Freddie Mac alerts real estate agents to rising short sale fraud

Real Estate Agent Convicted of Short Sale Fraud Scheme: In the course of his fraud scheme, Thornton made false statements and misrepresentations to bank representatives, potential buyers, and other real estate agents. To discourage buyers on the short sale and devalue the home, Thornton misrepresented the true number of rooms and bathrooms in.

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Short sale fraud is a loose term for describing fraud, deceit, or trickery in connection with a short sale transaction. As background, a short sale is a sales transaction where: (1) the sales price is less than the seller’s existing mortgage loan balance, other liens, and costs; and (2) the existing creditors agree to a payoff of less than what’s owed.

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Three charged in real estate fraud scheme. activity and five counts of communications fraud, all second-degree felonies.. for the "short sale" of real estate and did not comply with "arm’s.

Freddie Mac had. Windermere Real Estate in Santa Clara and past president of the Santa Clara County Association of Realtors, put it, “they don’t want to be that guy buying a house at the high price.

Mel Watt nomination means ‘status quo’ for the mortgage industry At a hearing to consider his nomination as President of Ginnie Mae, Michael Bright, told the Senate Banking Committee that he would continue to work on modernizing the agency and ensuring the.

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Is a short sale to a relative considered fraud? Asked by Brian, Arcadia, CA Sun Dec 14, 2008. My inlaws, caught up with the real state boom, bought a house two years ago they could not afford with a ARM loan. Now they can’t afford the payments and have asked my wife and I if we would like to buy the house on a short sale.

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Rising mortgage rates threaten to make matters more difficult for buyers. Rates have inched up to an average 4.53 percent last week, mortgage giant Freddie mac reported. life,” said Martinez, 28, a.

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