Jump to content

Late Payment!


Les
 Share

Recommended Posts

I was called by lender to go out and look at this house. They had re-financed this for $000,000 and now are foreclosing. It was an FHA loan with a "FHA Inspection" done less than six months ago.

If this was the only time we had seen this in the last year, I would not be bitchin' on this forum. Each instance involves a less than stellar lender and a homeowner that has less than perfect credit.

The only justice here is that the lender gets stuck with a huge loss. Unfortunately that loss will filter back to someone's 401K or our tax dollars!

Download Attachment: icon_photo.gif DSC02206.JPG

31.2 KB

Download Attachment: icon_photo.gif DSC02234.JPG

23.62 KB

Download Attachment: icon_photo.gif DSC02201.JPG

24.58 KB

Download Attachment: icon_photo.gif DSC02237.JPG

19.41 KB

Link to comment
Share on other sites

Mortgage & lending fraud is the new territory for crooks; there is a major investigation going on in Chicago that is uncovering all manner of nasty practices.

Street gangs that sell drugs expanded into mortgage fraud several years ago & have ripped the system off for untold millions of dollars. Every other cheap con has found new gold in mortgage fraud.

In a few more years, we'll really find out just what happened in the "real estate boom" of the 90's & early 21st century; it will be equal to, or exceed, the corporate ripoff's (think Enron) that were in the same era.

Link to comment
Share on other sites

Yeah,

The acetone and kitty litter would have been enough for me to say, "I'm finished, and head for the nearest shower." Les, you're darned lucky you came out of there with your health. You might want to call that one in to the nearest drug task force and then should probably decontaminate your car and equipment.

ONE TEAM - ONE FIGHT!!!

Mike

Link to comment
Share on other sites

This is how I read this situation: you buy a junker house, go to on-line lender and re-finance for 140% value(or more), get ninty days free living and a place to work at home in the chemical industry, make one payment, default on mortgage and nobody is the wiser! You get approx $175,000 cash out from the mortgage company (to pay your "credit card bills") and profit from recreational chemical manufacturing. Sweet Deal!

The place is shut down as of yesterday and condemed by various agency people.

Even tho' "I been shot five times, thrown off tall buildings and chased by irate husbands" I did do some cleanup on my tools and body.

I can't help but think of another topic on this board - Can you make any money doing home inspections?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...