Mortgage fraud in Florida

Mortgage fraud in Florida

We see it more and more in this market. Unscrupulous individuals trying to take advantage of the sellers desire to sell and a buyers inexperience with mortgage financing in order for an individual or individuals to illegally profit from the transaction.

The excuses we most often hear from buyers, real estate agents and mortgage brokers who are involved in these questionable deals is, "we do this all the time"?

I am here to tell you, you can put a dress on it, paint it purple and get it's nails done but at the end of the day, a pig is still a pig.

Here is a list of what the FBI considers warning signs to mortgage fraud:

• Inflated Appraisals
• Exclusive use of one appraiser
• Increased Commissions and/or Bonuses by Brokers and Appraisers
• Bonuses might paid (outside or at settlement) for fee-based services
• Broker or appraiser might receive higher than customary fees
• Falsifications on Loan Applications
• Buyers instructed how to falsify the mortgage application
• Buyers requested to sign blank application
• Fake Supporting Loan Documentation
• Buyer requested to sign blank employee or bank forms
• Buyer requested to sign other types of blank forms
• Purchase Loans Disguised as Refinance
• Purchase loans that are disguised as refinances typically require less
  documentation or might be scrutinized less by the lender
• Short Term Investments with Guaranteed Re-Purchase
• Investors might be used to flip property prices for a fixed percentage
• Multiple "Holding Companies" might be utilized to increase
  property values.

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Realtors should not write home loans

Poor underwriting help fuel subprime mortgage mess

- Greg Staker Watson Realty Corp. 407-304-0255

Work and live in Orlando

More good reasons to look to the Central Florida area for your new home are found in this article.

Forbes: Orlando among best cities for jobs

Orlando Business Journal - 9:16 AM EST Monday, February 19, 2007

For the second straight year, Forbes has listed the Orlando-Kissimmee metropolitan area the fourth-best city in the country for jobs.
However, Orlando lost out to Jacksonville for the highest ranking in Florida, as its northern neighbor moved up to third from the eighth position last year.
Other Florida metropolitan areas that made the top 25 included Fort Lauderdale (9th, up from 25th), Sarasota-Bradenton (11th, up from 26th), Tampa/St. Petersburg (13th, up from 29th) and West Palm Beach (16th, up from 37th).
Raleigh-Cary, N.C., occupied the top spot, followed by Phoenix, Ariz.
Florida had the most locations in the country, with six cities making the top 25 list.

Related Florida real estate views:

Need a job? Upcoming job fair in Orlando.

Wanted: Orlando homes to sell with pet showers.

More good reasons to live and work in Orlando


- Greg Staker Watson Realty Corp. 407-304-0255

Even more tornado pictures for Deland Florida

Thanks to Carolyn Hewitt for these pictures.

Related Florida real estate views:

Deland tornado pictures

Ground Hog day tornado Deland Florida

Deland Florida tornado pictures

- Greg Staker Watson Realty Corp. 407-304-0255

Deland tornado pictures

Ground Hog day tornado Deland Florida

On Christmas day the tornado that swept through Deland did so with much notice on my part. The F2 that wiped out several homes north of Deland would have seen like nothing more than a healthy thunderstorm were it not for my parents calling me immediately afterwards excitily explaining how they drove right through the tornado accidentally. The groundhog day storm was different.

A few minutes before 4 am I was awaken from my sleep confused as to why people were throwing rocks at my house. In that twilight period between dream and real world I was sure that the neighbors were up to mischief pelting my roof and windows with pebbles. Very quickly, what I was hearing became clear. Accompanied by strong winds and flashes of light, I realized I was listening to hail hitting my home. I was able to get outside in time to hear a huge explosion and then it became fairly calm.

The light of day revealed that this tornado was far more damaging and deadly than the Christmas day tornado. My sister, who lives in a mobile home near the impact area, describes a frightful scene during the storm of her hunkering down in her bath tub with her son and a mattress draped over them. The warning for her was the sound of her car alarm going off just prior to 4 am. Fortunately the storm left her park without producing the devastation it left in it's path.

The end result of Deland's latest encounter with a tornado is far better than our neighbors to the west. At this time I am unaware of any deaths as a result of this freakish storm. The area hit the hardest is on the south side of Deland near our Watson Realty Deland branch office. According to the manager of this branch, the office was closed on Friday but the building did not appear to receive any significent damage. A large building that employees over 400 Volusia County workers, a sheriff sub station, an insurance office, the local Dunkin doughnuts, the Dollar General Store and the Volusia County Health Department building were all damaged to some extent by the storm. The damage is still being assessed.

We are saddened over the loss of life this storm produced and thankful that our family, friends and the Deland community did not experience personal loss of the magnitude experienced in Lake County. I will be posting pictures of the areas hit in Deland once I am able to get into that area.

Here is the path the storm took.

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Even more tornado pictures

Deland tornado pictures

Deland Florida tornado pictures

- Greg Staker Watson Realty Corp. 407-304-0255