Real estate agents (frequently fellow Hispanics who were quite content to rip off the ethnic brethern) actively recruited illegals to properties they couldn’t afford by sell jobs that used false income info and collusive lenders to secure loans. Built into the business plan was a one or two year schedule which even anticipated the eventual default and foreclosure.

The scenario generally was get the illegals a loan and into the house, making a realtor profit on the sale commission, and a lender profit on the transaction and then sale of the paper to some bundler for the subprime portfolios. The new owner makes a big profit on fat rents to illegals and pays the mortgage for the teaser period. When the teaser resets to an unaffordable monthly payment, stop making payments but continue getting rental income. It takes another six months to put the property into foreclosure and take over the property, evicting the tenants. Whole process takes 12-18 months, providing a lucrative rental income for that period. Stripping the property upon evacuation is just an added bonus.

It was actually worse than I described. With realtor compliance, the buyer would inflate the sale price by $25000 and ask the seller for a cash payment of that amont. This would allow our illegal buyer to have ready cash to go out and buy a car or something. Banks didn’t care about the relatively trivail difference, it was all rolled into that fat mortgage. Sure, it was fraud, but who cared in the boom times.

There are a lot of people - local people - who should be going to jail over this shameful practice. Realtors, bankers, landlords, appraisers. They made huge profits and passed off the liabilities to the taxpayers and the local citizens. Don’t expect it to happen.

I have seen it all with my own eyes, no speculation and quessing for those of you who don’t believe it, get out and “walk” your neighborhoods with your homeowner’s associations. Then report it to the police.

Know who else is frequenting the 7-11 in Woodbridge and picking up workers ….

GDC.

The same GDC that the county is set to award a contract to tomorrow at the BOCS meeting to do some concrete crushing at the county landfill.

That’s very likely.

If the house is on the market you can find the listing agent at http://www.franklymls.com and let them know that someone is squatting in the property. They can pass that information along to the owner.

There are two in my neighborhood. They are vacant. Then all of a sudden
there are “renters” or the owners (?) appear and stay for a few days.

One that really bothered me is where I saw 4 men with 5 or 6 children playing in the front yard. Young children, under 5. Then poof, they were
gone. House vacant again……

Could they be getting word that these houses are not looked after at all and they are ripe for a stayover?

Is there someone to call to go check to see if they really are allowed to be there??

I was just doing some research in the Fairfax Co records on a property in Herndon and noticed several entries with a sales price of $0. I talked with a sales agent and he explained, in my case, that the $0 sales reflect a re-finance of the principle loan as of that date. What is unknown is if the new note value was increased, allowing the owner to cash out any accrued equity.

https://tips.fbi.gov/

According to the FBI’s 2006 Mortgage Fraud Report, the top 10 mortgage fraud areas are California, Florida, Georgia, Illinois, Indiana, Michigan, New York, Ohio, Texas, and Utah. Other problematic areas are Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia. The report also revealed that there is a “strong correlation between mortgage fraud and loans that result in default and foreclosure.”

Because Virginia was identified as a problematic area, the D.C. field office is establishing a regional task force.

“Northern Virginia was ripe for the pickings,” said Adam Lee, a supervisory special agent with the D.C. field office. “We were concerned that there would be a problem there and [the area] would become a hot spot.”

“Data from law enforcement and industry sources were compared and mapped to determine which states were most affected by mortgage fraud during 2007 and indicated that the top 10 mortgage fraud states for 2007 were Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota. Other states significantly affected by mortgage fraud according to available sources included Arizona, Maryland, Utah, Nevada, Missouri, Indiana, Tennessee, ***Virginia***, New Jersey, and Connecticut.”

“HUD-OIG’s top 10 mortgage fraud states based on investigations opened during FY 2007 included Ohio, Maryland, Illinois, Georgia, Texas, ***Virginia***, California, North Carolina, Michigan, and New York, respectively.”

“Mortgage Asset Research Institute

During 2007, Florida, Nevada, Michigan, California, Utah, Georgia, ***Virginia***, Illinois, New York, and Minnesota were MARI’s top 10 states for reports of mortgage fraud across all SF loan types (see figure 12).”

“Currently the FBI has mortgage fraud working groups or task forces in 32 field divisions, including Anchorage, Albuquerque, Atlanta, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Detroit, Dallas, Denver, El Paso, Honolulu, Houston, Indianapolis, Jackson, Kansas City, Louisville, Memphis, Miami, Minneapolis, Milwaukee, Portland, Pittsburgh, Philadelphia, Phoenix, Sacramento, San Diego, San Francisco, Salt Lake City, Tampa, and ***Washington, DC.***”

Also, from http://www.fbi.gov/page2/dec05/operationquickflip121405.htm

* Typical fraud schemes:

o Backward Applications: After identifying a property to purchase, a borrower customizes his/her income to meet the loan criteria.

o Air Loans: These are non-existent property loans where there is usually no collateral. An example would be where a broker invents borrowers and properties, establishes accounts for payments and maintains custodial accounts for escrows. They may set up an office with a bank of telephones, each one used as the employer, appraiser, credit agency, etc. for verification purposes.

o Silent Seconds: The buyer of a property borrows the down payment from the seller through the issuance of a non-disclosed second mortgage. The primary lender believes the borrower has invested his own money in the down payment, when in fact, it is borrowed. The second mortgage may not be recorded to further conceal its status from the primary lender.

o Nominee Loans: The identity of the borrower is concealed through the use of a nominee who allows the borrower to use the nominee’s name and credit history to apply for a loan.

o Property Flips: Property is purchased, falsely appraised at a higher value, and then quickly sold. What makes property flipping illegal is that the appraisal information is fraudulent. The schemes typically involve fraudulent appraisals, doctored loan documents, and inflation of the buyer’s income.

o Foreclosure schemes: The subject identifies homeowners who are at risk of defaulting on loans or whose houses are already in foreclosure. Subjects mislead the homeowners into believing that they can save their homes in exchange for a transfer of the deed and up-front fees. The subject profits from these schemes by re-mortgaging the property or pocketing the fees paid by the homeowner.

o Equity Skimming: An investor may use a straw buyer, false income documents, and false credit reports to obtain a mortgage loan in the straw buyer’s name. Subsequent to closing, the straw buyer signs the property over to the investor in a quit claim deed which relinquishes all rights to the property and provides no guaranty to title. The investor does not make any mortgage payments and rents the property until foreclosure takes place several months later.

“Money Laundering”

Hammer away at your local politicians all the way up to those on the federal level and demand a stop to illegal immigration and full enforcement of our existing laws.