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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
Local Mortgage Fraud schemers indicted
June 29th, 2007 categories: Mortgage/Finance, Real Estate News
I heard about this in the morning and the Dispatch article bared it out. The version I heard consisted of police rounding up something like 70 people all around Central Ohio and I thought there could even be some Realtors caught up in this round.
Mortgage Fraud has been prevalent all over Columbus for the last few years with suspicious dealings going down quite often. Most of those go relatively unnoticed but I recall a week last December when an associate of mine discovered that the Dispatch’s top five real estate transactions were ALL sold for amounts well over the list price which was raised only days before closing. We’re not just talking about mortgage fraud in the inner city where dilapidated 4,000 square foot houses selling for $500,000 look fine on paper to California banks, we’re talking about the suburbs too.
It’s bad for area comps, Realtors, home owners and home buyers. I would look for more arrests as time goes on. Here is a blurb from today’s article . . .
As in the other cases, the defendants are accused of falsely inflating the mortgage amounts, creating false bank accounts, and arranging “straw purchases” in which someone else poses for a buyer who cannot qualify for the loan. more
Possibly related must reads:
Is the 2007 Columbus Real Estate Market Doomed?
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