Contributed by Poppy from Arizona:
Hey, how about the appraiser that decided he could not come to value (fancy that), who in his infinite wisdom decided to alter/raise the sales prices for the comparables on the top of the grid and adjust from there……he sure was able to bracket and support the value he derived for that subject property and a few others too. Now the comparables’ sales prices did not match the recorded/actual sales prices on the MLS or in Public Records, but hey, what’s a few fifty thousand or hundred thousand here or there.
The value of the subject properties were inflated to no where near true market value, but what the heck, who would know or care….. Well, inquiring minds want to know and so they inquired, a little knowledge is a powerful tool. My Realtor friends provided the MLS listings on the sold comparable properties and a little internet surfing provided the public records. You may ask who would do this awful, manipulative, divisive act…a Builder Appraiser. Wow, bet you are surprised, Mr Builder (National Builder) should be ashamed. Keeps those sales prices rising on his lackluster sub-divisions in the shadow of declining values everywhere else in the immediate neighborhoods, Mr Builder’s profits suck just about everywhere else, but in this market they appear to be just dandy and still rising…
Is this a past or present act?
Present, presently going on as we speak in one market with which I intimately familiar. What does the lender/correspondent do -requires it to go forward. The word “require” is mild, the owner, Mr Lender, of this mortgage bank/brokerage has an annoying habit of coming across the desk at the underwriter literally spitting profanities (goggles were de rigor on that assignment), threatening the underwriter with their jobs directly and in insinuating terms.
You should see what Mr Lender can do with private money mortgages to hide undisclosed properties for his clients….the man is amazingly criminal while combining the innocence of a new born babe when you reveal his malfeasance to him after reviewing the loan. Absolutely no conscience, totally entitled, you are the fiend if you discover that malfeasance and professionally and politely point out the issues then carefully and respectfully decline the credit request.
The phrase “all holy hell” does not even begin to describe the ensuing events.
As for Mr Builder -we all are familiar with the name, who to protect the guilty will go unpublished, my guess is that Mr Builder is part and parcel of the whole shebang (this appraiser is Mr Builder’s preferred appraiser) and has given specific instructions to the value that must be met regardless of market reality. When confronted by these naughty appraisal antics I would venture to assume that Mr Builder will protest his innocence as vigorously as the above Mr Lender and with many of the same offensive tactics.
So, you the buyer of Mr Builder’s new home, you just got taken by a really sophisticated shell game. Congratulations, that new home you just purchased is most likely worth 30,000.00 to 40,000.00 less than you paid. You walked into that one, you are most likely in an 80/95% LTV/CLTV Product in todays market, but you are still upside down.
Mr Investor, you have invested in another loss leader should you buy this turkey 80/15 Combo Product, you too are underwater, yet again, yet another one. With all of the declining values going around in today’s markets about a year from now this collateral will be at least 50,000.00 to 60,000.00 below its original sales price, never mind original value, it was never valid.
Now for a relevant revelation – did you know that the collective Mr Builders (multiple National Builders) are requiring buyers to sign non disclosure agreements at the time of Sales Contract as regards that buyer’s sales price. Began sometime last year around October, you can not discuss with your neighbors and fellow homeowners what you paid for your New Home.
Damn, up or down Mr Builder is protected.
You paid less than the neighbor on the right, he will never know how much he has lost in value over the last year or so. You paid more than the neighbor on the left, you will never know how badly you were snookered.
Very interesting stuff there. This is really beneficial when a client is facing imminent foreclosure but needs more time to file a case for predatory lending. This would stop the foreclosure until an injunction in association with predatory lending claims could be obtained.
When fixing big problems, every tool in the belt needs to be used.
- Paul
Geez Moe…. where are all the smart ass loan officers that have something dumb to say about Countrywide and how much money they are not making now?
You post something of HUGE significance like this post about Deutsche Bank and they just don’t friggen get it or it is just out of their league…….
Hopefully some smart attorneys will take this info and run. That Ms, Charney lady knows her stuff. I forwarded this to my attorney and he is absolutely thrilled to use this my case and the other ones he is fighting.
Good news, I’m in Ohio! Keep up the good work and REAL posts
The non disclosure clause is useless. The transfer records of most counties are public records (some now available online) and show both sales price and assessed value. Mortgage recordation is also a public record showing face amounts of all recorded liens.
This all sounds like that guy in Cape Coral, Florida.
