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Flipping scams in Atlanta, Georgia

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NJDave

Thread Starter
Freshman Member
Joined
Feb 5, 2002
I work for a nonprofit troubled loan counseling org.

Please help me to find credible information about illegal flipping scams in Atlanta, Georgia. I've reviewed 3 appraisals for 3 different properties (same owner, same mortgage broker) but different mortgagees with grossly inflated values resulting in almost 200% LTV. The loans are destined to be foreclosed.

I need to know if anyone knows of a widespread flipping scam specific and/or inclusive to Atlanta; suspected players including appraisers, mortgage brokers, real estate brokers, etc. I need to know if there are any "hotlines" to call or investgative bodies to contact.

My objective is to establish that (my three cases) these deals were fraudulent, my Clients unwitting victims, and seek a Court to rescind the deals.... or facilitate an approved short sale enabling my Clients to sell at the as-is, FMV irrespective of what is owed.

Any help or direction from the Pros would be appreciated.

Thanks.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
I am not from your area but maybe this will help. These types of schemes typically invove several transfers of property rights within a short period of time. A preliminary title search request to include previous transfers would reveal a possible flipping scheme that you could investigate further.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Dave,
Below is the web site for the GA Real Estate Commission and Appraisers Board. Click on the Appraisers Board button, and go to online forms. Click on Request for Investigation and print the form. Mail the original form with a copy of the supporting evidence (the fraudulent appraisal report).

Fill out the form, in detail, with your complaint. If you are complaining about fraud, it must be a valid complaint with proof of fraudulent activity. Keep in mind that fraud is different from poor practices or USPAP violations. They generally will not investigate if someone is just complaining about the value estimated in the report. They hear complaints all of the time about value, and "I did not get my loan", etc.

Your post said that you reviewed the appraisal, does this mean that you read it and got a good laugh, or you actually got a field review with a negative outlook. If you did not actually do a field inspection or get a field review, and are not sure that the report is fraudulent, order a field review from a reputable, local appraiser.

Hope this helps.

Mell.


http://www2.state.ga.us/Ga.Real_Estate/
 

jtrotta

Senior Member
Joined
Jan 16, 2002
NJDave - you state you work for a nonprofit troubled loan counseling org*

1) Are you "licensed" or a "Certified" appraiser :?: :?:

2) Your statement; " I've reviewed 3 appraisals for 3 different properties (same owner, same mortgage broker) but different mortgages with grossly inflated values resulting in almost 200%LTV. The loans are destined to be forclosed."

3) Appears you've made an administrative review only :?
Do you have any real factual information, other than yours :?:

4) Mell has offered some good advice, take it 8)
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
Dave - Atlanta does have some "hot zones" per HUD. Mell tells it like it is - go directly to the GA Real Estate Commission & Appraiser Board for some answers or guidence.

I do some work for NEDCO out here and see some of this out here.

Your the first to mention "short sales", I wonder how many appraisers even know what they are? Do you or the home owners understand the tax ramifications of a short sale and how the IRS looks at the forgiven debt?

Oregon Doug
 

Leon Stewart

Member
Joined
Jan 15, 2002
How does NjJdave get paid for doing all this work. It seem as if it would be an expensive process for an Appraiser (assuming that NJdave is an Appraiser) to get involved in chasing down and verifing all the related data on an Appraisal Report that they considered to be suspect in some form or the other. Most Appraisers can only work on item that they can get paid for, otherwise he/she wont be able to keep the lights on.

leart3
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
killed by a drunk driver right before the trial was to start. Shame. I may be remiss, but I don't think so, I was doing some nationwide "flipping" research and came across a story in the Florida Sun-Sentinel. Almost sure he was the one. If he was, he doesn't have to worry about jail.
 
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