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Air Loan
Air Loan No, this doesn't have any thing to do with "Air Jordan". What is an "air loan"? It's a loan that does not exist. It is a totally false loan. I thought I had seen every crooked way people could cheat other people out of money, but boy am I naive. This new instrument of loaning money to purchase real estate has become the best instrument for stealing money. So if you are a thief listen up, if not you had better read this twice. An air loan starts when a mortgage broker invents a property and a borrower. That's right. No, property. No, borrower. Next the mortgage broker sets up a number of telephone banks. Now these telephones each have a name. There's the employer telephone. Next the appraiser telephone. Then the credit agency telephone. Maybe a banker telephone. Ah, you get the idea. On and on for every link so that when some one wishes to check on the property, the borrower, the mortgage they get the phone bank. What does the phone bank say, "Yes, the borrower has a 769 credit rating." "Yes, the property has been appraised an $645,000." Yes, the borrower makes $450.000 a year and has no outstanding debt." See how the game is played. Well the FBI has caught on to this scheme and other schemes. The list of activities that the FBI feels indicated mortgage fraud is growing every day. Inflated appraisals. Higher than customary commissions, and fees paid to brokers and appraisers. Loan application falsification. Fake loan documents. Loans disguised as refinancing. What is one to do in a crook's world? If it sounds to good to be true. Get more information.
Unsolicited strangers with get quick contrasts or deals. Back away.
Are the documents real? Check them out.
Asked to sign forms or contracts with blanks. Be suspicious.
Do the names match on the application with your name. Identity thief is possible.
Prove the title history with your own attorney. Can't even trust title companies nor their attorneys.
Understand mortgage instruments. Knowledge can keep you out of trouble but will not prevent stupidity.
Know who you are dealing with. Even friends have been duped. New laws have been added to protect you, but it is up to you to know the law and your rights. Buying a home just got much harder. A hand shake and a smile won't get it. Author has 34 years in the Real Estate experience
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This intel was contributed by The MUSEUM
The MUSEUM
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May, 2012
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