Our Partners
view more
- Bill Quigley: Obama's Liberty Problem: Why Indefinite Detention by Executive Order Should Scare the Hell Out of People
- Rena Steinzor: Food Safety Gets a Chance
- Lisa Murkowski: Joe Miller Continuing Legal Fight Would Smack Of 'Desperation'
- Lisa Murkowski Goes Rogue
View More
view more
- Antoine Dodson Premieres 'Chimney Intruder' on 'Lopez Tonight'
- Senate Ratifies Strategic Arms Treaty Before Closing For Winter Session
- The Loop: Daily Digest
- Does the Census Data Doom Obama and Black America?
View More
view more
- KICKIN' IT WITH THE KARDASHIANS: Kendall and Kylie Rained On, Kim Got Silly and More [PHOTOS]
- The Most TrendTastic YouTube Videos Of The Day: Ke$ha Hates Christmas, Antione Dodson Warns Santa and More
- KICKIN' IT WITH THE KARDASHIANS: Kim's Junk In The Trunk, Kendall Is A Prom Star and More [PHOTOS]
- Rihanna Buys Shoes To Style For Santa [PHOTOS]
View More
view more
- Star Player Terrelle Pryor Gets Suspension for Improper Benefits
- Ivy League Student Busted with $150K Worth of Heroin
- My Hair Journey: Back to My Roots
- BV's Holiday Film Guide
View More
You May Like
view more
- Have You Received The Best Gift For Your Life?
- 5 Year Old Delivers Unforgettable Prayer [VIDEO]
- Family TV Tune In For Christmas Week
- Video: Juanita Bynum II 2010 Redefined The Purpose in Life
View More
view more
- Paulina Rubio Introduces New Baby in Cover of ¡HOLA! Magazine
- University of Puerto Rico Clash Boils Over, 17 Detained
- Dr. Ana Maria Polo of ‘Caso Cerrado’ Writes First Book Sharing Behind the Scene Secrets of Hit Show
- Notre Dame Prepares for Sun Bowl by Taking Player Passports to Deter Visits to Mexico
View More
view more
- Last Minute Christmas Recipes
- 15 Stocking Stuffers Under $15
- Rihanna Takes Time To Smell The Roses On Perfume Packaging [PHOTO]
- Hear A Snippet Of Willow Smith’s Song “Rockstar” [NEW MUSIC]
View More
view more
- Win A Copy Of “The Big Payback”!
- Kanye West “Christmas In Harlem” (feat. Vado, Jim Jones, Cam’ron, CyHi Da Prynce, Pusha T, Musiq Soulchild, Teyana Taylor & Big Sean) [AUDIO]
- Win A Copy Of The “Def Jam Rapstar” Video Game!
- DJ Scratch Wins Smirnoff Master Of The Mix
View More
You've heard of "flipping" houses, well now there's "flopping." While the first was speculative, this one is outright fraud.
"Flipping" refers to when home values were rising so fast and the market was so hot that you could buy a house, slap on some new paint and fix up the yard and throw down some marble countertops and turn it around and sell it for a tidy profit.
Now that the bubble has burst and people are trying to offload all these houses, one of the ways they are doing it is in a "short sale" where the bank agrees to allow the house to be sold for less than the value of the mortgage. Doing so lets them avoid the costly foreclosure process and gets the bad loan off their books.
But what "floppers" are doing is pay a crooked appraiser to say that the house is worth even less than its real current market value. They then have a "straw purchaser" buy it, and then they turn around and sell it for what it's really worth.
The Federal Financial Crimes Enforcement Network (FinCEN) recently released a report indicating that mortgage fraud suspicious activity reports rose 7% in the first half of 2010, the terms "short sale" and "broker price opinion" showing up 827 times and 41 times, respectively.
THE TAKEAWAY: What this means for homeowners is that banks are making it harder to do short sales, preferring to instead go for foreclosure, even when it costs them more money. Several cases have come out where the bank has insisted that the short sale price was too low to allow the sale to go through, only to turn around and try sell the house at auction for less than what the short sale price was.
What you can do if your short sale is initially declined is try to convince the bank that the "auctionable cash-price," the price they can sell the house for at auction, is lower than what they think. Submit in one big packet at once any interior deficiencies, renovation costs, or engineering reports that you think will make the case. Include several different contractor estimates and bids and broker price opinions to help make your case.
For more information on preventing foreclosure, check out this Consumer Reports article.
Mortgage Fraud Suspicious Activity Reports Rise 7 Percent Increase in the First Half of 2010 [FINCEN.gov]Wary lenders denying short sales [Boston] (Thanks to chiieddy!)
SIGTARP Quarterly Report to Congress April 20, 2010 (PDF) [SIGTARP.gov]
Short Sale Denied; Advice to make Bank Reconsider? [ths.gardenweb]
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
Small Business <b>News</b>: Your Social Media Update
How important is social media to your small business? Social media is no longer a little subject. It may be one of the most important forms of marketing and.
Digital <b>News</b> Platforms Still Present Opportunity For Marketers <b>...</b>
News sites are a good place to advertise since 92% of consumers use multiple platforms to get news.
<b>News</b> Conference by The President | The White House
News Conference by The President. South Court Auditorium, Eisenhower Executive Office Building. 4:16 P.M. EST. THE PRESIDENT: Hello, everybody. Good afternoon. I know everybody is itching to get out of here and spend some time with ...
bench craft company scam
No comments:
Post a Comment