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The Federal Trade Commission has mailed refund checks to 1,410 consumers swindled by Home Assure LLC, a mortgage relief scam that charged consumers an upfront fee to save their homes from ...
If you receive an official-looking letter from an out-of-state law firm asking you to fork over a hefty upfront fee to join a "mass joinder" lawsuit to force your mortgage lender to reduce your ...
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination ...
SALT LAKE CITY -- A man who owned a loan modification business in Lehi and St. George is being accused of defrauding homeowners to pay for personal expenses including entertainment and his wife's ...
Section 1411 of the Act states: "A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability..." [5] Currently, lenders are conducting their own version of income and asset verification. Stated income loans are still offered typically by small local banks.
Mortgage Insurance: USDA Loans require 1.0% of the loan amount in up front funding fee, and a monthly mortgage insurance premium based on up to 0.5% of the balance annually. The annual premium is divided by 12 to arrive at the premium charge per month. Effective 10/1/19, the annual fee is 0.35%. [5]
The housing market has been slowly recovering for most of the year, but the fact remains that millions of Americans are still underwater when it comes to what they owe on their mortgage versus the ...