Tuesday, June 12, 2007

crime in progress

Yes. I now have a very specific paper trail.

The senior service provided a copy of an appraisal for $35,000.00 dated in December.

The deed into the straw buyer for $33,000.00 was signed n January and recorded in February.

The appraiser loaned the straw buyer $33675.39 in January. A mortgage was recorded with a mortgagor name that doesn't really match the straw buyer deed but was intended to secure the debt. I don't know if the bad name was a ruse to throw off the paper trail or simply just bad work.

A deed was executed in March from the straw buyer to the appraiser for $46700.00. It was held by an attorney and only recorded last week pending our proposed closing.

The appraiser intends to sell the property to the new buyers for $127000.00.

The appraiser is threatening my staff. Says if we don't remove the flip alerts from the title he will tell his agents to stop using our title agency.

I reported the incident to our real estate commission on line yesterday and will discuss it with the FBI this morning. Let the chips fall where they may. I will not stand by and watch a thug steal. There is no difference between this and looking out your window at an old lady being mugged. It's just not right.


Former Regulator said...

Never give up or give in. The only way to stop these predators is to take them out one-by-one.

Diane Cipa, The Closing Specialists® said...

Thank you and amen to that.