-miami.com/2021/10/american-advisors-group/#:~:text=The%20agency%20accused%20AAG%20of%20sending%20consumers%20inflated,%E2%80%9Cestimated%20home%20value%2C%E2%80%9D%20according%20to%20the%20court%20filing.
"What Is Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)?"
http://www.investopedia.com/terms/u/udaap.asp#:~:text=Examples%20of%20UDAAP%20The%20following%20are%20examples%20of,refusing%20to%20honor%20them%20without%20notifying%20those%20consumers
If you want to teach or preach UDAAP laws and how the CFPB enforces them I suggest you first LEARN UDAAP laws and enforcement. Your attempts at being forceful are no better than MT Realty's attorney's attempts before an Attorney General. You'll lose.
You're not a real estate broker, you're not a mortgage broker, you're not an attorney. You're a notary on the cusp of practicing law. If not, then it is just your opinion. I have studied UDAAP long and hard, have regulations in place for CFPB Examinations. Do you? Stick to your notary manual.
In my experience, a good number of real estate brokers and mortgage brokers are in the same boat as you: zero knowledge of UDAAP and deceptive advertising. They swear they weren't scamming anybody as they're taken in cuffs off to jail. I've seen this firsthand, have you? "Buyer beware", as you stated. Not in your life. Lender beware or go to jail. I hope MV Realty does. |
| Messages in this Thread |
|  Forward Sale and Exchange Agreement. - Susan/CA on 5/29/23 1:50pm |
|  Re: Forward Sale and Exchange Agreement. - Stacey R. Martell on 5/29/23 2:43pm |
|  Re: Forward Sale and Exchange Agmt.IT was NOT a 1031 exchang - Susan/CA on 5/29/23 3:10pm |
| Re: Forward Sale and Exchange Agreement. -  JanetK_CA on 5/29/23 3:36pm |
| Is this what you're referring to, JanetK? - Yoli/CA on 5/29/23 3:53pm |
|  Yes! Once again you're top search warrior on this site! :>D - JanetK_CA on 5/29/23 4:16pm |
| Re: Forward Sale and Exchange Agreement. - Doris_CO on 5/29/23 4:17pm |
| Doris..my first thought too n/m - Linda_H/FL on 5/29/23 10:31pm |
| Re: Forward Sale and Exchange Agreement. - Bear900/CA on 5/29/23 10:59pm |
| Re: Forward Sale and Exchange Agreement. - JanetK_CA on 5/30/23 2:42am |
| Off Topic: MV Realty not a scam, imho - Lee/AR on 5/30/23 8:33am |
| I hope they go to jail! - Bear900/CA on 5/30/23 9:55am |
|  Thanks for add'l info! Yep, now agree, SCAM - Lee/AR on 5/30/23 11:40am |
|  Sad, 3 Attorneys General after them - Bear900/CA on 5/30/23 12:43pm |
|  Yep. OOB long before 40 years has gone by. - Lee/AR on 5/30/23 2:08pm |
|  Re: Yep. OOB long before 40 years has gone by. - JerryhFL on 5/30/23 6:20pm |
| People need to read - PaigeTurner on 6/3/23 2:29pm |
| Not a scam, just predators relying on ignorance - PaigeTurner on 6/2/23 3:47pm |
| Re: Not a scam, just predators relying on ignorance - JanetK_CA on 6/2/23 4:54pm |
| NOT A SCAM - PaigeTurner on 6/3/23 2:23pm |
| Re: NOT A SCAM - JanetK_CA on 6/3/23 5:50pm |
| Re: NOT A SCAM - PaigeTurner on 6/5/23 7:29am |
|  If not a scam, then perhaps "predatory" is a better term n/m - Yoli/CA on 6/5/23 8:58am |
|  100% agree with predatory n/m - PaigeTurner on 6/6/23 1:29pm |
| "It's legal here and not a scam. Signer beware" - Linda_H/FL on 6/5/23 10:18am |
| Re: "It - Yoli/CA on 6/5/23 11:04am |
| Those are the exceptions Yoli - Linda_H/FL on 6/5/23 11:16am |
| Re: Those are the exceptions Yoli - Yoli/CA on 6/5/23 2:09pm |
| This is a contract not a civil judgement - PaigeTurner on 6/6/23 1:28pm |
| Re: NOT A SCAM - James Powell on 6/5/23 2:30pm |
 | You don't know SCAM if it bit you - Bear900/CA on 6/7/23 2:42am |
| THANK YOU!!! n/m - JanetK_CA on 6/9/23 7:32pm |
| Re: Forward Sale and Exchange Agreement. - Susan/CA on 5/30/23 6:30pm |
| Re: Forward Sale and Exchange Agreement. - Bear900/CA on 5/31/23 1:55am |
| Thanks, Harv. Waaay over my head. - Lee/AR on 5/31/23 3:32am |
| Re: Thanks, Harv. Waaay over my head. - Susan/CA on 5/31/23 10:41am |
