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Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar
Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.
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Tuesday, June 13, 2006
American Home Mortgage Files Civil Suit Against Texas Appraiser and Mortgage Broker
American Home Mortgage Acceptance, Inc. filed a civil lawsuit in the Southern District of Texas, Houston Division, against Alltex Lending Services, LLC, My House Mortgage, LLC and Diane Bell. According to the complaint, Alltex, under the trade name Alltex Realty Services, is engaged in the business of appraising residential properties. Bell performed appraisals as an employee or independent contractor of Alltex. According to the complaint, in July 2004, American Home made a loan of $380,000 secured by a mortgage on property located at 5150 Hidalgo Street, Unit 1902, Houston, Texas. Alltex and Bell provided an appraisal estimating the market value of the property at $441,000. The appraisal grossly overestimated the property value, according to the complaint, and utilized inappropriate comparables, made inappropriate adjustments to comparables and inaccurately described and inflated the sale price of a comparable property in the same building as the subject property. The loan amount thus exceeded the fair market value of the property and the borrower defaulted on the loan, resulting in damages to American Home of $166,612.26. Pursuant to its brokerage agreement with American Home, My House represnted and warranted the completeness and accuracy of the property appraisal and agreed to indemnify American Home from losses associated with submission of inaccurate information contained within appraisals. The complaint alleges a cause of action for negligence as to Alltex and Bell and a cause of action for breach of contract as to My House.
mortgage fraud
It it my opinion that when a real estate agent and a loan officer market the 0 down programs with closing costs paid by the seller it pressures the appraiser to over value the propery. To resist doing so risks future business for the appraiser. It for this reason I think it is a good move for fha to move to a legitimate 0 down program and eliminate charity gift organizations from being an acceptable practice.
Posted by Larry Cragun on 06/13 at 08:26 AM
I am looking for an attorney to file a lawsuit against American Home Mortgage for a fraud loan. I applied for and was told I was approved for a 5% interest only 5/1 ARM loan with American Home Mortgage. After the loan closed I discovered that the Loan Broker lied and minipluated me into believing that the loan I received was what I applied for. He did this on both of my loans. He also did not correctly pay off the previous lender causing mortgage a 30 day mortgage late on credit report. This was the begging of my credit disaster.
Posted by on 02/19 at 08:17 PM
American Home Mortgage has committed loan fraud to qualify my clients for a cash out refinance in Chula Vista, California, who are now in foreclosure. They sold them a neg am arm, with a loan amount of $560,000, when their gross annual income was less than $50,000 per year, and the husband was
unemployed! My clients have owned this home for over 10 years, and are now going to be homeless, with 2 children! American Home Mortgage, refuses to mitigate losses by not entertaining 3 short sale bids. AHM Loss Mitigation Department is the most incompetant mortgage banker that I have seen in my 24 years in the mortgage business. No wonder that they are in Chapter 11 BK! They need to be prosecuted, not protected by Bankruptcy Court.
Posted by on 03/18 at 06:47 AM
I bought my home Feb 2007.It is an option arm. I was told that my payment
was fixed for 5 years. What I didn’t know was that once the balance of the loan was @110% then my payment would double
Posted by on 04/29 at 06:03 PM
AMH is the worst I have ever dealt with. Their CS is over seas which causes a language barrier. Their web site very rarely works when it comes to paying your mortgage, so your service charge is higher to use other forms of payment. It is virtual impossible to contact them by phone unless you wait on hold for 2 hrs. No wonder they went bankrupt.
They are just a horrible company to deal with. Then you send the information for loan modification and they can’t finid it.
Posted by on 08/20 at 09:35 AM
I applied for an 80%- 20% loan with both loans at a fixed rate conventional loan. Was told 6%-on the 80 9% on the 20.
Been in the house 3 years and look into refinancing and realize it is 80% for 30 yrs at 6% but the 20% is like 12% interest only with a ten year ballon payment. I was told the day before and at closing that the mortgage was approved for what i was asking. Never any discussion of a high rate and never a word of an interest only with a baloon payment. I would have said hell no and gotten a loan somewhere else. I agree they should be prosecuted not given chapter 11.
Posted by on 09/30 at 06:12 AM
I have been dealing with the worst and most unreliable Mortgage firm; “Loan America Home Loan” in Texas. I have been in process for a loan for 5 months every time my refi is to come to a close something come up or they cannot be reached, days and even weeks go by before I am able to contact them and by this time I am told that the stucture of my loan has changed. Everything they have ever said has proven unreliable or fales. 713.779.0361 There phone # Agents Larry Williams and Giggett Mohamid are flim-flam artist not Mortgage brokers.
Posted by on 10/15 at 06:20 AM
American Home Mortgage Servicing cashed
9 payments from 4/05 to 2/06 paying 2005
from April to December. They returned a
check for Jan. & Feb. 2006 and ordered theirlawyers to start foreclosure on the
24 of Feb. 2006. Been in Court since and
Judge has yet to rule on “Objection tp
Proof of Claim” filed by me. They loss
the check for March 2006 as they had before. I go to Court on June 19 so I
need some help fast.
Posted by on 06/09 at 03:54 PM
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Some Sources require Registration.
Mortgage Scam Ends with Prison
The Morning Call
A judge didn't hold back when Shirley Matthews appeared before him Tuesday to be sentenced for stealing from a Monroe County man instead of helping him save his home from foreclosure, as she was hired to do.
Woman Gets Prison Time After Mortgage Scam Conviction
Pocono Record
A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages.
2 Indicted in Mortgage Scam Face New Charges
Newsday.Com
Prosecutors add extra charges to two who are charged in LI mortgage fraud with county legislator, dominatrix and her husband
Untangling Mortgage Fraud in Chicago Condo Buildings
Chicago Public Radio
Why did so many units go into foreclosure all at once? In some cases, the reason can be traced to mortgage fraud.
No Contest Plea Entered in Real Estate Fraud Case
Northbay Business Journal
Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.
Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
Plain Dealer
Sharon Cox, 49, of Bedford, was sentenced today to a year in prison for mortgage fraud involving money laundering, theft and receiving stolen property from August 2008 through March.
CITIZEN JOURNALISM: Mortgage Fraud High in Area
Washington Times
According to the FBI, Virginia, Maryland and the District are among the top 10 jurisdictions experiencing mortgage fraud.
Former Vegas Resident Charged with Mortgage Fraud in Nevada
National Mortgage Professional Magazine
A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents...
Missouri Man Sentenced for Mortgage Fraud
Belleville News Democrat
A suburban St. Louis mortgage company operator has been sentenced to more than 11 years in prison for a mortgage fraud scheme.
12-Year Prison Term in Mortgage Swindle
Washington Post
A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists...
Previous Articles
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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