Scammers rampant as homeowners look for help Washington Examiner
As struggling homeowners search for any way to ease their mortgage problems, fraudsters looking to take advantage of vulnerable homeowners are popping up everywhere.
The Maryland Mortgage Fraud Task Force recently said it had filed criminal, civil, and regulatory actions against more than 250 people and companies in 2009.
"Our priorities include pursuing mortgage brokers, lawyers, accountants, appraisers and other professionals who generate fraudulent loans as well as con artists who market fraudulent 'foreclosure rescue' and 'loan modification' services," said U.S. Attorney Rod J. Rosenstein.
Danna Newball of Northwest D.C., who was foreclosed upon Dec. 1, fell victim to such a scheme.
Newball said she gave $1,000 to a scam artist who told her a lender could get her a modification on her loan. But the supposed papers from her bank never came.
"I constantly was waiting for that, waiting for that," she said.
The D.C. law firm Howrey LLP is representing more than 140 families in Virginia who fell victim to a mortgage modification scheme.
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Freedmont Mortgage's Carl Delmont explains mortgage fraud extends beyond just loan officers and mortgage companies.
Can you be a loan officer or a mortgage loan officer in the state of maryland and have a felony conviction?
i have been offered a job with a mortgage company, but i have to be certified. does this certification process include a backround check?
absolutely.....if the felony involves anything related to the job, you are f*cked. Regardless, they just might say no just because you have a felony.
I have a mortgage originators license in Maryland, but am looking to also work for a broker in Pennsylvania?
Question is, can I work for a broker in Pennsylvania while continuing my working relationship with the company in Maryland? They don't have their PA license yet and aren't real sure if they will pursue it. I am new to this line of work (I was previously an appraiser) I enjoy working with real estate and would like to pursue this in both states. Also if I can do this I am looking for a broker/lender in PA who would take me on. Thanks for reading all this, looking forward to the replies, you can email me through here if you like.
I work for a broker in PA and we had a guy come up from MD to work for us. However, the company I work for has a PA license and he operated under the company license. Call around in PA and see what you can find. There are plenty of Brokers up here. Alot to choose from.
What website can I go to, to find great mortgage leads for the d.c., maryland and virginia area, for cheap?
I am just starting out a job as a loan originator and I need business bad. I am young and I am not exactly the most experienced. I have excellent contacts but I am looking for a steady flow of business. If you have experience with leads or know some good websites please help me.
The best way to build your business is to build rapport with local agents. Chose one or two high volume Real Estate offices in your area and drop in once a week, introduce yourself to everyone in the office, tell them what you do that is different from all the other lenders out there. Make flyers they can give to clients that highlight some of your loan programs. Not flyers like "Good rates! Use Me!" But flyers with real information, like special loan programs, with expamples of what payments would be with a certain purchase price and rate.
give that one a try
Does anyone know of mortgage bankers or direct lenders who do low FICO purchases in Maryland?
I am looking to purchase a home in Baltimore County Md. and I am in the process of cleaning my credit . I have limited funds, therefore I'm looking put as little down as possible.
Try talking with a national, direct lender that does FHA loans. FHA loans have more flexible guidelines when it comes to credit scores and income. FHA only requires 3% down, but there are also conventional options for 100% financing as well.
Including a link for you about FHA loans - let me know if you have questions!!
100% financing
5.25% 30 yr fixed rate
credit scores don't matter
No closing csts
I think a Maryland mortgage lender broke confidentiality and violated my privacy.?
I had a preliminary meeting with a lender and did not sign any papers with him and did not have a realtor at this point either. The lender was recommended by the realtor who was selling the house that I was interested in, but that realtor was not my realtor. So I told the lender all my income information and how much money I had in the bank etc. and he talked about different situations and then I left. Later I got a call from the realtor of the house I wanted to buy saying "I spoke with xyz and he said that in order for you to qualify your sister would need to get involved". Did the lender have the right to give any information to anyone? What legal action can I take? Needless to say I did not choose that realtor, house, or lender.
"So I told the lender all my income information and how much money I had in the bank etc."
There is something about your question that makes me think you are overreacting. If you meet with the guy and give him your information, that isn't preliminary. And unless he ran your credit without your signature authorization, you don't exactly have a very solid complaint.
I think that both the agent and the lender presumed you were working with that agent, and for that time period, you were, because the house and the lender were both sourced by the agent.
If you give a loan officer your personal information, and they tell the agent who referred you to them what it will take to get qualified, you are grasping at straws. It would have been better for them to have called you directly perhaps, but unless you specifically told them that you did not want the agent involved, they would not have any indication that they should not.
You can complain to the state banking department, but when they answer the investigation, they'll make the complaint look petty and frivolous.
Complain to them and see what they say.
You could also spend money on a lawyer if you want.