See the posts “trouble for the famous guy in the Cape”
Check out this link:
http://blog.mlive.com/annarbornews/2007/08/HRACUcase.pdf
Keep up the fight on this site. We need to get rid of BAD lenders (read Countrywide), BAD builders (read Gulfstream) and BAD gurus (read RW)
JG
Builders also profit by forcing homebuyers to use their mortgage company in order to qualify for any incentives the builder may be offering. Buyers pay higher rates and fees when they do not hae the complete freedom to shop for the mortgage that fits them rather than the builder.
This also sounds like that famous guy from the Cape (Cape Coral, Florida)
This all sounds like that guy in Cape Coral, Florida.
See the posts “trouble for the famous guy in the Cape”
Check out this link:
http://blog.mlive.com/annarbornews/2007/08/HRACUcase.pdf
Keep up the fight on this site. We need to get rid of BAD lenders (read Countrywide), BAD builders (read Gulfstream) and BAD gurus (read RW)
JG
There are several Mr. Builders in Florida, too bad this article came out too late.
I am in the Inland Empire of Southern California. There is a Mr. Builder on every corner and now they are offering $100k-$200k incentives and 8% co-ops.
Wasn’t long ago when there was lines for these homes and no co-ops with outside agents. You must use their lender, yada, yada, yada.
Hell, they are still building these homes.
Amazing, the world we live in now.
This happened to me and my family, except we lost 20%+ in 6 short months. Same situation, builder owned the mortgage broker/lender. The appraiser was a “builder appraiser” which was owned by a joint subsidiary of the builder/lender. Builder also withheld material facts upon purchasing the house (new subdivision, they owned all the info) from us. Let’s not even talk about the fraud I discovered on the loan on the part of the broker. But then again, he was simply the broker for the builder and needed to move the inventory. His involvement was “riskless” if the loan went bad. We have had to “walk” on the house like so many of our neighbors. It is now all a matter of mathematics – we will never recover from the drop in the value of the house of 35%+ after owning it approx 1.5 yrs. We were victims of the “Perfect Storm” of fraud. Our story has so many layers – much, much, more and is very interesting. I have learned so much. We are currently seeking an attorney, but cannot find one that knows anything about appraisals, loans, builders…..
As an Independent Fee Appraiser I watch Aprriasl Management Companies that are owned by the lender harrass appraisers on a regular basis. I am proud I have been blacklisted by Lenders that have asked me to break USPAP and been blacklisted for refusing to do so. However I am watching as the Mr. Builders have folded up thier tents and the appraisers have been prosecuted. The lenders have for the most part played carpet bagger and the new legislation requiring everyone to disclose everything and for all financial people to be licensed and bonded is a good thing. I have advocated that the State set up a fee panel system which could pay for itself and clean up the industry but then I also believe appraisers need to unionize also. They pick on the appraiser because they are easy targets. If you have a problem with an inflated appraisal that you recieved turn in a complaint at the Appraisal Board of your State. If your conclusion that there is colusion is correct the appraiser will loose his license and can face Federal Prison for loan fraud.
I is truly amazing how these builders( Woodbridge Homes) worked. In our neighborhood the builder sold 3 properties to one investor and told all the other homeowners all the homes are sold to only non investors.. the same investor had 2 friends also buy 2 properties each. ..so far we have 7 REO’s out of 62 homes built..Guess what all the bad loans are with Countrywide…3 more REO’s coming soon..The same investors also bought properties in the builders other 2 projects…What a scam…
YOu are incorrect. The only transfer amount is the amount for the lot, thus the improvements are not part of the sales price….at least in Michigan
I have seen this for years from the sidelines as I am an “outside lender.” I would NEVER buy a home from a builder and have NEVER sought to become a “inside” lender. what happened to RESPA.
In California, the transfer tax on the grant deed WILL show the final sales price for the property, including improvements, but will not show what the property was initially for sale at before incentives.
I bought a house in March 2006, in Florida, 3/2, moved from California. My builder just DROPPED the base price $30,000 !! I work in mortgage banking, well, did, and I have 75/25% financing. Will I lose? Well, yes, and then again no, but I do want to hang on to the house if I can. I know eventually it will go up, but the only problem for me is finding work. I can deal with the “deflation” of the value, based my plans to stay.. But it ticks me off that my payments are about $400 more due to that stupid $30,000.
Youneed to contact a real estate attorney.
I’m an “outside” lender as well. I worked for about a year as a “preferred lender” for a builder. I removed myself because I felt it was a real conflict of interest, who are you serving? The borrower or the builder?
I felt my alligence was with the borrower but I’m sure the builder wouldn’t have seen it the same way so I don’t work for builders anymore.
