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Where does one cross the line from what is considered free enterprise and the essence of capitalism to what is outright intent to defraud???
This pair was very crafty. They actually convinced a homeowner to go into default so they could negotiate a short sale with the bank. Then they found a buyer that paid more than what was owed on the house. Therefore, a short sale wasn even necessary. So, the homeowner most likely could have sold it on their own. Instead, the homeowner got screwed and the bank got screwed. Also, there were no disclosures to the bank.
Edited Jun 26 2010, 10:00 by Scott Frank
Full disclosure and a good real estate attorney will help keep you out of trouble.
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The second link has nothing to do with short sales and is outright appraisal fraud. That was going on rampantly when the Nike T Shirt Grey
I am surprised no one else posted on this today! This is some scary stuff.
i have a document on this from there maybe i can find it online.
Though I read a great deal about it being a good idea to disclose the resale price to the short sale lienholder, where does it say in the law that it mandatory? Again, isn that what capitalism is all about buy low, sell high?
weren disclosed to either the seller or the seller lender. That where the line is drawn.
But as stated before, it would be fraud if they sold it for more than was owed. This is on fannie mae and freddie macs web page. Also if they offered more than what something was Nike Short Pants For Girls
What I concerned about is that the title companies/feds would start scrutinizing any deal that back to back wherein the investor makes an immediate spread or profit. I seen too many times that what legal today is suddenly illegal tomorrow and no one tells you until it too late.
listed for and got cash back at closing. these are inflated sales prices and would eventually be used by appraisers to do other properties as comps.
I wonder how many short sale flippers do actually disclose in writing their intent to resell at a profit to the short sale lender.
Even the guys doing simultaneous "dry closings" didn go to jail. All I heard is that the title cos. have put a moratorium on these transactions, but that about it!
SHORT SALE FLIPS ILLEGAL NOW
market was in an upswing.
Someone tell me what I missing here!
It seems that non disclosure to the respective lenders in short sales flips has already gotten the feds involved and some investors will be sentenced to prison because of it:I know investors are not lawyers (Thank God!), but, given this latest news, how on earth now will an ethical, law abiding investor know if he or she is breaking federal law when it been vague as to what disclosures need to be made in order to avoid an "intent to defraud", in this case, the short sale lender.
I didnt read the story yet cause i just found out its nearly impossible to make a shortsale in CA and found the laws im gonna post to see if anyone doing these can give this to their attorney.
If the investors in this example were using "wet funds" closing on the buy and then simultaneously selling to end buyer they already pigeon holed as the end buyer isn that how most investors are doing these?
And even if you disclose to the bank taking the loss on short selling, what happens if the feds decide all of a sudden to indict investors who failed to disclose the facts of the transaction to the other side of the deal the end buyer bank? You might think it a non issue and completely legal and within your right and none of the end buyer bank business when all of a sudden the feds think it should be and boom, you screwed!
If you have a house with a $370K mortgage and you tell the bank that they need to take less because it is not worth $370K, and you immediately resell it for $460K, you are going to have a big problem. This will be considered mortgage fraud because you told the bank it wasn worth $370K.
When you really look at it objectively and in general terms, how is this transaction any different than one in which the investor ( or any buyer) would have held, say, a few months and then re sold for a profit???
cash out buyerI think what the first link is talking about is what commonly referred to as a dry close in which the funds from the end buyer are Nike Sweatpants Navy Blue used to purchase the property for the investor. Therefore, not an arm length transaction. That and the fact the intent to resell Nike Leggings Tumblr
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