Short Sale Fraud Fears Grow as HAFA Gets Set to Pop

Freddie Mac recently issued a notice to its servicers and real estate practitioners on what the GSE called an emerging fraud trend – short payoff, or short sale, fraud. Short sale volume at Freddie Mac has grew more than 1,000 percent from 2007 to 2009, and the GSE says this upward trend in volume leaves the market ripe for incidences of.

Predatory Short Sale Fraud: In predatory short sale fraud schemes, there is usually an individual who is offering their services as a "short sale negotiator". The negotiator will offer to sell the property for the owner and request a flat fee for a percentage of the sale price.

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You can also choose a price range and set. a short description, pick a price, and you’re good to go. With Marketplace you’ll also have to pick a city or town where you want to sell and a distance.

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Short Sale Attorney Describes What Can Lead to Fraud Charge Definition of Short Sale Fraud. Short sale fraud has become incredibly common due to so many home foreclosures following the financial crisis that began in 2008. Short sale fraud can involve a scheme to defraud a potential buyer or seller of a home.

Ally Financial, formerly GMAC Mortgage, suspends foreclosures in 23 states NEW YORK – Ally Financial Inc.’s GMAC Mortgage unit has told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida. Detroit-based Ally, the auto and.

Is a short sale to a relative considered fraud? Asked by Brian, Arcadia, CA Sun Dec 14, 2008. My inlaws, caught up with the real state boom, bought a house two years ago they could not afford with a ARM loan. Now they can’t afford the payments and have asked my wife and I if we would like to buy the house on a short sale.

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Short sale fraud is a loose term for describing fraud, deceit, or trickery in connection with a short sale transaction. As background, a short sale is a sales transaction where: (1) the sales price is less than the seller’s existing mortgage loan balance, other liens, and costs; and (2) the existing creditors agree to a payoff of less than what’s owed.

Short Sale Fraud Fears Grow as HAFA Gets Set to Pop .. told HousingWire of a common type of fraud in the short sale arena.Besides purchasing secondary market loans, GSEs guarantee third party loans and issue agency bonds, which are short- or long-term bonds. These bonds are exempt from state and local taxes.