Saturday, November 20, 2010

Real Estate Corruption-Real Estate Agents-Crooks-Truth-in-Lending Disclosure Statement

Federal TRUTH-IN-LENDING Disclosure Statement shows the following terms dated 11/30/2005:
Annual Percentage Rate: 10.943%
Finance Charge:  $181,721.14
Amount Financed: $58,800.42
Total of Payments: $240,521.56

No. of Payments:                                  Amount of Payments:                      When Payments are Due:
24                                                                       $478.70                                                01/01/06
6                                                                         $550.06                                                01/01/08
329                                                                     $559.69                                                07/01/08
1                                                                    $41,594.39                                                12/01/35

Scenario:
Suspect realtor #2 sells my hispanic client a house listed at $29,000 for $65,000 and reports to MIBOR that house sold for $26,000.  The above terms of the loan are described for this particular transaction.  Transaction closes on 11/2005.

Suspect realtor solicits my client by offering $1,500 to use personal information to fund the sale on another home on x road.  My client refuses.

01/2006 Client receives notices of late payments for house on x road which she has no knowledge of owning.  Client files fraudulent report with sheriff's office.  x bank investigates fraudulent acitivity and determines in her favor.

Same realtor sells the house on x road to x client for $80,000.  House list price was $69,000 and Realtor reports to MIBOR that house sold for $60,000.

I will be sure these guys are brought to justice.