Les Posted November 17, 2005 Report Share Posted November 17, 2005 I was called by lender to go out and look at this house. They had re-financed this for $000,000 and now are foreclosing. It was an FHA loan with a "FHA Inspection" done less than six months ago. If this was the only time we had seen this in the last year, I would not be bitchin' on this forum. Each instance involves a less than stellar lender and a homeowner that has less than perfect credit. The only justice here is that the lender gets stuck with a huge loss. Unfortunately that loss will filter back to someone's 401K or our tax dollars! Download Attachment: DSC02206.JPG 31.2 KB Download Attachment: DSC02234.JPG 23.62 KB Download Attachment: DSC02201.JPG 24.58 KB Download Attachment: DSC02237.JPG 19.41 KB Link to comment Share on other sites More sharing options...
kurt Posted November 17, 2005 Report Share Posted November 17, 2005 Mortgage & lending fraud is the new territory for crooks; there is a major investigation going on in Chicago that is uncovering all manner of nasty practices. Street gangs that sell drugs expanded into mortgage fraud several years ago & have ripped the system off for untold millions of dollars. Every other cheap con has found new gold in mortgage fraud. In a few more years, we'll really find out just what happened in the "real estate boom" of the 90's & early 21st century; it will be equal to, or exceed, the corporate ripoff's (think Enron) that were in the same era. Link to comment Share on other sites More sharing options...
homnspector Posted November 17, 2005 Report Share Posted November 17, 2005 Jeeze! Any kitty litter or acetone around? Link to comment Share on other sites More sharing options...
Les Posted November 17, 2005 Author Report Share Posted November 17, 2005 Acetone was in camper behind house. Kitty litter was in every room. Link to comment Share on other sites More sharing options...
kurt Posted November 17, 2005 Report Share Posted November 17, 2005 Maybe not mortgage fraud; crack? Link to comment Share on other sites More sharing options...
Jim Katen Posted November 18, 2005 Report Share Posted November 18, 2005 Originally posted by kurt Maybe not mortgage fraud; crack? Cat litter and acetone are markers for a meth lab. Is that what you were getting at, Homnspector? - Jim Katen, Oregon Link to comment Share on other sites More sharing options...
hausdok Posted November 18, 2005 Report Share Posted November 18, 2005 Yeah, The acetone and kitty litter would have been enough for me to say, "I'm finished, and head for the nearest shower." Les, you're darned lucky you came out of there with your health. You might want to call that one in to the nearest drug task force and then should probably decontaminate your car and equipment. ONE TEAM - ONE FIGHT!!! Mike Link to comment Share on other sites More sharing options...
Les Posted November 18, 2005 Author Report Share Posted November 18, 2005 This is how I read this situation: you buy a junker house, go to on-line lender and re-finance for 140% value(or more), get ninty days free living and a place to work at home in the chemical industry, make one payment, default on mortgage and nobody is the wiser! You get approx $175,000 cash out from the mortgage company (to pay your "credit card bills") and profit from recreational chemical manufacturing. Sweet Deal! The place is shut down as of yesterday and condemed by various agency people. Even tho' "I been shot five times, thrown off tall buildings and chased by irate husbands" I did do some cleanup on my tools and body. I can't help but think of another topic on this board - Can you make any money doing home inspections? Link to comment Share on other sites More sharing options...
kurt Posted November 18, 2005 Report Share Posted November 18, 2005 I said crack, but meant meth; I think my brain is short circuiting lately. Link to comment Share on other sites More sharing options...
hausdok Posted November 18, 2005 Report Share Posted November 18, 2005 Originally posted by kurt I said crack, but meant meth; I think my brain is short circuiting lately. Must be all that crack. [:-crazy] ONE TEAM - ONE FIGHT!!! Mike Link to comment Share on other sites More sharing options...
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