FW: Inman PM: Feds wise to homebuyer fraud plot

 

 

Mark Daniel Adamczyk / Realtor
Office: 407-909-9331
Cell: 407-949-1916
Mark@ItsYourSale.com

 

http://www.ItsYourSale.com

 

From: Inman News Headlines [mailto:dailynews@inman.com]
Sent: Tuesday, August 04, 2009 3:52 PM
To: mark@itsyoursale.com
Subject: Inman PM: Feds wise to homebuyer fraud plot

 

ADVERTISEMENT EXPEDITE SHORT SALES! Learn from the nation's largest servicers how to get these difficult sales completed -- special audio conference August 18. REGISTER TODAY TODAY'S TOP STORIES = Premium Member News - Join Now » Tuesday, August 04, 2009 Feds wise to homebuyer fraud plot DEAR BERNICE: My husband and I would like to purchase an investment property in the suburbs where we grew up. We are currently renting a great loft condo downtown and love the city lifestyle. Our mortgage broker is telling us that if we do not occupy the property, we will have to pay a much higher interest rate. Can't we tell the lender that we're going to move into the property and then change our minds and rent the house instead? How's the lender going to know? --Michelle B. DEAR MICHELLE: The answer to your question is that "yes," you could defraud the lender. Plenty of people have tried doing this in the past and a large number of them have been caught. If you went through a federally chartered bank or obtained an FHA, Freddie Mac or Fannie Mae loan, you will face federal charges. This is a criminal offense. More » BofA, Wells Fargo lag in loan mods Report details performance of loan servicers First-time buyers get payment protection CAR program gets additional backing from NAR Are agent and inspector in cahoots? Odd protocol puts buyer at disadvantage Psychology's role in recovery explained Book Review: 'Animal Spirits: How Human Psychology Drives the Economy ...' OTHER TOP STORIES Social networks: bigger than e-mail Online video and search running neck-and-neck Trulia gets Houston listings HAR listings on Zillow, Cyberhomes, Google Base, Realtor.com Real estate sites make PCMag's Top 100 Craigslist, Yelp also rank among editors' favorites Homeowner takes on scam artist House Keys Related builds Florida ghost town From Curbed.com blog Latest News » NOTABLE QUOTE "Provided that the lender agrees to the hardship and the loan modification request is packaged correctly, the lender may reduce the interest rate to 3 percent for the first three years." --Bernice Ross	ADVERTISEMENT Connect SF '09 STARTS TOMORROW! Connect SF '09 is THE leading Real Estate industry technology conference. How can you afford to miss it? REGISTER TODAY MOST COMMENTS 3 social media myths Real estate checklists gone wild Fed may ban loan-originator incentives ADVERTISEMENT Follow Brad Inman's new venture Vook on Twitter @vooktv and sign up for beta at Vook.com
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