Applying for our first mortgage - Maryland area?
My husband and I would like to move out of our apartment as soon after I graduate from school as possible. Last time I checked, my credit score was 744. My husband has never checked his but plans to do so this week.
Will a bank/lending company issue us a mortgage of $300k when I am a new college graduate? I will already be hired as a registered nurse, and my husband is a police officer. We have 2 car payments - will that affect it at all?
I just don't know how the whole process works.. and if we do think we can get one, how soon should we apply to get pre-approved if we are looking to move in June?
I'd appreciate any tips. Thanks.
I'd appreciate any feedback, even if it's not from the Maryland area. Thanks.
I am also not trying to sell you a mortgage.
A lender will look at your credit scores, employment history, debt to income ratio and what you have saved for a down payment.
Talk to a local lender, internet lenders will not know about local programs you can qualify for.
There are some lenders, and I believe Bank of America is one, that have special programs for those working police or fire. Some of these programs are not better than first time home buyers programs, so you'll need a lender to show you the differences so you can compare apples to apples. Don't forget to compare more than interest rate, some programs have a great rate but beat you up with transactions fees and closing costs that can cost you thousands of dollars.
If you start looking for loans now, you can get an idea of what you can afford and what you can do over the next few months to improve your situation. (Save more money, pay down a bill - that sort of thing) But most rate locks only last 30 days. But on the surface, it looks like you will be in great shape to qualify for a home loan.
Good luck, you two have tough professions, so I hope nothing but the best for you in the future.
1. Your strong credit. This alone is a huge factor, and in your case, you are a very low credit risk based on your score.
2. You rental history at your apartment. I am assuming that you pay on time every month due to your credit scores, and the underwriter will inquire with the apartment via a VOR (verification of rent).
3. Your income. As long as you are working, and your employer will verify that you have a permanent job, the bank will assume the best of you, since you are a recent college graduate.
4. Lastly, like any other loan, the bank will want to see that you have money for down payment, closing costs, or one of the two.
I would wait until you start your job because until then, no one can issue a pre-approval that isn't contingent upon you getting a job. The whole process takes about 4 weeks from application to closing, provided there aren't any issues that arise.
Our company was originally located in Germantown, Maryland, and we still serve the DC Metro region (MD, DC, & N. VA - actually all 50 states) although we are now located in sunny Arizona.
Anthony @ Consumers Advantage Mortgage
http://www.consumersadvantagemortgage.com
The process is kind of simple. A lender will look at your credit score to see if you are reliable to repay loans, then they will look at your income to figure out how much money you can borrow but still afford to pay back by figuring out what is known as a debt ratio (how much money you both have coming in VS how much you have going out), thus the car payments, minimum credit card payments and anything you pay back over time will be a part of the equation. It might be best to wait until you are employed before making a loan application, if your husband makes less than $100k. I do suggest you go ahead and make contact with a mortgage broker to start the process even if you aren't quite ready to go at this moment in time. Good Luck!
if the price of my house is 250,000.00how much would my monthly mortgage would be in baltimore maryland?
That is dependent on how much you're going to put down and most importantly what the interest rate is. Location doesn't really effect mortgage unless you escrow your taxes and home owners insurance.
j
http://www.house-rent-mortgage-help.org
Hope this helps!
How many days or months late on your mortgage do you have to be before a forclosure starts?
How many days or months late on your mortgage do you have to be before a forclosure starts? In maryland. I already know that the forcloser process on a home is about 46days in MD. also if you are forclosed upon in Maryland can they sue you. we are finance through a bank. there are no government loans or anything.
should I have to file Maryland State Return ?
I work in Newyork My wife and kids live in Maryland in the house I owned.Can we file a joint tax return using the address of Maryland and can I deducted the interest paid on the mortgage .Should we have to file a Maryland tax return also.
Generally, you may file a joint return if you are still married to your wife at the end of tax year and you may deduct interest paid on the family home.
You probably have to file returns in both Maryland and NY.
See a tax professional.
Can a person purchase a home, have a mortgage on a home, if they are on the title of another (not on mortgage)
Can a person purchase a home even if they are on the title of another (maryland). This person is not on the mortgage, but wishes to purchase another home. Will it effect them getting a mortgage, meaning would they have to make enough money to cover both. (maryland is not a community property state)
What you have on title will not show. You are responsible only for your debts. If you are on title for another home in another state, its an asset not a debt. List it as such.
The answer is yes, you should be fine.
maryland mortgage - News
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Md. man pleads guilty to $4 million mortgage fraud - Forbes Md. man pleads guilty to $4 million mortgage fraud AP , 02.11.09, 10:04 AM EST A 43-year-old Beltsville man has pleaded guilty to millions of dollars in mortgage fraud tied to properties in Maryland, |