Mr. Builder and His House of Scams
Are builders in on the scam? Of course they were! This is a series of posts I will be doing that gives people a behind the scenes look at the mortgage industry that most people never get to witness.
Contributed by Poppy from Arizona:
Hey, how about the appraiser that decided he could not come to value (fancy that), who in his infinite wisdom decided to alter/raise the sales prices for the comparables on the top of the grid and adjust from there……he sure was able to bracket and support the value he derived for that subject property and a few others too. Now the comparables’ sales prices did not match the recorded/actual sales prices on the MLS or in Public Records, but hey, what’s a few fifty thousand or hundred thousand here or there.
I am facing my confirmation hearing on the 15th of november with Deutsche bank and I just wanted to hear from anyone that could tell me how may I introduce this info to give myself time to file my predatory lending claim..I find this article very timely because I looked at the court records just today and noticed how first franklin assigned my loan over to Deutsche Bank and then to the trust!!
This is unbelievable. Serious? Wow…..
As I understand it then, the original mortgage holder still has the right to collect on the mortgage despite having sold it off to someone else who now seems to have no claim to it but the mortgagee still has to pay someone – he’s never off the hook. Slick!
file a motion to vacate due to fraud on the court:
1. No original promissory note on the record before the court
2. No proof of damages on the record beforee the court (verified ledger)
3. No proof of a competent fact witness on the record(only the person that open the account or his/her imediate supervisor is a competent fact witness)
4. No proof on the record that plaintiff gave the courtjurisdictionto hear this case in the first place(jurisdiction=1plaintiff,(b) defendant, (c) the law statutory or commmon law that allows plaintiff to be before the court (d) testimony of a competent fact witness)
5. No proof of stnding on the record before the court
go read this case I have not seen any lawful evidence or material fact, that could be presented as evidence in any legal proceeding, by HSBC Card Services which verifies that what President Lawrence V. Morgan of First National Bank of Montgomery said in the case of First National Bank of Montgomery v. Jerome Daly IN THE JUSTICE COURT STATE OF MINNESOTA COUNTY OF SCOTT TOWNSHIP OF CREDIT RIVER decided on December 9, 1968 (never overruled by the way) when he said that it is standard practice for banker to create money out of thin air is not done by Beneficial Finance Bank in the alleged credit card loan given to Maria Pierre: money create out of thin air. I was never informed, but I as rather under the impression that HSBC Card Services was paying or gave me real cash not an IOU/bank liability.
My favorite “builder logic” is when they tell the consumer they are “free” to use any lender they want but theres offers “incentives”. I have seen builders pay over $60,000 in incentives if you use their lender. What kind of a choice is that? Through some twisted logic they don’t consider this steering though. They also don’t see a RESPA issue either. Kind of hard to feel sorry for some of them now that things aren’t so good.
I was able to get a postponement..I will look up the case and hopefully gain some insite.Have you been successful using this or know of anyone?
By challenging the standing of the alleged lender/trustee to foreclose, and successfully showing that such party had no right to bring the foreclosure action, the foreclosure is stopped. Of course, this stoppage is only until the lender(s) can straighten out their paperwork and do a lwful foreclosure. In the meantime, the borrower who is a victim of predatory lending gets to stay in his or her home while the predatory lending case gets underway… once that is established, an injunction can stop the foreclosure until the end of the case. If ultimately successful, the victim never has to leave home.
- Paul J. Molinaro
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This is a red herring!
(1) Somebody is not paying their mortgage!
(1) Mortgage is in default regardless of who owns it!
(3) HISTORY HAS SHOWN… the sooner the default can be fixed, the better! Fixed = foreclosed, resold, ended, move-on, etc.
Dragging the process out is NOT the solution. Look at japan… still working through bad debts from 20 years ago that everybody knows are bad. They’re just hoping to save face. The sooner you move past these broken debts, the sooner the economy can move-on. Sweeping them under the rug and hoping they eventually pay delays the inevitable and stinks up the entire economy in the meantime.
YOU CANNOT LEGISLATE OR ADJUDICATE YOURSELF OUT OF A PROBLEM… if you can’t pay the mortgage then you can’t have the asset. Who cares who holds the note. Foreclose and move-on!
Paul,
That’s the stupidest post I’ve ever read. LOOK, these idiots are in houses they cannot afford to live in. Do you think it will eventually improve? How is that possible?
The U.S. economy is the hottest it has ever been (look at the 3 year gdp expansion)
The interest rates are as low as they’ve been in 50 years.
If you cannot afford to hang on to your house now, then YOU CANNOT AFFORD your house.
