A former California Realtor was sentenced this week to nine and a half years in prison for a mortgage fraud scheme identify theft and obstruction of justice, according to the United States Department of Justice (USDOJ).
A federal jury returned a verdict in August 2016 finding Alla Samchuk, 45, of Roseville, California guilty of six counts of bank fraud, six counts of making a false statement to a financial institution, one count of money laundering, and one count of aggravated identity theft. (more…)
A condotel is a condominium complex that operates very much like a hotel. They are considered fee simple real estate and can be bought and sold like other forms of real property.
Condotels are very popular with affluent people who frequently travel and or have multiple residences around the country and world. They are normally found in resort and luxury markets such as Aspen, Chicago, Miami, Fort Lauderdale, the Las Vegas Valley, New York City, Myrtle Beach, South Carolina, and Orlando, Florida. (more…)
Qualifying for a second home (vacation home) mortgage is very similar to qualifying for a loan on your primary residence. The main differences are that the standards to qualify are a bit tougher because borrowers are normally required to have a higher credit score, more money for a down payment and the financial ability to afford two mortgage payments. (more…)
Mortgage rates have fluctuated slightly up and down over the last several weeks. Early this week we saw a small upward trend in rates that then stabilized today as we head into the weekend.
Freddie Mac’s weekly report came out yesterday showing rates for the 30 year fixed mortgage averaged 4.16% for the week ending February 23. Average rates for the 15-year mortgage was at 3.37%, and the 5-year adjustable-rate mortgage (ARM) average rates were at 3.16%. (more…)
Mortgage rates were up slightly from the previous week, according to the latest report from Freddie Mac. (more…)
The Federal Trade Commission (FTC) announced today that it settled a lawsuit with Gabriel D. Stewart who was the final defendant in an alleged mortgage relief scam that preyed upon distressed homeowners. The FTC said that he would also be banned from selling mortgage or debt relief services. (more…)
As expected after the holiday season, existing-home sales increased 3.3% in January to the fastest pace in almost a decade, according to latest report from the National Association of Realtors (NAR)®. Home sales saw gains in most regions of the nation except for the Midwest. (more…)
The U.S. Department of Justice (USDOJ) announced today that a Connecticut attorney pleaded guilty for his role in a long-running fraud scheme that targeted struggling homeowners who were facing foreclosure. (more…)
Tow Florida Realtors plead guilty this past week to conspiracy to commit wire fraud in relation to a mortgage fraud scheme they had participated in during the summer 2008 and January 2009, according to the U.S. Department of Justice (USDOJ). (more…)
Ocwen Loan Servicing settled a lawsuit with the State of California Department of Business Oversight (DBO) this past week over restrictions from a 2015 consent order that restricted the company from acquiring mortgage servicing rights associated with California properties. (more…)
The mortgage delinquency rate for one-to-four-unit residential properties jumped to a seasonally adjusted rate of 4.80% of all loans outstanding at the end of the fourth quarter of 2016, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The delinquency rate had risen 28 basis points from the previous quarter, and was three basis points higher than one year ago. (more…)
The National Association of Home Builders (NAHB) announced today that housing starts decreased by 2.6% in January to a seasonally adjusted annual rate of 1.246 million units. (more…)
Home builders confidence in the market for new construction of single-family homes declined two points in February, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. (more…)
Seventeen individuals from Florida have been charged for a complex mortgage fraud scheme against various FDIC-insured lenders from 2007 and 2008, according to the United States Department of Justice (USDOJ).
The defendants were charged in a 17-count indictment with conspiracy to commit bank fraud and various substantive bank fraud offenses, in violation of Title 18, United States Code, Sections 1349 and 1344. (more…)