Tag Archives: singing contest

Real Estate

Do You Know the Red Flags of Mortgage Fraud?

By Howell Haunson

RISMEDIA, August 18, 2010–Mortgage fraud is not going away any time soon. The FBI has been working with bureaus of investigation in states that recently passed residential mortgage fraud acts to stay abreast of the latest fraud tactics.

The FBI has found that fraudsters are evolving new ways to take advantage of others and hide their intent. For this reason, anyone involved in the mortgage industry needs to be educated on the red flags of possible mortgage fraud, such as those outlined below:

Flipping vs. Serial Flipping:
A fraudulent flip is one that erroneously increases the value of the property by using an inflated appraised value. If a property was purchased for $175,000 and soon thereafter was sold for $500,000, most professionals would notice. However, serial flipping is trickier. Say a house sold for $175,000, soon after sold for $250,000, then $325,000, then $400,000 and then $500,000. Fewer professionals would even raise an eyebrow. This scheme takes more time, but the end result is the same: fraud.

Multiple Contracts & HUD-1 Settlement Statements
In this scheme, unbeknownst to the seller, the contract and settlement statement that is sent to lender shows inflated sales price. This enables the buyer to obtain a higher mortgage. In the end, the seller believes the property was sold for $300,000, but lender, agent and buyer believe the sales price was $500,000 (the amount on which the agent’s commission is calculated).

Fraudulent Qualification Documents
In this scenario, the borrower’s ability to qualify for a loan is misrepresented by fabricated employment history, income, credit records, and bank statement balances. FBI calls this is an “emerging issue” and a result of sophisticated Photoshop and editing software.

Bogus Assignment Fees
Buyer #1 enters into an assignable contract with the seller at an inflated price. Buyer #1 locates Buyer #2 who may be a co-conspirator or a naïve investor. Buyer #2 takes an assignment of the contract at the inflated price and agrees to pay Buyer #1 an assignment fee. Inflated appraisal is used and Buyer #2’s application may contain misrepresentations.

Continue reading Do You Know the Red Flags of Mortgage Fraud? →

nevada county fair

Love to Sing? Enter Idol Competition at Nevada County Fair

Nevada County Fair Mascot
Nevada County Fair Mascot

Do you love to sing? If so, the Nevada County Fair is looking for talented vocalists to sing in the Nevada County Fair’s “Hare’s A Magical” Idol Competition at this year’s Fair.

Nevada County residents between the ages of 16 and 28 are invited to participate in this crowd favorite on Wednesday, August 12, at 8 pm on the Pine Tree Stage at the Fairgrounds.

The grand prize is $100, as well as a paid entry fee of $250 into the State Fair’s “Talent Star Search” competition in Sacramento.

Singers will be judged by a panel of local celebrities, who will narrow it down to three finalists. Audience members will then vote with quarters for the grand prize winner. The quarters will be weighed on stage and the winner will be announced that night. All quarters collected will be donated to the non-profit of the winner’s choice.

Early entry is encouraged, as there are only a limited number of spaces available. The entry fee is only $5, and entries close on Friday, August 7 at 5 pm. All contestants will receive a free admission pass to the Fair on Wednesday, and 2nd and 3rd place winners will receive Fair packages that include Fair admission, parking and arena tickets.

A complete list of rules and a registration form can be obtained from the Fair’s website at Nevada County Fair, by calling the Fair Office at 273-6217, or sending an e-mail to Debby at debby@nevadacountyfair.com

Bring your friends, your quarters, and be prepared for a great night of music and entertainment at this year’s Nevada County Fair, August 12 – 16.