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Mortgage Fraud Crackdown: 1215 Fraudsters Caught So Far

admin — Fri, 18 Jun 2010 17:43:47 +0000

: Image by JcOlivera.com via Flickr

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.

Stay tuned. This is getting interesting.

Read Authorities Reveal Mortgage Fraud Crackdown

39 Oregon defendants in US mortgage fraud probe (seattletimes.nwsource.com)
Mortgage Fraud: The Government Is Cracking Down (zillow.com)
Mortgage-fraud crackdown nets 485 arrests (sfgate.com)

The Real Estate Wonk: Multitudinous mortgage fraud – Reporter …

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. …

Publish Date: 06/18/2010 6:00

http://weblogs.baltimoresun.com/business/realestate/blog/2010/06/multitudinous_mortgage_fraud.html

New Twist on Mortgage Fraud | DoD Live

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 …

Publish Date: 06/17/2010 15:18

http://www.dodlive.mil/index.php/2010/06/new-twist-on-mortgage-fraud/

How To Do a Wholesale Flip

admin — Mon, 07 Jun 2010 02:16:05 +0000

: Image by BusNikon "Take a picture it will last longer" via Flickr

Michael Jake walks us through a wholesale flip.

Many real estate investors are now interested in rehabs because of the hot foreclosure markets.

Michael shares the secrets such as how he reacts to pet smells. Pet smells will turn off regular buyers, but Michael smells opportunity.

This goes back to my father's real estate investing advice. "Find a property with a little something wrong with it."

Deals in Las Vegas, Nashville, Phoenix

admin — Sat, 29 May 2010 15:24:20 +0000

: Image by Eric Hamiter via Flickr

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.

Read about sales plunge from bubble market- Bloomberg News

The Great Nashville Flood of 2010 Hits Well-known Landmarks (roughstock.com)
Tennessee: My Home, My People (newsbusters.org)
Increase in Las Vegas Short Sales & Distressed Properties Seen in 2010 (prweb.com)

Top 8 Weirdest Houses

admin — Wed, 26 May 2010 12:04:51 +0000

Photo from Free Spirit Sphere

Here is Popular Mechanics' list of the 8 weirdest houses. Actually, the list is 18 long, but the mag is giving us a tantalizing glimpse of some of the most interesting ones online.

They range from a sphere shaped tree house to the Gaudi-like Nautilus House, which is kind of whimsical.

My most fav is the Steel House, which is on a high bluff in Texas. Not sure how tornado resistant it will be since it's balancing on four skinny legs, but maybe that's just me.

Fantasy Garden for a Thirtysomething Kid (and Her Kids)Dream Outdoor Rooms (apartmenttherapy.com)
Treehouse in Sweden lets you live like the Swiss Family Robinson (gadling.com)
America's Most Unusual Hotels (nothingbetterthanablankpage.blogspot.com)
The Largest Tree House In The World (jaysdad.com)

More Strange Houses from the Internet

Mummy Diaries: MORE STRANGE HOUSES

MORE STRANGE HOUSES. By the request of my best mate Steph, who reads my blog from work every day bless her – she wanted to see more strange houses! So this is my 3rd edition! I wasn't going to post any more cause i thought it may be too …

The San Juan Castle House | Strange Houses & Weird Homes

It is a commonly held adage that a man's house is his castle. A forward-thinking individual in San Juan, Dominican Republic took this old saying to a whole.

6 Weird Places Where People Actually Live – Weird Worm

Weird Worm WormCast – Ep02 – Weird Places [22:58m]: Play Now | Play in Popup | Download (2545). 1. Cave Houses. Unless your name is Fred Flintstone, odds are you probably never really considered the idea of living in a cave. …

Paperback Writer: Strange Houses

Strange Houses. My guy and I love to drive around different towns and look at houses. I'm always checking out the architecture, while he evaluates the property and the landscaping. Since both of us have worked in the past as house …

Real Estate Investing: Risks Vs Rewards

admin — Mon, 24 May 2010 02:42:41 +0000

: Image by americanartmuseum via Flickr

Real estate investing has its risks and rewards, we all know that. We wouldn't be doing it if we didn't believe it can create a much better life for us instead of the rat race of working for someone else.

Bigger Pockets as an excellent post about what those risks and rewards really are and it's kind of shocking.

Writer John Fedro goes into detail about why building a reputation is so vital for your career in real estate.

He also gives real life examples of some "straw buyers" in the Tampa market who got caught and their credit was ruined.

Read Bigger Pockets' post about real estate investing

Do You Really Want To Make Money In Real Estate? [Video] (realestateradiousa.com)

How To Get a Bank Loan for Real Estate Investments

admin — Sat, 22 May 2010 13:49:30 +0000

Image via Wikipedia

ow do you get a bank loan for good quality real estate properties these days?

Forbes has an informative article on a strategy that banks may consider. It involves using a cash-collateralized loan or personal loan.

Some banks are giving really good terms for such loans right now.

Sure, it's not as exciting as it once was, and you have to back up everything with your own cash, but it can help you get some terrific deals that are just waiting to be snapped up.

Read How to Tap Banks for Real Estate Loans

Interest Rates Down to 4.63%,Thanks To Greece

admin — Thu, 20 May 2010 20:41:39 +0000

: Image by Collin Key (busy) via Flickr

Interest rates just went down to 4.63%, thanks to Greece.

