Hi Friends!
This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A with more news from Nationwide Mortgage my friend Herman Thordsen (www.lendinglaw.com) shared. Some of you will enjoy what follows however, the foreclosure sale you will read about may make you shake in your boots and wonder if you could be sued for recommending 80-20 refi loans. Here are some of the headlines:
1. Final Rule on the “Red Flags” Manual. Do you have one? All brokers as well as lenders are required to have one in place.
2. Arizona woman gets 30 months hotel room in federal prison for mortgage fraud.
3. In California if you have a junior lien and it is not held by the same lender, you may find yourself getting sued for a deficiency judgment by the sold out junior mortgage.
4. If you pay independent contractor salespeople commissions read this as to the contract, payment of overtime if they are indoor sales and benefits.
5. Glendale, California man pleads guilty to mortgage fraud including ripping off his own parents.
6. Florida man pleads guilty to mortgage fraud.
7. Florida federal court holds credit repair company In contempt and fines it over $6 million including two of its principals.
8. Kentucky man gets 15 months hotel room in federal prison for mortgage fraud.
9. Ohio woman gets over two years in prison for mortgage fraud.
10. Texas federal court has five guilty of mortgage fraud. One gets over 7 years in prison and another gets four years. I remind you there is no parole in the federal prison system.
11. Washington couple and former police officer guilty of mortgage fraud.
Click Here to download a free copy of the full report.
That’s it for this time! Make it another great day!
Your Hard Money Lender in Tucson and Southern Arizona,
Billy A
P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at:
(520) 299-4878!
Free Lunch and Learn Goal Setting Business Plan Seminar
Wednesday, December 5, 2012
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See you then!