| Dead Deals Buys Brokers Uncloseable Mortgage Deals & Leads
DeadDeals.net purchases qualified uncloseable mortgage deals & leads from mortgage brokers and loan officers throughout the state of Florida, for $200 and possibly $500 each, in an effort to feed their CashToolBox.com Program. The Cash Tool Box Program utilizes their own cash, Pre-Closing cash, to fix problems associated with a consumer mortgage loan application which are preventing a loan approval and closing. Hoskins said "Dead Deals is an entity whose shared vision is to help put cash back into the pockets of the industry-Mortgage Brokers, Realtors, Loan Officers, Credit Repair Companies, even Title Companies and Appraisal Firms-in these increasingly difficult times". We observed that the new company, through purchasing of leads from Mortgage Brokers and others in and around the mortgage industry, provides an opportunity for these professionals to make some money on a deal where previously there was no revenue.
Home loan refinance goes terribly wrong
Q: I have been frantically searching for help regarding my refinance five months ago. I specifically asked the loan company for a fixed-rate mortgage with no prepayment penalties, with payments between $1,300 and $1,500 a month. My loan officer said that it would be possible. A week later, I received documents from a bank for an interest-only loan with a prepayment penalty. I called the loan officer and he told me to disregard that because he was working on another loan that would be more to my liking. I ended up accepting an interest-only loan, because I was told that the loan I wanted would have insurance requirements. Before I signed the paperwork, I asked what I would be paying per month. The loan officer told me it would be $1,481. Great! About a month ago, I was looking at my payment receipts and saw a negative principal balance of almost $5,000.
Fraud deepens Michigan housing crisis
Danny Stokes used to sell drugs, before he discovered it was safer and more lucrative to sell mortgages. Samer Fawaz and Bashar Farraj were students in a mortgage fraud class where they learned to inflate appraisals and bilk lenders. They murdered one of their fellow con men in their Sterling Heights mortgage office when the scheme began to unravel. Nelson Sumpter served time for fraud in a scam that drew national media attention in 1994. That criminal record didn't stop him from beginning a new career as a loan officer. He was recently indicted for fraud. .
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