Mortgage Fraud in California: It Isn’t Worth It
Lately, there have been quite a few headlines in the news regarding mortgage fraud – both right here in California as well as in the national news. Many experts point to mortgage fraud as one of the reasons that the country is experiencing a housing crisis. And although to some people it may seem to be a case of “too little, too late”, agencies such as the FBI are cracking down on mortgage fraud.
According to a warning on the FBI Website:
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan and credit application for the purpose of influencing in any way the action of a financial institution. Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage Fraud include:
- 18 U.S.C. § 1001 – Statements or entries generally
- 18 U.S.C. § 1010 – HUD and Federal Housing Administration Transactions
- 18 U.S.C. § 1014 – Loan and credit applications generally
- 18 U.S.C. § 1028 – Fraud and related activity in connection with identification documents
- 18 U.S.C. § 1341 – Frauds and swindles by Mail
- 18 U.S.C. § 1342 – Fictitious name or address
- 18 U.S.C. § 1343 – Fraud by wire
- 18 U.S.C. § 1344 – Bank Fraud
- 42 U.S.C. § 408(a) – False Social Security Number
California Mortgage Fraud: It Isn’t Over
Although that some people think that mortgage fraud doesn’t happen anymore, it is alive and well. Mortgage fraud is happening right here in California right now. If you or someone you know has witnessed any type of mortgage fraud, be sure to contact the FBI.
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This has to do with my personal residence home. Home was purchased in 1/20/2001. I refinanced it in 2005 do to pay an IRS Debt. In March 15, 2005. I obtianed a loan with Argent Mortgage Company LLC. Never had a problem or a late payment. In June 15, 2005 Countrywide took over servicing accepting the payments never doing an Assignment thru the Country Recorder. Then Countrywide gets in trouble and Bank of America ask for the payments again never an assignment being legally done thru Riverside County Recorder office. In 2009 we were experiencing financial difficulty ask for a loan Modification. Finally in 10/1/2009 we receive a forbearance agreement the next eight months we get so far behind
because of their rules. June 3, 2010 we were turned down investor was not interested which is a lie according to the Title Report.. I preceeded to go get a Title Report to find Argent is still my Mortgaged Company never an assignment ever recoreded with the County. Argent is out of business since August 2008 the owner has passed away and company closed with no license to do business in California. B of A insist they own my house. They do not and I filed a Quiet Title Action 3/8/2011 in Riverside County Superior Court. This is a scam by B of A. When I ask for the RESPA information they sent everthing in Argents name. Argent in not able to sign anything according to Secretary of State and Corporation Commission and DRE. No License.
They are always threatening us. We could use some assistance. We have all document proving all the above. I have been in the Real Estate business for 38 years and all our country problems are from fraudulent paper work by the Banks not the borrowers these last 3 years.
We also paid a Orange County law firm $3500 for a loan modification in 2/15/09. Total waste and a scam by them.
Thank you, Dominick Mancuso