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Sung A | Do you see any violation in this situation? |
I bought a house last year.Seller was my friend and also a mortgage broker . She wanted to sell her house to me with reasonable price. She also wanted to be a mortgage agent on this loan.
So I did fill out the loan application(1003form)with her -she was acting like an interviewer -and she (seller &mortgage broker) hired appraiser. After 15 days ,loan was approved by wholesale lender and the settlement was completed.
About two months later I found that the seller asked appraiser to inflate the value of the property, over $100,000.00 than the actual value.
What should I do . PLS I need your opinion on this.
Q&A
1 Seller and mortgage broker at same time -conflict of interest?(I didn't know)
2 Neither seller nor buyer can not contact the appraiser.
3 I received original loan application from the lender- it was not the one that I filled out. The seller eventually forged my signature and changed few informations regarding my income & misc.
Additional Details
4 Why I signed on wrong information at the settlement? - there are hundreds of papers that you have to sign at the settlement and the settlement lawyer would not explain every single documents. So you would not have sufficient time to review every documents to see if everything is correct. That's why I did not realize that there was a wrong info. on my loan applicationl. For your information, the seller and the title lawyer was a very close friend. And the buyer should choose the title company - which I did not know - So the title company was chosen by the seller.
5. When we had the settlement, the notary public was not present.
6. Buyer be aware - I am not complaining about the condition of the house. I am complaining about the process of the loan which was done fradulently.
Thanks |
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Expert Realtor
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You have the BIGGEST case of loan fraud that I have ever seen on Yahoo Answers.
However, that isn't true that the seller nor buyer can contact the appraiser....there is no law against that and that isn't considered a conflict of interest....b/c the appraiser is supposed to remain objective.
I guarantee the loan officer/seller ran the loan through the wholesale lender under someone else's name in the office (look at the final 1003 that you signed at closing on the bottom and see if her name is on it...I bet it isn't).
NO BANK would fund that loan as that is a ROUTINE audit when the loan IS IN PROCESSING (prior to closing) to see if the broker/seller are related to each other and in this case, one in the same person.
Here is who you call:
The BANKING COMMISSION of your state. You can get the phone number from the Secretary of State's office.
The Banking Commission issues the LICENSES of all Mortgage brokers and loan officers in a state....and they have the SOLE authority to revoke it.
You won't need an attorney b/c the BC will take care of everything for you...they have zero tolerance for something that obvious.
She can NOT ONLY lose her license and be forever barred from working in the industry, she will be forced to buy the house back make you whole and they can forward the case to the DA for criminal prosecution.
You have NO IDEA of how serious of a crime she has committed and there will be a paper trail a mile long to prove it...ESPECIALLY if your name was forged on any of the documents (which is easily proven).
I would also file a complaint against the appraiser with your State Appraisal board....they can easily research the appraisal by having one of their guys to "rework" the appraisal using the values that were acceptable in the market at the time the original appraisal is done
It's hard to prove $10 or 15,000 on an expensive home...but $100K is easy as pie. |
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Odessa R
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..you need to file against her, she has used fraud way to many times she needs her license revoked ...report to the state and local real estate boards with proof of what has been done !! |
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Kathy S
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Definitely!! Some friend! Yes it was a conflict of interest to have her acting as both seller and broker. Keep trying to contact the appraiser. I would also call the loan company and speak to a manager and keep going "up the chain" until you get an answer. You may also want to contact a lawyer to take her to court, especially because she forged your signature. Maybe even contact the police to see what you should do, if you want to file charges. Good luck! |
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Atlanta Realtor
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The fact that the seller brokered your mortgage is not illegal (at least, in every state I have done business in), but it certainly is a conflict of interest. Keep in mind, though, a conflict of interest does not cause illegality.
If the mortgage broker asked the appraiser to inflate the value, and the appraiser did, that is mortgage fraud.
If the mortgage broker signed your name to an agreement that ran counter to the terms you had discussed, that is felony forgery. If the broker altered information on your application, that is mortgage fraud as well.
