Reverse Mortgages: Niche Product Or Mainstream Solution?
For more, see:
- Report Summary (2 pages),
- Full Report (228 pages).
For other posts related to reverse mortgages, go here , and go here. reverse mortgage yak
Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
For other posts related to reverse mortgages, go here , and go here. reverse mortgage yak
In other words, it may not be the reverse mortgage itself that's bad, it's the person selling it that will ultimately determine whether (1) or (2), above applies (although watch out for "equity sharing, contingent interest" reverse mortgages, which may be available through non-HECM connected lenders).
Among some of the problems raised at the hearing:
To watch the actual webcast of the hearings, see Reverse Mortgages: Polishing not Tarnishing the Golden Years (requires Real Player media player).
Go here for Reverse Mortgages: The Next Subprime? Part 1.
Go here , go here , and go here for other posts on elder financial abuse.
For stories related to Reverse Mortgage Problems, go here , and go here. xero zebra reverse mortgage yak
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For more, see Betrayed widow fighting to keep home near Boynton (no longer available online).
The 2003 civil lawsuit filed by Lehman Bros. Bank originally cited 38 loans that were allegedly fraudulently obtained totaling about $62 million. It subsequently found itself holding the bag on 43 additional loans totaling $80 million -- $142 million in all, according to an amended complaint it filed in the lawsuit. The lawsuit is currently on hold pending resolution of a concurrent criminal prosecution of the alleged members of the ring.
For more, see How a bank fell victim to loan fraud (Officials allege a scam used phony appraisals and paperwork to wring millions from deals in the Beverly Hills area).***
For more, see Lawyers volunteering to help (Strapped homeowners get advice).
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For more, see Lender gets prison time (First in LHS case took plea).
See also, Minneapolis Star Tribune: Pot grower given 4½ years in prison on charges related to mortgage fraud (Reports that another defendant in this case, Ronald Joseph, who has also pleaded guilty and is awaiting sentencing, reportedly was hospitalized Thursday after ingesting antifreeze; the hospital reportedly refused to discuss Joseph's condition. Mortgage closing agent Jill Lehn, 40, of Prior Lake, has also pleaded guilty and awaits sentencing.). pot grow ops alpha
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For those interested in chipping in, Johnson's bail bond is set at $400K. For more, see Shady Shutter Deals Lead To Man's Arrest (Complaints To County About Company Prompt Investigation) (read story) (watch video).
Go here for more on the Broward Sheriff's Office "contractor cops."
Go here for the Broward Sheriff Office's Contractor Licensing and Fraud Unit, and go here for Florida's construction lien laws (sections 713.001 - 713.37).
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For more, see Pets becoming casualty of foreclosure.
For more on "foreclosure pets", go here and go here. petsII and foreclosures
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For more, see:
Go here , go here , and go here for other posts on elder financial abuse.
Go here for other deed theft posts. deed theft zorro elder financial abuse xero
Go here for deed theft posts from south of the border. deed theft zorro
Go here for other deed theft posts. deed theft zorro
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For more, see Reverse Mortgage Lender Denies Abuse against Seniors Charges.
Go here , go here , and go here for other posts on elder financial abuse.
Go here for stories related to Reverse Mortgage Problems. xero zebra
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For more, including how the victim lost his house in the first place, see Man, 90, off hook for loan: Court (Landmark ruling lifts $300,000 burden).
For follow-up stories, see:
For those looking to get some idea of what the concept of "bona fide purchaser" is all about, see The Bona Fide Purchaser for Value of a Legal Estate Without Notice, and then check the case law of your home state to see how your state's judiciary has applied the legal principles that underlie "bona fide purchaser" status.
Go here , go here , and go here for other posts on elder financial abuse.
Go here for other deed theft posts. deed theft zorro xero
For more on what happened to Mr. Pyle, see Shielding Money Clashes With Elders’ Free Will.
Go here for links to all of the columns in Golden Opportunities - A Series From The New York Times.
Go here , go here , and go here for other posts on elder financial abuse. xeroFor more, see Man guilty of defrauding elders.
Go here , go here , and go here for other posts on elder financial abuse.
Go here for other deed theft posts. deed theft zorro xero
For more, including link to the video report, see Victim speaks in real estate scam.
See also, East Naples woman accused of bilking $190K out of 2 women (Naples Daily News, 12-19-07).
Reportedly, she has been able to stay in her home by reason of a $13,000 appeal bond that was put up in court on her behalf, and which keeps her from being evicted, pending the result of her appeal.
For the column, see The Pain of Foreclosure (For Joyce Griffin and Thousands of Others Who Face Losing Their Homes, Sadness and Uncertainty Overshadow a Season of Cheer).
For more on this story:
Palmer Woods is not the only elite neighborhood in Detroit that finds itself fighting an escalating battle with types of problems that have destroyed large swaths of the city. For more, see Elite neighborhoods try to stay that way (2 of city's worst problems creep into some of its upscale areas). BetaVacantForeclosure
For more, see A Way for Older Homeowners To Back Out of a Bind (Some Find Banks Are Willing To Accept Reverse Mortgages To Retire Troubled Loans) (may require subscription; if no subscription, try here - then click link for story - then "refresh" the page, if needed; or try here, courtesy of the Arkansas Democrat Gazette).
Go here for stories related to potential Reverse Mortgage Problems. zebra
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For more, see Officials Falling Behind on Mortgage Fraud Cases.
For more, see Madigan Sues Three Mortgage Rescue Companies (Attorney General Seeks to Shut Down Businesses and Obtain Restitution for Distressed Homeowners).
Go here for other posts on foreclosure rescue lawsuits brought by the Illinois AG.
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For more, including the link to watch the ABC 15 video report, see Valley teacher, former business partners tied to federal mortgage probe.
Go here to read more about the key players in this investigation.
Go here for other posts on the Head nationwide foreclosure rescue operation.
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Go here for earlier posts and links to media reports on a series of investigative reports by Josh Bernstein, then with KCRA 3 in Sacramento, that led to a break up of a local mortgage fraud ring and the Federal indictments of the ring operators.
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According to The Virginian-Pilot, McEntee has testified that the company falsified about 80 percent of mortgage loan-related documents, representing to mortgage lenders that property buyers brought money to the real estate closings when they hadn't. Further, these loans reportedly financed CM Development's daily operations and supported McEntee's lavish lifestyle, including his $1 million Church Point home in Virginia Beach, the luxury vehicles he and his wife drove, and the condo he kept at the Oceanfront, according to the story.
According to an earlier Virginian-Pilot story, the unraveling of the flipping operation also spread its negative effects on:
While no criminal charges have been brought against CM Development or McEntee at this time, the FBI is reportedly looking into the company. For more, see:
Go here for links to earlier Virginian-Pilot stories on CM Development.
Go here for other posts on the CM Development flipping operation.