Talked to the FBI About Predatory Lending

[Moe Bedard]

I spoke with the FBI field division's Fraud Unit in Sacremento California today. They informed me that they are getting 3-5 calls per day on predatory lending cases and mortgage fraud.

They arrested 9 mortgage professionals just this week and they estimate that it will dramaticaly increase over the next few years with the foreclosure crisis and lawyers coming out of the wood work to go after deep pocketed lenders.

Keep in mind that this is just one unit in one county.

[thomas]

Hello Moe,

this is probably not the correct place to post my question but I posted it in few other spots in this forum and got no responces whatsoever.
I have modified my commercial loan ( 2 three unit residentail buildings ) with BAyview. I have been current on my loan and we modified it in February.
BayView come up with a new payment amount based on new terms and gave one day to decide. I took the offer. I ghave made my payments on time and in June received a new biill which is 35% higher. I called numerous times and no one competent would speak with me; they would say "I think it is this or that". Finally, I get the new escrow ( they escrow for RE taxes as well as insurance ).
When I finally spoke with someone who seemed to have some answers I was told Bayview made a mistake during the modification and forgot to include insurance premiums for one of the buildings in the amount of $1300 per year. The extra money they request on monthly basis is nearly $1300 with amount s to over 15 K a year. They cannot explain it. My question to you or anyone who my help; Can they invalidate the modification agreement by altering the amount ? I think this is a typical bait and switch tactic. What do you think?

[faith]

Thomas,
Welcome to this forum,
Did you read the escrow papers before signing the documents? You can double check the documents if what they are telling you is correct. If the loan documents did not include the property taxes, then they maybe right to say that they forgot to include the property taxes. However if it shows that is already included, then you can dispute it and not sign the documents. If you are in doubt, if you are pressured in signing the documents, if your copy does not match theirs, do not sign it, because those are signs of mortgage scams and could fall under the Mortgage Bail and Switch scams.

See link below to find out the types of mortgage scams and how to prevent it.

Straw Buyers and Other Mortgage Scams

Moe, thank you for informing us about the plans of the FBI Predatory Lending, it's about time that something is being done to these crooks.

So you LENDERS, BROKERS, APPRAISERS, CROOK LAWYERS, INVESTORS, PMI'S, if you think you got away with YOUR SCHEMES AND FRAUD, milking and defrauding innocent people, THINK IT AGAIN, YOU CAN RUN, BUT CANNOT HIDE.

FBI AND IRS WILL GO AFTER YOU. AND IF YOU THINK YOU GOT AWAY HERE ON EARTH, YOU CAN NOT GET AWAY WITH GOD'S JUSTICE. A LOT OF PEOPLE already killed themselves, lost their lives, lost homes and money and family and DIGNITY because of these PREDATORY LENDING.

GO GO FBI MORE POWER TO YOU AND GOD BLESS YOU!!!!
(caps for emphasis and not yelling, just excited of what the FBI is now doing.)

Thomas, be careful and take care, God bless.

Thanks again Moe and God bless you and family too.

[Catherine]

Thank you Faith for sharing excitement like this. I noticed Moe's post was back in 2007. Wonder if he has spoken to them recently and if there is anyway to get the correct FBI contact information to call them my dang self. I wrote them once quite a while back, but got no response. My lender too needs a good case of what for My God bless YOU Faith, Catherine

[faith]

Originally Posted by Catherine

Thank you Faith for sharing excitement like this. I noticed Moe's post was back in 2007. Wonder if he has spoken to them recently and if there is anyway to get the correct FBI contact information to call them my dang self. I wrote them once quite a while back, but got no response. My lender too needs a good case of what for My God bless YOU Faith, Catherine

Catherine,
Thank you and God bless you too.

Here's the link for FBI just check the state and your city

Federal Bureau of Investigation - Your Local FBI Office

http://www.fbi.gov/contact/legat/legat.htm

[Catherine]

A quick thank you Fatih for I see how much your helping people these days. This link was ever so kind of you to post. I went there and when I started reading of the cases they are dealing with my issues with my lender did not seem near has important so I felt leaving them alone will allow their time better spent on other issues like the protection of children. Being I am very passionate on that subject I felt in my heart keeping quiet at least with them is the right thing to do. Take care of YOU too, Catherine