• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Mortgage Fraud In My Hometown!

Status
Not open for further replies.

Travis McGee

Senior Member
Joined
Sep 18, 2004
"Based on the bogus information, the buyers obtained loans that were sometimes twice as much as McLaren had paid for the houses, investigators said. McLaren and Hickey shared the profits from the transactions, authorities alleged, and paid King a fee for his appraisals"

Let's see ... the guys who split the profits and the guy who got $250 per appraisal face the same charges.

I bet you they promised the appraiser all of their work.
 

Cookie

Junior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Indiana
One of the things that really bothers me is "Indiana has the highest foreclosure rate in the country"!

That appraiser has had a license for a LONG time! He should have known better! And probably does, but when you have tons of business coming in.....well, need I say more! Sooner or later - it catches up with you! I'm glad Indiana is CRACKING down on these people - it is about time! Just looked up this guys license though - and it is still listed as ACTIVE! Says alot for the License Commission!

My business has been slow this year, and I've had brokers actually tell me it is because I am honest! Maybe now that this story has broke, my business will pick up - if there is need for an honest appraiser!
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Cookie ~

I don't think you can equate "That appraiser has had a license for a LONG time! He should have known bet
ter!"
with the outright fraud that he was involved in.

This latter is way outside of lobbing a few "hit-the-number" appraisals over the fence to a client.

The appraisals that made the fraud scheme work were of his own doing and so completely out of bounds. Remember, every fraud trick that happens is in the end caused by an appraiser who has gone wrong!

And, like the Forum says every 2 or 3 days: 'Appraisers perform these services for a pittance (read standard fee).'

I too will perform these fraudulent appraisals for a 40% split of the net proceeds. But I'll only do it for three months and then be gone -- having a face lift and shoe lifts with space for my DF scramblers.

The game is simple. It hasn't changed in the years I've been in business. It's not a shell game. It's very straight foward. It depends on the right documents, the intent to deceive and a matching support system.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
If anyone named "Creative Financing" called me, I'd likely turn down the assignment based on the name alone! Can you say "obvious?"
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks