Mortgage fraud crackdown captures over 1200 fraudsters. This is just the beginning according to Holder
A mortgage fraud crackdown has caught 1215 fraudsters. The government estimates losses have been at $2.3 billion so far. What’s more, some fraudsters have bankrupted whole companies, according to U.S. Attorney General Eric Holder.
Apparently, this crackdown is only beginning. The FBI is now investigating fraud activity in large institutions.
The FBI, which Thursday announced hundreds of arrests for mortgage fraud nationwide, notes that the scammers are choosing from a long menu of possibilities in this uncertain market. For instance: Bankruptcy as a scammer tool. …
The latest mortgage relief scam to exploit financially strapped homeowners involves forensic mortgage loan audits. In exchange for an upfront fee of several hundred dollars, so-called forensic loan auditors, mortgage loan auditors or …
There will be deals in disaster areas such as flooded Nashville, housing boomed Las Vegas. Keep your head on, however.
There are deals for savvy real estate investors in Las Vegas and Nashville.
Disasters tend to weed out the settlers who want to leave town and start over somewhere else. I have seen that first hand in Nashville. Get on Craig’s List and look at the huge discounts in some properties that were flooded and most likely, will never flood again. (Shhh)
These investments are not for the faint of heart. There’s a lot of work to be done and the new EPA guidelines about lead paint removal are kicking in. Some folks without dry drywall are throwing in the towel, literally.
Will some of those properties always be cursed? Hard to tell. Others can not get a building permit to rebuild, so beware. But there are opportunities.
Las Vegas and Phoenix, on the other hand will probably have another dip on prices coming very soon, according to the Bloomberg news.
Sales are down since the tax credit ended, which means there will be more inventory to move. That’s inventory left over from the last housing bubble.
In the counties of San Bernardino and Riverside, selling prices of properties in Bank Foreclosure Listings were comparable to values back in the year 2000. On the other hand, Las Vegas and South Florida’s foreclosed home prices were …