If this were the bottom of some recession then I’d say that you are right, delaying a foreclosure MIGHT save them… however, WE ARE LIVING IN THE GOOD TIMES! It’s unlikely to improve.
Ok… one more thing.
The economic consequences of this judges ruling and of further “predatory lending” legislation will make it harder for people to buy houses in the future which will effect existing home values.
Do you think real estate prices went up for any reason other than EZ lending and ultra-low interest rates?
I would rather take the RED PILL !!!
IDIOT: A person who has been without understanding from his nativity,and whom the law,therefore, presumes never likely to attain any.
COME OUT OF THE MATRIX!!
I am not advocating keeping people in a house that they cannot afford. I am advocating for compensation for victims of predatory lending. There is a difference. Challenging standing only delays the foreclosure, and that is not the ultimate goal. However, sometimes it takes time to get a solid complaint written and an injunction to stop a foreclosure based on that complaint. These are complex cases based on combinations of federal and state laws. If the foreclosure can be stalled long enough to get the predatory lending complaint and injunction in court, then the victim does not lose the home.
There are plenty of so-called “foreclosure specialists” out there. What many do is simply forestall an inevitable foreclosure. My firm does not take part in that tactic. We use all the laws we can to help borrowers who are truly victims. When we are successful, our clients keep their home for the long term and the lender gets paid what it lawfully should.
- Paul J. Molinaro
krunitomul 79 post
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I am not advocating keeping people in a house that they cannot afford. I am advocating for compensation for victims of predatory lending. There is a difference. Challenging standing only delays the foreclosure, and that is not the ultimate goal. However, sometimes it takes time to get a solid complaint written and an injunction to stop a foreclosure based on that complaint. These are complex cases based on combinations of federal and state laws. If the foreclosure can be stalled long enough to get the predatory lending complaint and injunction in court, then the victim does not lose the home.
There are plenty of so-called “foreclosure specialists” out there. What many do is simply forestall an inevitable foreclosure. My firm does not take part in that tactic. We use all the laws we can to help borrowers who are truly victims. When we are successful, our clients keep their home for the long term and the lender gets paid what it lawfully should.
- Paul J. Molinaro
I am not advocating helping people stay in big homes that they can not afford. I am advocating helping victims of predatory lending, and there is a difference.
When we have a client facing foreclosure within a short time frame, we use all laws to keep that victim in his or her home. By challenging standing, a foreclosure can be delayed. Simply delaying the inevitable is not the goal, but delaying long enough to get a solid complaint filed and obtain an injunction preventing foreclosure until the end of the law suit is our goal. Complaints for predatory lending are complex and involve both federal and state law and are often filed against several parties. If successful in the suit, the foreclosure will never take place. The victim gets compensated, and stays home. The lender gets what is lawfully owed and no more.
There are plenty of so called “foreclosure experts” out there with lots of smoke and mirror tricks to forestall an inevitable foreclosure. That is not what my firm does. We help genuine victims of predatory lending to keep their homes for the long term.
- Paul J. Molinaro
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You’re trying to buy them more time so they can hopefully sell (flip) a house they couldn’t afford in the first place. Predatory lending? Hah. They didn’t call it that when house values were going up 10% per year!
Matrix? The housing market has been in some rabit hole matrix for years and it’s is starting to come out… at the pain & expense of those who (1) didn’t read their mortgage fine print, (2) think that what goes up never comes down, and (3) were GREEDY & stupid to buy houses they couldn’t afford.
contact me.
The court is acting correctly in directing the moving party to demonstrate ownership of the property being foreclosed. If this slows the process that’s unfortunate, as it’s a minimal requirement. The Deutsche Bank filing is defective.
I had a mortgage company, I think it was called PCFS. They sold my mortgage to deutsche bank, and had Litton loan service it. I have never missed a payment PCFS used two of my payments and applied it to escrow.(Isn’t this against the law?) Litton loan gets the mortgage, says I’m two months past due. Deutsche bank started foreclosure proceedings Ive been fighting this for 2 YEARS
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Pretatory Lending and Mortgage Servicing Fraud, Stealing homes and getting away with it.
AMERIQUEST SUCKS! 2007
There are a lot of People fight this kind of thing, It’s called Mortgage Servicing Fraud, Or PMS as I like to call it. Predaotry Mortgage Servicing.
Good Luck Bob!
Click on my name to find out more.
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How about… IBF, Ignorant borrower fraud
signing mortgages that you’re too stupid to read or understand.
it’s not your fault you borrowed the money!