This is very good news for real estate investors as well as the general housing market.

Why?

Markets are down in Europe because of turmoil in countries like Greece. Also it could be because of low inflation. But will inflation stay low?

Probably not, if history guides us.

However, it is a fluid situation and a roller coaster ride. Some experts think the Federal Reserve will keep interest rates down for a while. For how long, we don't know.

That means it's a good time to refinance.

Read Zillow's News on Fixed 30 Year Mortgage Rates

Jose Ferreira: Greece's Pieces (huffingtonpost.com)
Bank of England Divided on Inflation Outlook (abcnews.go.com)
China expects inflation to rise in May, June (seattletimes.nwsource.com)
Go ahead and default, Greece! (money.cnn.com)
Crisis-hit Greece struggles to attract tourists (msnbc.msn.com)
Greece crisis: warning to travellers over further disruption (telegraph.co.uk)

Mortgage Insurance » Mortgage Interest Rates Continue To Fall

I would be surprised if mortgage rates don't continue to fall now that Freddie Mac and Fannie Mae are owned by the government. The Fed has been trying to push down interest rates all year and now they have the means to do so (I think …

Greece's debt crisis may push down mortgage rates here « HousingWire

Blame Greece's debt crisis for contributing to the recent drop in your stock portfolio, but give it credit for something that could benefit consumers: lower mortgage rates. Last week, rates on fixed-rate mortgages fell to their lowest …

California Real Estate Examples of Shadow Inventory

admin — Wed, 19 May 2010 23:26:32 +0000

: Image by Esparta via Flickr

Here are some examples of California real estate shadow inventory, thanks to Dr. Housing Bubble.

As you know I have been following him for quite some time and he really did predict the housing bubble correctly.

Today he is talking about a 672 sq ft Pasadena "condo" to which he is giving his Home of Genius Award.

The award is based on the property's creative financing that was 100% by JP Morgan Chase in 2006.

Interesting. Read Real House of Genius Dr. Housing Bubble

The Housing Bubble Blog » Bits Bucket For May 15, 2010

2010-05-15 02:32:35. “Markets are becoming aware of the fact that the decline in house prices is not stopping. I have no particular regrets. The housing bubble is not a reflection of what we did, as it is a global phenomenon.” …

The Housing Bubble Blog » Bits Bucket For May 14, 2010

Noting that after the last late 80's housing bubble home prices didn't bottom (in inflation-adjusted terms) until 1997 – 3 years after vacancies bottomed, and 7 years after vacancies peaked. If the same timeframe happens that means home …

The Housing Bubble Blog » The Problem Is The Bubble And That Hasn …

“Australia is in the midst of an unsustainable housing bubble that could burst at any time, warns the man who predicted the global credit bust of 2007. Edward Chancellor, of US investment management firm GMO, says the Australian economy …

New mortgage rules take effect (cbc.ca)
China's Real Estate Bubble Fueled by Bride Shortage, Not Just Finances (dailyfinance.com)
Really? Bubbles feared around the globe (lansner.freedomblogging.com)

What Is Going On With Las Vegas Real Estate?

admin — Mon, 17 May 2010 02:36:25 +0000

Image via Wikipedia

What is going on with Las Vegas real estate?

Builders are building 1100 new homes even though prices have dropped 60 percent since 2006 and 9517 brand new houses are unoccupied with no buyers.

Why?

"They want new," says Brent Anderson of Meritage Homes.

Read Building Is Booming in a City of Empty Houses

After Housing Bust, Builders Dust Off the Boom Machine (nytimes.com)
Home Builders Cut Prices, Work Faster (online.wsj.com)
Movers Roundup: McClatchy, Meritage Homes (abcnews.go.com)

Construction Has Nearly Doubled in Las Vegas « Nevada Foreclosure …

The New York Times presents an article which suggests the beginning of another Las Vegas property bubble. “Its like it's never been,” Mr. Lee, a real estate promoter, assured a crowd of agents, investors and bankers. …

Could A Stranger Steal Your House?

admin — Tue, 11 May 2010 00:36:01 +0000

: Image by Getty Images via Daylife

Could a stranger take your house and move in while telling you it's no longer yours?

Unbelievably, this actually happened to a Santa Cruz couple. After returning from their vacation, they were shocked to find the locks had been changed and a middle aged man proclaiming the house was now his. He had the deed to prove it.

After an investigation it was discovered there had been faulty paperwork when the couple bought the house themselves three years earlier.

However, no one can take advantage of faulty paperwork and take over a property. Still this is a lesson for the prudent real estate investor. Make sure all paperwork is correct and these rare events can be avoided.

Real Estate Windfall » Uncategorized

Mortgage Fraud Crackdown: 1215 Fraudsters Caught So Far

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How To Do a Wholesale Flip

Deals in Las Vegas, Nashville, Phoenix

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Top 8 Weirdest Houses

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Real Estate Investing: Risks Vs Rewards

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How To Get a Bank Loan for Real Estate Investments

Interest Rates Down to 4.63%,Thanks To Greece

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California Real Estate Examples of Shadow Inventory

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What Is Going On With Las Vegas Real Estate?

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Could A Stranger Steal Your House?