In our local news there has been a series of stories about a mortgage broker team who were committing mortgage fraud. They were also trying to trick people out of their homes.
The wife mortgage broker’s wife set up a fake escrow company and used shill buyers to supposedly help folks refinance their homes. They told people they were temporarily putting the deeds in the names of the shill buyers to make the refinance work and the cash they got out would be held in escrow to help make the mortgage payments. They later tried to evict the duped owners. One of the owners turned them in and the prosecutors shut them down. Legal action has been taken to keep the one owner in their home, but the deed is still in the name of the shill buyer.
The public needs to have their guards up. Those of us who are truly professionals need to be extra protective of our clients and be on the lookout for scam artists. Folks who are in a distressed situation are particularly vulnerable to folks like this.
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Hi Randy,
Just makes me sick to my stomach when I read these kinds of stories!
Randy,
You have to wonder just how long these perps thought they would get away with such blatant activity!
Cynthia - I am glad they finally got shut down.
Mike - That is the strangest part of the story. They were so blatant. How did they expect to get away with it?
I've been reading and mike mackey wrote a great article on that ...and more to come as well. It really makes me wonder..... about all those companies that started during the boom...and closed right after. arghhh.
Randy, that is crazy. What were those Homeowners thinking, doing something like that without running it by an Attorney first.
WOW I am still shaking my head (and it isn't making a pleasant sound).
Sally - There are a few who we will be reading about in the future.
George - I hope they make an example of them and anyone else who did similar stuff.
Randy, something like this happened to a little old lady in my neighborhood! The dupers should go straight to the slammer!
These sleazeballs are preying on the least able and knowledgeable among us. Thanks for the info.
Patricia - I hope they go there for a long time.
Gary - That is what criminals usually do.
Randy - If only so much thought could be spent on leading a productive and respectable life the world would be a better place.
Randy, news like this just sickens me. It's the age old question...what in the heck is wrong with people?
That's really low down, to take advantage of trusting people like that. GRRR
Carol - If is not harder to do it legally. Some folks just do not have character.
Peggy - Fortunately none of the people I associate with do stuff like that.
Georgina - I hope they get a good attitude adjustment in prison.
This kind of stuff that buyers read about makes them think badly of the profession - something we do not need.
Bob and Carolin - I sure makes the true professionals even more valuable to the public.
and i thought paradise was immune to this kind of behavior. What was I thinking.
Hope all is well with you Randy. I see by some recent statistics for Hawaii that the down market has started to hit your neck of the woods. Nice reading your posts, always very informative.
Aloha Ken,
We are not immune to bad folks. We just have a lot less of them than most places. The market is picking up in my main servicing areas, but slow in other areas.