Adjustable Rate ARM: This loan features a lower rate at the beginning of the loan with periodic adjustments, typically 6 months or one year, based on the moving London Interbank Offered Rate LIBOR. Many ARM loans contained artificially low teaser rates that kicked in addition to the LIBOR reset rate. Fixed Rate: The most common [...]
Andy Miofsky, Illinois Bankruptcy Attorney
Here is a list of the top 10 types of documents you should keep for tax purposes. Proof of income can be established by a W-2 form or a 1099. Bank account statements and credit card statements show a history of account transactions. Invoices and payment receipts and canceled checks show how much is owed [...]
The 2007 FBI Mortgage Fraud report explains how an unscrupulous real estate developer commits mortgage fraud with a seller in a builder bailout scheme. Say the developer built a house that normally sells for $200,000. In a declining market, the builder fears a fair market sale will not cover the bridge loan for construction costs. [...]
The official FBI.gov website contains a 2007 study on mortgage fraud schemes. The FBI explains how a perpetrator conspires with a property buyer to commit short sale fraud. The perpetrator of this scheme finds a buyer for a piece of property. The buyer obtains a 100 per cent loan, and if possible attempts to borrow [...]
The 2007 FBI Mortgage Fraud Report, appears on the official United States government FBI website. This report details, in four illustrated steps, how an illegal property flipping scheme works. First, a property flipper buys a house for a low price, in this case $20,000. Next, the flipper purchases a fraudulent appraisal of the property for [...]
The FBI website contains an April 2008 warning about identity theft and Home Equity Line of Credit loans. The warning details findings from a 2007 FBI study of fraud in the mortgage and real estate industry. The FBI believes thieves steal a person’s identity to either open a new line of credit over the internet [...]
