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A Visit to Fraud's Zip Code

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USPAP Compliant

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Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
"Someone will pay, say $66,000 for this house," Robinson said. "They'll go paint the front porch and take a picture of the inside of a good house and combine the two. Then they'll get an appraiser to come back with a $170,000 appraisal. They'll take a loan for the new appraisal amount and pocket over $100,000.
"The mortgage never gets paid. The house goes into foreclosure and the house is bought and sold again and again," he said.






http://www.11alive.com/news/article_news.aspx?storyid=110903&provider=top
 
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