I am a victim of mortgage fraud, what are my options?

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My wife and I bought two investment houses to rent in August 6th When we signed, we could know the manufacturer, the appraiser and the loan officer turned to us all. The assessment was inflated, the size of houses do not even have to assess the size of the country and the loan officer had lied about all of our app (including that they would be both the principal residence ). We found all this after we had a great person rank USBank Mortgage examine anything they did after we suspected. We are manufacturer and a loan officer, the manufacturer has signed an agreement to deed the house to redeem the loan amount. Of course, the agreed date has come and gone. All persons involved in business today. Since two of our credit ratings are appoaching 800, we tried to stay afloat. To take the cake, we had to pay for all construction professionals hire subcontractors, plus interest and costs of the 06th Summer What are our options at this point? Please aidake.Me knew, the broker said the homeowner. We asked many people, and all the consequences of doing so, the broker said that the worst case senario is attached to refinance lenders. No fines to imprisonment, etc. Believe me, we have repeatedly requested. even family members entrusted to us, we do not worry. They said one broker, who would suffer the consequences. Like everything else, it manufactured, we will not know until the trained eye looked at our documents. Second, the assessment was greater than a few feet. The amount given is true and is 1415sf 1125sf. The rooms are nice, but he says the two patio / deck, which are missing. When the house was empty for a short time we found the original plans to build a closet and stuffed, of course, is now. Finally, as I said, none of the three parties, who leaned forward to get there is the firm enam.Ma say we had a huge impact assessment when deciding to buy. We would not have bought the price we would have known was full.

  1. Reply
    Freddie Adu About Nothing
    February 1, 2011 at 10:52 pm

    Non owner occupied home have VERY different protections. You are going to have to prove that they defrauded you. Being that you were SPECULATING it is going to be very difficult to prove to a judge that this isn’t just an investment gone wrong. An appraisal can always be a few square feet off. If the appraiser added bedrooms and baths….then yes you have a serious case against his E&O insurance….even then that appraisal didn’t influence your decision to buy.

    You are trying to prove “Fraud in the inducement”. You need to prove:

    That their fraud is the REASON you bought – doesn’t sound like it is.
    That they committed fraud
    That they had intent to commit fraud.

  2. Reply
    February 1, 2011 at 11:39 pm

    Did they forge your signatures or change documents after you signed them? If not, then you signed documents stating that these houses would be your primary residences.

  3. Reply
    Mike D
    February 2, 2011 at 12:23 am

    First I hate to hear anyone having trouble with their mortgages there are a lot of good people doing a good job,.First I am curious what the person at US Bank had to say about this scenario. Probably what I am thinking there is not much you can do.
    First all appraisers are licensed, report this to your state dept that regulates them.
    Second builders are licensed, so I would go to the state and report them there.
    Next the mortgage person probably is not registered however, the company he worked for is and I would report them.
    Next, after reporting all of them, ask to receive updates from the respective regulatory agencies about their investigations. After all is said and done if any of these agencies find wrong doing then you may have grounds for civil action. I am not a lawyer but these are the steps I would take.
    Lastly, it sounds like you have a good credit score but are having difficulty making your payments. I hate that keep working and you will make it.
    As for the subs coming after you, they have no bearing, I pray you had title work done for the closing. The title company conveyed clear title. Another reason for ALWAYS buying owners title policy. I hope this helps a little.

  4. Reply
    chaud k
    February 2, 2011 at 1:21 am

    Sorry to hear about your predicament. Unfortunately
    it is too late to do any due diligence which should have
    preeded the transaction.
    It is reluctantly suggested that you refer this case to the

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