8 comments

• Comment Link Tuesday, December 30 2008 07:10 posted by ron martin

  Last year I was steared by a friends relative to buy property in Gary for no money down.This sounded good but it was the kind of scam mentioned elsewhere .The realtor gets property for taxes and has them appraised for much more than their worth .This is fraud and does anyone know what recourse or acion we should pursue.
• Comment Link Thursday, March 06 2008 07:23 posted by Scott E. Emerick, RAA, GRI

  I recntly had a Mortgage Broker threaten to blackball me for not getting a value. He stated that I should have completed the market research before going to seethe property and if I couldn't get the value after seeing the property I should not have taking the borrowers money. When I told him I was going to notify the OTS if he didn't stop harrassing me he said he was going to tell everyone he knew not to use my company. Does anyone have any advise? I think this is part of the problem. I am suppose to refund eeryones money when in this depreciating market I can not hit the number desired? I'd rather shovel dirt, I'd make a better living with no liabilities or pressure.
• Comment Link Wednesday, March 05 2008 08:05 posted by VA Refinance

  Lets just see if there is aomeone that can really look into Gary IN. that will be abole to put presure on the individuals that are creating these foreclosures.
• Comment Link Wednesday, March 05 2008 08:02 posted by VA Refinance

  I hope that you will be able to create a case that can stick. it is high time that we put a stop to the bad image that we have in the mortgage industry, that goes for appraisers, mortgage brokers and realtors. If everyone just did the loans the right way, and not falsify info. the lenders would not have to tighten up things and make it harder for everyone.
• Comment Link Monday, February 25 2008 15:30 posted by I KNOW

  I'm the one to get this investigation started. The appraisal was falsified by the apprasier as well. However, Indiana has not gone after them as of yet.
• Comment Link Tuesday, February 19 2008 13:28 posted by Terry Leeders

  It is very interesting to see what percentage of real estate deals in Gary, Indiana are linked in with mortgage fraud. I have seen numerous properties in Gary, IN that were purchased by one individual, all on the same date. Each property has a second mortgage lien for $5000-$8000. This looks like it was from the seller/broker, or someone else tied to this deal. These all wind up in foreclosure, and eventually the 'investor' files bankruptcy. This scenario was discussed in a recent Continuing Legal Education seminar held by the Chicago Bar Association, and was presented by the US Department of Justice, United States Trustee department. This type of deal is described as rescue fraud, with the investor who is recruited, and then often left holding the bag.
• Comment Link Wednesday, January 16 2008 12:32 posted by Scott E. Emerick, RAA, GRI

  Do w know how did all the appraisals? I think they should be closely looked at!
• Comment Link Thursday, January 10 2008 11:04 posted by VA Loan

  It is amazing to me that these people really dont think that they are going to get caught, they try it once and it worked and then they think they can try it over and over and not get caught. If we as mortgage brokers want lower rates to sell to our borrower and fewer guidlines to work threw, we have to get rid of the bad applees. I hope that many of the brokers that are continually being fraudulant take a look at some of these indictments and relize that they are next and stop doing what they are doing before it gets worse.