The Magic City has always been a special place but our ability to be the “Scam Capital” of the USA truly makes us ESPECIAL…….
Latest scam is “Short Sale Fraud”, we’re not taking about the basic; hey why don’t I short sale to a family member and then quit claim the deed back to myself kinda scam………to easy.
NO, we here in this great Republic we call “Mee-am-mi” have found a new creative way to defraud lenders.
It goes something like this:
Short sale transactions are being solicited whereupon a third party is involved and title is transferred to a third party usually by Quit Claim Deed, warranty Deed, and followed by a second transaction at a higher price.
The third party short sale transactions “appear to have elements attempting to defraud the mortgage holder of the initial seller” which is being satisfied based upon the representations set forth in the documentation of the initial transaction.
“OF COURSE IT HAS ELEMENTS OF FRAUD” why else would they be doing it…….
Not even Short Sales are sacred anymore………..can’t wait for the Foreclosure Dough to start rolling in.
God how I love this town……………………