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[...] arena on the internet in regards to foreclosure defense actions and the recent Ohio rulings. We reported on the recent Judge Boyko ruling and other similar rulings that are coming out of Ohio in [...]
The BOYKO Ruling was very sound on both procedural and Constitutional grounds. When other than the real party in interest brings a case, the plaintiff lacks minimal Constitutional standing to invoke the COurt’s jurisdiction! But thise that see the BOYKO decision as simply a speedbump, fail to fully appreciate the defects in proof of ownership this ruling has exposed!
The simple fact of the matter is that mortgage servicers have been FABRICATING evidence for use in judicial and non-judicial foreclosures for YEARS. These fabrications can be EASILY proven with careful scrutiny of the pleadings and evidence by a competent expert witness and thorough discovery.
Cynthia, if you still need some help, or if ANY attorney needs help from a competent expert witness drop me an e-mail. Just use the convenient e-mail form from one of my numerous posts at teh MS Fraud Message Board at http://www.msfraud.org .
Bear in mind that when evidence fabrication is shown in an equitable action such as a foreclosure, that the matter can be dismissed WITH PREJUDICE. That disposes of the mortgage. And res judicata will preclude any future foreclosure (taking care to also RECORD the dismissal order). The promissory note can then be disposed of in bankruptcy as an UNSECURED claim.
[...] economy, there is no telling where the loans went. In addition, securitized mortgage portfolios may not have the proper executed assignments that grant the power to the lenders to foreclose. Very dicey, indeed. FSU Editorial: “ATM Limits [...]
[...] Charney a legal aid lawyer and foreclosure defense pioneer recently said to us; This court order is what I have been saying in my cases. This is rampant fraud on every court in [...]
Thank You for giving me the details of the Boyko decision, I to am litigating against Deutsche Bank , as a probate Trustee, I found out 2 Years ago that, someone took a mortgage out on my mothers House, the Bank foreclosed, however, its mortgage, and subsequent instruments had a X as signature affixed supposably my mothers, who could sign her name, it is amazing to me how easy it was, for Deutsche to foreclosure, without a signature on a Mortgage or a judge here in Cuyahoga County never asking if the X was my mothers signature. I am awaiting a decision in a relitigation action I filed, the bank is asserting issue or claim preclusion, that was preempted (stoped) in a court decision by a federal court here…Boberschmidt v. Society National Bank (In re Jones) Bankruptcy is a viable option to re-litigate Mortgage Fraud using a Trustee. because there are case laws supportive of proven re-litigation techniques, which renders the banks interest in ones house moot even after Sheriff Sale & confirmation “defective mortgage creates equitable, not legal, interest in the property” See Basil v. Vincello
this is beautiful…heard of this case on a radio show online [unwelcomed guest] and told it to a real estate guy who said i was full of s*#t
couldn’t remember the details but remembered it was in ohio…did a google search and voila first site i landed on have all the details
bravo!
[...] Judge Christopher A. Boyko of the Eastern Ohio United States District Court, on October 31, 2007 dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed. Tags: deutsche [...]
Judge Christopher A. Boyko’s ruling out of the Eastern Ohio United States District Court, on October 31, 2007 dismissing 14 Deutsche Bank-filed foreclosures based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed, is wonderful, however, the underlining issue no-one seems to notice, is the our judicial system, is being used as a rubber stamp for Banks, Judge Boyko’s ruling is a discretionary decision…ie he did not have to make it on the flip side many Judges making foreclosure rulings could have guts to do the same, as I have said earlier, the Courts here in Cuyahoga County, Ohio the same jurisdiction as Boyko’s, don’t require a owners signature on a Mortgage, in allowing a Bank to foreclose, case example, is my case, in which Deutsche Bank proceeded to confirm a Mortgage, without a signature, being warned, by myself Pro se; Judge K Sutula, here in [Cuyahoga County Court of Common Pleas] ruled such, so the issue we Americans seem to forget, is our judicial system has run a muck, being in collusion with these banks who invite each judges foreclosure error to steal our property, for money.
I would just like to say this to BOB as he stated here.
Paul,
That’s the stupidest post I’ve ever read. LOOK, these idiots are in houses they cannot afford to live in. Do you think it will eventually improve? How is that possible?
My husband & I purchased our home at the ages of 19 & 21 years old in 1994. We put down $14,521.90. We were paying for our house for 13 years without any problems. In 2005 we wanted to get some of the equity out. We obtained a Home Equity loan from Ameriquest and after only having this loan for 2.5 years they have managed to foreclose.
Each case is different & I am not an idiot.
Thank You
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