2 Articles match "Appraisal","Colorado","Sales"

The Latest from RealtyTrac MORE
FHA Program Linked to High Colorado Foreclosure Rate
An illuminating article in the Denver Post connects the dots between Colorado’s high foreclosure rate and an FHA program gone awry: “Created to extend the dream of homeownership to first-time buyers, the so-called FHA gift program instead has led to rampant foreclosures. Nearly 6,000 FHA loans have wound up in foreclosure in Colorado in the past two years, and during that time the program allowed more than 25 percent of FHA buyers to use gifts as down payments.” The article recounts several stories of homeowners who paid just a few hundred dollars to buy their home, using a loophole
www.foreclosurepulse.com - Tuesday, December 16, 2008
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FBI: Mortgage Fraud Begets Foreclosure
The FBI also lists Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia as other areas significantly affected by mortgage fraud. The report identifies the most common scam as “illegal property flipping.” An illegal property flipping scheme involves fraudulent appraisals and loan documents for a straw buyer who never intends to pay off the loan. The FBI recently came out with its 2006 Mortgage Fraud Report , which somewhat anticlimactically concludes that there is “a strong correlation between mortgage fraud and loans which result in default or foreclosure.”
www.foreclosurepulse.com - Tuesday, December 16, 2008
READ MORE
  • The Best from RealtyTrac MORE
  • FHA Program Linked to High Colorado Foreclosure Rate
    An illuminating article in the Denver Post connects the dots between Colorado’s high foreclosure rate and an FHA program gone awry: “Created to extend the dream of homeownership to first-time buyers, the so-called FHA gift program instead has led to rampant foreclosures. Nearly 6,000 FHA loans have wound up in foreclosure in Colorado in the past two years, and during that time the program allowed more than 25 percent of FHA buyers to use gifts as down payments.” The article recounts several stories of homeowners who paid just a few hundred dollars to buy their home, using a loophole
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE
  • FBI: Mortgage Fraud Begets Foreclosure
    The FBI also lists Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia as other areas significantly affected by mortgage fraud. The report identifies the most common scam as “illegal property flipping.” An illegal property flipping scheme involves fraudulent appraisals and loan documents for a straw buyer who never intends to pay off the loan. The FBI recently came out with its 2006 Mortgage Fraud Report , which somewhat anticlimactically concludes that there is “a strong correlation between mortgage fraud and loans which result in default or foreclosure.”
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE