I agree that it is going to get worse before it gets better. When you have a challenging market, like we have in Michigan, people become tempted to do things they would not ordinarily consider. The fraud cases will exacerbate a bad market when they come back on the market as foreclosures.

Cindi,

I have seen that exact same comment on 3 different blogs now. Stop spamming.

Thank you very much for the article you published on mortgage fraud. We posted this story on our Mortgage Fraud Discussion Board:
A similar thing happened to me in the mid-1990s by a company in Huntington Beach, Anastasi Realty and his brother who owned Anastasi construction. I was a single mother and making a very moderate income when I was coerced with promises of building my credit and hope of my own home ownership one day. After getting reeled in by promises of becoming a property owner (while renting myself), an intermediary orchestrated the loans on the homes that valued approximately $750k for the new construction town homes, back then!. There were first, second and Title 1 (or third) liens on the homes. Another co-worker was also in possession of three other units. After the simultaneous closings and the disbursement of all of the funds, of which I received nothing, the culprits pocketed close to two million dollars off of us. Within two months the “tenants” stopped paying the rents (one of the tenants was the individual who orchestrated the deals). When I began to inquire as the lender’s collection calls began, I was threatened with being turned into the FBI for my participation, and then my children were threatened and I left it alone.

This motivated my desire to learn more and I have had a career in fighting mortgage fraud for the past 10 years. If there is ever anything I can be of assistance with feel free to contact me. We welcome you to visit our Mortgage Fraud discussion board and encourage your readers to utilize our blog as well to share their similar experiences. The reason the criminals are allowed to continue is that their names and company information remain a secret until (and IF) there is a prosecution.

Please let your readers know they can openly share their stories so we can prevent other innocent people searching for the American Dream from having their lives destroyed.

Cindi Dixon, Director
Mortgage Fraud Investigations
Mela Capital Group

http://www.condodomain.com/blog/finance-your-condo-furniture/

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