Is a short sale to a relative considered fraud? Asked by Brian, Arcadia, CA Sun Dec 14, 2008. My inlaws, caught up with the real state boom, bought a house two years ago they could not afford with a ARM loan. Now they can’t afford the payments and have asked my wife and I if we would like to buy the house on a short sale.
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Short sale fraud is a loose term for describing fraud, deceit, or trickery in connection with a short sale transaction. As background, a short sale is a sales transaction where: (1) the sales price is less than the seller’s existing mortgage loan balance, other liens, and costs; and (2) the existing creditors agree to a payoff of less than what’s owed.
Short Sale Fraud Fears Grow as HAFA Gets Set to Pop .. told HousingWire of a common type of fraud in the short sale arena.Besides purchasing secondary market loans, GSEs guarantee third party loans and issue agency bonds, which are short- or long-term bonds. These bonds are exempt from state and local taxes.
People are allowed to sell their homes for less than the mortgage as long as everyone approves the sale but there a re a few ways that people can commit fraud during a short sale. Fraud No. 1.
Greisy Jimenez, 50, Methuen, Massachusetts, a real estate broker, was sentenced today in connection with a sweeping conspiracy to defraud banks and mortgage companies by engaging in sham "short" sales of residential properties in Merrimack Valley, Massachusetts.. Three co-conspirators involved in the scheme have been sentenced after pleading guilty to conspiracy to commit bank fraud.
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Short sales are supposed to be transparent transactions, but some short sale banks encourage the sellers to commit mortgage fraud.They do it openly because the banks don’t seem to care, or perhaps they believe they are above the law. The short sale banks committing mortgage fraud are generally the junior or second lenders.
The US Treasury Department is taking the necessary steps to prevent short sale fraud under the. is Buffer Enough Against Short Sale Fraud:. Sale Fraud Fears Grow as HAFA Gets Set to Pop .
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