Loan and mortgage fraud is becoming big business across the country and crooks continue to find new ways to take advantage of almost anyone and steal any identity. Eyewitness News has uncovered an amazing case that involves a victimized grandmother in San Diego, a failing Los Angeles loan company and a Las Vegas man who doesn’t care who he hurts.
Duration : 0:5:1
Predatory Lending, Mortgage Fraud,Real Estate,Foreclosure,Subprime,FBI,FDIC,Bailout, Judicial Injustice,Value inflated 136%, BB&T Bank,loan, congress, Judicial Injustice, Adjustable Rate,News,CNN, Mortgage
Duration : 0:5:2
Las Vegas Real Estate Experts Kendall Trotter and Steve Hawks discuss the adverse effects of cash back loan fraud transactions have had on the local economy and housing market. Solutions for fraud victims and upside down homeowners. Part two-segment B of a three part series.
Duration : 0:9:54
Las Vegas Real Estate Update co-host Steve Hawks of RE/MAX Platinum is featured on national television discussing homeowners who “Buy and Bail” on their mortgage. Homeowners who are currently upside down on their mortgage, but still have good credit buy another home for thousands less than their current home, and then let the bank foreclose on their previous property. Could this be an epidemic across the country? Watch Steve and find out. Excellent information here. Great job Steve!
Duration : 0:4:45
FOR IMMEDIATE RELEASE: CONTACT: K.B. Forbes (202)320-1212
Thursday, February 28, 2008 kbforbes@hotmail.com
AS HOME FORECLOSURES SKYROCKET,
MORTGAGE FRAUD HELP ARRIVES IN
SOUTHERN CALIFORNIA
EAST LOS ANGELES, CA—A leading consumer advocacy group announced free help to the thousands of homeowners in Southern California who have lost their homes, are in the process of losing their home, or believe they will lose their home in the near future due to mortgage fraud. The group is documenting cases of mortgage fraud for a report to be issued this summer in the nation’s capital and will have all cases reviewed by a legal aid team.
“Shady realtors, greedy mortgage brokers, worthless appraisers, and careless escrow companies are to blame for some of the crisis many homeowners face today,” said K.B. Forbes, Executive Director of the Consejo de Latinos Unidos, a national not-for-profit organization and public charity which investigates and educates the public about consumer fraud and abuses. “We suspect that at least one in five homeowners in Southern California has been hoodwinked by one of the key players involved in the transaction. The mortgage and real estate industry cannot claim innocence.”
Rueben Preciado, a homeowner from Moreno Valley, discovered that his supposed 30-year fixed loan was not fixed last September. “Our payment went much higher and we didn’t know why. Our loan, it turned out, was a three-year fixed and 27-year adjustable.” When he tried to refinance, he discovered that his loan included an unconscionable pre-payment penalty equal to six months of interest. He could not afford to refinance. “We are barely making it,” said Preciado, a tire mechanic who works at an auto tire store in Pomona. “I have had to borrow money from family to stay afloat and not lose my house.”
Consejo has reviewed Preciado’s case and found that he was never given final documents showing the loan change and it appears his escrow company and mortgage broker deceived him.
Consejo has set up a toll-free hotline at 1-800-474-7576. All services are free.
The Consejo, which has published ten investigative reports on hospital price gouging, religious fraud, police abuse, and pharmaceutical corporate deception, has helped spur at least three U.S. Congressional investigations and hearings. Consejo’s work against hospital fraud was profiled on CBS’ 60 Minutes in 2006. Over 500 news articles have been written about Consejo’s work since the organization was founded in 2001.
Duration : 0:3:32
Las Vegas real estate agents and consumer advocates Kendall Trotter and Steve Hawks discuss questionable transactions that new home builders were facilitating to move homes with a former insider and builder employee Dana Ellis. Ms Ellis brings to light shocking hidden addendums from lenders, paying off peoples credit cards , buying them cars, paying huge sums of money to contractors who would in turn funnel it back to the buyers. Homes prices being inflated by hundreds of thousands of dollars. Did this fraudulent inflation of prices lead to the skyrocketing rise in home values and the eventual crash? Watch this episode of Las Vegas Real Estate Update and you decide!
Duration : 0:8:39
Las Vegas Real Estate agents Kendall trotter and Steve Hawks with guest realtor Jason Vanzant. Explore the recent foreclosure boom that has been created by the mortgage fraud especially the fraudulently inflated cash back fraud. A rare insiders account from 3 of Las Vegas top realtors on the effect of fraud on the Vegas foreclosure market. A must see episode.
Duration : 0:8:58
Las Vegas real estate experts Kendall Trotter and Steve Hawks uncover one of the most popular mortgage fraud scheme in the country.Vegas real estate experts Trotter and Hawks state details on how unsuspecting buyers became victims of mortgage fraud. This started the first wave of home values dropping and is the main reason for the recent unprecedented drop in Las Vegas Real Estate prices.
Duration : 0:8:38
The conclusion of a 3 part series. Opportunities. Las Vegas Real Estate Experts Kendall Trotter and Steve Hawks discuss the adverse effects of cash back loan fraud transactions have had on the local economy and housing market. Solutions for fraud victims and upside down homeowners. Discussion on what lies ahead for Las Vegas home values.
Duration : 0:7:46
Las Vegas Real Estate Experts Kendall Trotter and Steve Hawks discuss the adverse effects of cash back loan fraud transactions have had on the local economy and housing market. Solutions for fraud victims and upside down homeowners. Part Two-Segment A of a Three Part Series.
Duration : 0:3:50
