Comments on: Different Ways For A Busted Refinancing Plan http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/ A site to share my tips, tools, and humble thoughts on the journey to wealth Sun, 02 Oct 2011 19:26:45 +0000 hourly 1 http://wordpress.org/?v=abc By: Frugal http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1405 Frugal Sat, 23 Sep 2006 08:09:18 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1405 There are two links. First one is in comment #5 which is working. Second one is in comment #9 which you need to cut & paste the 2 lines into your browser. My webpage displays the comment in a very weird fashion if there is any long word in any of the comments. So I decided to just enter the URL in two lines. It sucks, but better than making the comment sections to appear un-commentable. I think you're probably right about why they were prosecuted. No creditors would prosecute if the debtors have some chance of repaying. There are two links.
First one is in comment #5 which is working.
Second one is in comment #9 which you need to cut & paste the 2 lines into your browser. My webpage displays the comment in a very weird fashion if there is any long word in any of the comments. So I decided to just enter the URL in two lines. It sucks, but better than making the comment sections to appear un-commentable.

I think you’re probably right about why they were prosecuted. No creditors would prosecute if the debtors have some chance of repaying.

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1403 Larry Nusbaum Sat, 23 Sep 2006 01:11:59 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1403 I don't have the link, but I guarantee that the couple was prosecuted after somethin went wrong..... I don’t have the link, but I guarantee that the couple was prosecuted after somethin went wrong…..

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1402 Larry Nusbaum Sat, 23 Sep 2006 01:09:40 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1402 Frugal: The last link broke Frugal: The last link broke

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1401 Larry Nusbaum Sat, 23 Sep 2006 01:08:33 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1401 Not sure about your definition of truth? - SORRY, I LIED! lol Not sure about your definition of truth? – SORRY, I LIED! lol

]]> By: Frugal http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1400 Frugal Sat, 23 Sep 2006 01:02:25 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1400 Here is another one from Mortgage Fraud Blog related to lying on loan doc. (Note: URL broken down to 2 lines) www.mortgagefraudblog.com/index.php/weblog/permalink/ three_missouri_men_plead_guilty_in_63m_mortgage_fraud/ And by law, perjury can be jailed. The previous link has the following quote: <blockquote> The convictions arise <b>from a mortgage that the pair obtained</b> on a house in Milwaukee. Because Dvorak did not have a high enough income and Abu-Shawish did not have sufficient credit history, they <b>provided false documentation to the lender</b> to establish credit and misrepresented information on a borrowed down payment. </blockquote> It should be pretty clear. Not sure about your definition of truth? Does that include lying on the low doc or no doc loan? I think lying is probably not truth, right? :) Here is another one from Mortgage Fraud Blog related to lying on loan doc. (Note: URL broken down to 2 lines)
http://www.mortgagefraudblog.com/index.php/weblog/permalink/
three_missouri_men_plead_guilty_in_63m_mortgage_fraud/

And by law, perjury can be jailed.

The previous link has the following quote:

The convictions arise from a mortgage that the pair obtained on a house in Milwaukee. Because Dvorak did not have a high enough income and Abu-Shawish did not have sufficient credit history, they provided false documentation to the lender to establish credit and misrepresented information on a borrowed down payment.

It should be pretty clear.

Not sure about your definition of truth? Does that include lying on the low doc or no doc loan? I think lying is probably not truth, right? :)

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1399 Larry Nusbaum Sat, 23 Sep 2006 01:02:00 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1399 The reason: You don't go after the source of repayment on a loan that in 90% of the cases are sold. Tink about it. The reason: You don’t go after the source of repayment on a loan that in 90% of the cases are sold. Tink about it.

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1398 Larry Nusbaum Sat, 23 Sep 2006 01:00:22 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1398 The form given at closing to a borrower is Federal form 4506-T, "Request fo Transcript of Tax Return". In all my years (and I audited two commercial banks here for an FDIC audit)in banking/real estate/lending/investing, I have never seen the form used once. The form given at closing to a borrower is Federal form 4506-T, “Request fo Transcript of Tax Return”.
In all my years (and I audited two commercial banks here for an FDIC audit)in banking/real estate/lending/investing, I have never seen the form used once.

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1397 Larry Nusbaum Sat, 23 Sep 2006 00:57:05 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1397 Yes, Frugal, but as the site shows, the cases were brought against, brokers, salepeople, and related parties who could steal money, identities, money launder, etc and therefore be prosecuted under the R.I.C.O statutes. Since no one ever verifies applications against filed tax returns, there are no cases of "applicant lying" in order to get credit. Yes, Frugal, but as the site shows, the cases were brought against, brokers, salepeople, and related parties who could steal money, identities, money launder, etc and therefore be prosecuted under the R.I.C.O statutes.
Since no one ever verifies applications against filed tax returns, there are no cases of “applicant lying” in order to get credit.

]]> By: Frugal http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1396 Frugal Sat, 23 Sep 2006 00:56:27 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1396 Check this one out. Someone lied on the loan, got caught, and got jailed. Reported by Mortgage Fraud Blog. http://www.mortgagefraudblog.com/index.php/weblog/permalink/fest_founder_sentenced/ Check this one out. Someone lied on the loan, got caught, and got jailed. Reported by Mortgage Fraud Blog.

http://www.mortgagefraudblog.com/index.php/weblog/permalink/fest_founder_sentenced/

]]> By: Frugal http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1395 Frugal Sat, 23 Sep 2006 00:48:58 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1395 Everything still stands. When someone signs the loan doc, they are subjected to perjury if it's not true, and such things can let you end in the jail. Everything still stands. When someone signs the loan doc, they are subjected to perjury if it’s not true, and such things can let you end in the jail.

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1394 Larry Nusbaum Fri, 22 Sep 2006 23:33:20 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1394 I guess I just don't scare. Mine is a battle for truth, justice and the American way to real estate. I guess I just don’t scare. Mine is a battle for truth, justice and the American way to real estate.

]]> By: Frugal http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1393 Frugal Fri, 22 Sep 2006 22:53:51 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1393 Can't scare you, can I? :) There are all kinds of frauds reported there. So I'm guessing that some of them got to be the loan cheaters. Can’t scare you, can I? :)

There are all kinds of frauds reported there. So I’m guessing that some of them got to be the loan cheaters.

]]> By: Larry Nusbaum http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/comment-page-1/#comment-1392 Larry Nusbaum Fri, 22 Sep 2006 17:04:38 +0000 http://www.1stMillionAt33.com/2006/09/different-ways-for-a-busted-refinancing-plan/#comment-1392 "Unfortunately, more likely there will be some appraisers and mortgage brokers going to jail along with real estate investors at the end. You can find tons of actual fraud reported here at the Mortgage Fraud blog. Yeah, people do go to jail for cheating on their loans." That's not what is tracked on this site. “Unfortunately, more likely there will be some appraisers and mortgage brokers going to jail along with real estate investors at the end. You can find tons of actual fraud reported here at the Mortgage Fraud blog. Yeah, people do go to jail for cheating on their loans.”

That’s not what is tracked on this site.

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