Mortgage Rip Off Gets Started
So the saga begins - You have all heard the news and read the articles about the mortgage collapse of 2007. I worked in the business with a subprime lender for 5 years during the boom and bust. I...
View ArticleExploding Arms - Variable Rate Loans
You may or may not have heard of this term in the news. It refers to an adjustable rate loan that is set to a fixed rate for a short period of time and tied to an index. When the fixed period ends,...
View ArticleMortgage Fraud - Liar Loans
Mortgage Fraud is a huge problem in the current market. With home values on the rise in the past few years, borrowers were having a harder time obtaining financing. Traditionally borrowers had to prove...
View ArticleNegative Amortization: Pick-A-Pay
Negative Amortization loans have become increasingly popular in California. I personally think they can be great loans, and I would recommend them to certain individuals as a great way to manage...
View ArticleWhat your broker isnt telling you
Your broker may be making more money on your transaction than you know. Hidden payouts to brokers are prevalent in the industry, and only insiders know how to spot them. Obviously brokers and loan...
View ArticleBuyer's Remorse
Take a look at this article. A contractor in Florida built his dream home and now regrets the lavish choices he made on the details.http://www.newsweek.com/id/52608?GT1=10450
View ArticleThe Neg-Am Scam
The Neg-Am Scam.Guess What? Many brokers are out to get paid, and screw you over as hard as possible. Brokers have incentives that pay them money, to stick you in adjustable loans with prepayment...
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Mortgage Fraud - Fake Self Employment
False employment on mortgage applications is rampant. Fake employment is being used on mortgage applications far more frequently than you would think is even possible. I have seen it over, and over,...
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Mortgage Fraud - Fake Documentation
Fake Documentation is a gigantic problem in the industry. The Chart above represents the rise in reports of mortgage fraud to the FBI since 2003. False documentation is able to infiltrate every part of...
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Housing Crash - Not Everyone Deserves to Own a Home
The housing market is taking a nosedive, and speculation is everywhere. The question then becomes who is right? Is the housing market a speed bump, or is it a long term problem that will continue to...
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Mortgage Fraud - Straw Buyers
A common Mortgage Scam utilized is called the "Straw Buyer". A "Straw buyer" means someone is used to obtain financing under the false claim to intend to live in the property they are purchasing. In...
View ArticleMortgage Fraud - Double Owner Occupied Purchases
Another commonly used Mortgage Scam is the Double Owner Occupied Purchase. In this scam, a borrower buys two or more homes simultaneously, stating on the numerous applications that the home will be...
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Credit Boosting - Credit Piggybacking
Credit Boosting - Credit PiggybackingWebsites like http://www.taylorstreetcredit.com/ offer services like the advertisement placed here on the left for credit piggybacking services. Credit piggybacking...
View ArticleHouse Bill 3915 Could Kill Rebates and Eliminate Brokers
Sweeping Changes ProposedHR 3915 The Mortgage Reform and Anti-Predatory Lending Act of 2007 was recently introduced by House Financial Services Committee Chairman Barney Frank (D-MA), along with...
View ArticleHouse Votes in Favor of Bill to Rein in Mortgage Originators
Today The House or Representatives upheld the controversial mortgage bill by a vote 291-127. Details of the bill are in my post from earlier these week. In support of the wide ranging bill, House...
View Article8 big mortgage mistakes and how to avoid them
By Liz Pulliam WestonApplying for a mortgage can be a daunting experience.It's not enough that you're agreeing to take on the biggest debt of your life, one that represents two to three times your...
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