You should do three things:
1. Contact your local FBI office, and make them aware of the situation. You will be interviewed, and will probably have to testify against your (hopefully, former) friend. It is important to build a criminal case, because it will help you win your civil suit. Which brings me to step 2...
2. Engage a lawyer. Find one who specializes in Real Estate law, whose company also handles punitive cases. Your goal will be to be refunded the amount above the true value that the appraisal misrepresented. That refund will go back to the lender, but will lower your loan amount. You should then refinance with a reputable, established company.
3. Always, ALWAYS have your own Realtor protecting your interests when you are buying property, ESPECIALLY if you are a novice.Buyer's agents are typically paid by the seller of the house, so you would not have had to pay for representation. Good Luck-it's not going to be fun.
*****This advice given is based on information received. I recommend that you contact a professional in your area who may have a better understanding of the laws in your state, and shall have no liability to any party with regards to my answer to this question***** |
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Cupid
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The first thing I see wrong with the whole transaction in the first place was that you allowed her to hire the appraiser.. you should have chose the appraiser yourself to avoid this happening. At this point, I don't think there is anything you can do because you signed off on the transaction and approved the selling price. Didn't you do your own homework to see the comparisons in your neighborhood? You should NEVER complete a real estate transaction yourself without a lawyer. Your best bet is to hire a real estate lawyer if you want to pursue this further.. I am not a lawyer myself so I can't really say where you can take this.. but you may be able to do something. Get a consultation from a lawyer to start with. Best Wishes! |
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DRG30
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.You should have an Attorney present at all times that was not nice what the seller did, you could not have know that the seller had a appraiser waiting in the wings for someone like you, That was wrong the Bank should have had an appraiser that you nor the seller knew, as for that whole deal NEVER let the same person do both transaction NEVER, The Loan Application you filled out was not the same you were handed I Would have ask Her where was the one I Sign ,and Bought her up on chargers for changing all my Information, Go to the Banking commission |
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♥S & K♥
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I would contact the mortgage company that she works for. This is fraud. She could get in some serious trouble for this. |
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leonard s
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your screwed. you were very stupid and now you have to face the music. there is nothing for you to do that does not get you into more trouble. |
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heyteach
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Yeah, there are several violations there. Your phony friend took you for a ride, but violated ethics and laws doing so.
You should report her to your state's real estate commission as step one. You can see the code of ethics here:
http://www.realtor.org/mempolweb.nsf/pages/code
Where did this appraiser clown come from? Must have been on a list or such--contact that organization and complain. His scam is common and they're finally starting to crack down on it in some cases.
Your state AG's office should be interested as this is clear cut fraud--forgery, falsification of loan documents, etc. Attorney General for your state:
http://www.naag.org/ag/full_ag_table.php
Prosecute the bimbo to the full extent of the law--cooperate with them on doing this instead of viewing her as a "friend." |
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karen g
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I know you did not ask this but
THIS IS NOT YOUR FRIEND! A friend would not expose you to a jail sentence by having you participate in defrauding a bank.
YOU must file against her and make a paper trail so that if she gets prosecuted, she cannot say that you were a part of this FEDERAL FRAUD!
YOu must also file against her to protect others. She should not be able to hold the title of broker.
I would suspect that she made quite a pretty penny on the sale.
Go to the local courthouse and see how long she owned this house and how much the profit was.
I bet she (since she is in the business) had that same apprasier value the house quite low so she could steal it from the original owners. The courthouse in your state should have all the transfer records. I would be curious to know the value of 'friendship' these days. My guess would be that yours cost you about 20k! |
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sylviavnpttn
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In fact the agent was in TOTAL CONTROL of the listing, selling,contract for loan and appraiser. Now if you can prove there was a fraudulent ACT you may have a case. You may want to check your local state laws to determine IF a Realtor can have duel agency in regards to buyer/seller and representation for mortgage broker. |
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