Richard Cheese Posted September 12, 2007 Share Posted September 12, 2007 damn this is just one of hundreds of companies in bakersfield...they are also being investigated by the feds, and had their offices raided today Quote Link to comment Share on other sites More sharing options...
bako450r Posted September 12, 2007 Share Posted September 12, 2007 morons! or should i say thiefs with a real estate license someone is going to do some time in the slammer. Quote Link to comment Share on other sites More sharing options...
Vegashd Posted September 12, 2007 Share Posted September 12, 2007 damn this is just one of hundreds of companies in bakersfield...they are also being investigated by the feds, and had their offices raided today this has NOTHING to do with defaulted properties from one real estate company. this is one individual buying properties for themselves.... you take a real estate office who cloesd over 600 properties last year... between two agents and you have a high forclosure rate tight now their is nothin wrong with that... these guys are just in over their head... Quote Link to comment Share on other sites More sharing options...
Vegashd Posted September 12, 2007 Share Posted September 12, 2007 morons! or should i say thiefs with a real estate license someone is going to do some time in the slammer. what are they stealing from? do you own a home? do you have equity? if you take that equity out and default isnt that what these guys are doing? they took their equity out and got in over their heads. they did it in a little different way and this link I am sure does not disclose 100% of the truth. For example people like this owuld be stupid to keep these houses in their names.... which the way a lender will loan on them better is if their is an LLC created with these as the "buyer" listed as 10% owner. Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted September 12, 2007 Author Share Posted September 12, 2007 this has NOTHING to do with defaulted properties from one real estate company. this is one individual buying properties for themselves.... you take a real estate office who cloesd over 600 properties last year... between two agents and you have a high forclosure rate tight now their is nothin wrong with that... these guys are just in over their head... family of the agents are in homes with questionable loans in amounts much much more than what top worth was almost a year ago......all defaulting.....and why would 2 agents have SO MANY homes......follow the money....somethin stinks, and it aint rotten cheese (my son) what are they stealing from? do you own a home? do you have equity? if you take that equity out and default isnt that what these guys are doing? they took their equity out and got in over their heads. they did it in a little different way and this link I am sure does not disclose 100% of the truth. For example people like this owuld be stupid to keep these houses in their names.... which the way a lender will loan on them better is if their is an LLC created with these as the "buyer" listed as 10% owner. refer to the top answer.... Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted September 12, 2007 Author Share Posted September 12, 2007 morons! or should i say thiefs with a real estate license someone is going to do some time in the slammer. uncle mahffa RAY RAY...what is UP?? something isn't right..that is for sure. Quote Link to comment Share on other sites More sharing options...
cycoguy Posted September 12, 2007 Share Posted September 12, 2007 sucks for crisp and cole...saw this on the news today... Quote Link to comment Share on other sites More sharing options...
Sincity_blondie Posted September 13, 2007 Share Posted September 13, 2007 trust me, right now, the feds are involved with investigating ALOT of mortgage company and realtors. My former company was one of the ones investigated for fraud. One of our offices was shut down. We never heard exactly why. But low and behold, a few weeks later, the whole company closed down. There is definately alot of BS going on out there. The thing that sucks, is now companies are shutting down left and right. And its the employees paying the price. I know my company closed the doors, 6000 employees, and no final paycheck. for someone living paycheck to paycheck such as myself, its pretty devastating. Quote Link to comment Share on other sites More sharing options...
Vegashd Posted September 13, 2007 Share Posted September 13, 2007 family of the agents are in homes with questionable loans in amounts much much more than what top worth was almost a year ago......all defaulting.....and why would 2 agents have SO MANY homes......follow the money....somethin stinks, and it aint rotten cheese (my son) refer to the top answer.... Family in agents home is 100% legal... Loan amounts were absolutly not questionable at the time of the laon if they were appraised. Lenders... (who obviously are not in on this and trying to play victim) will ask for 2 or more appraisals on 750k and more home value which most homes are. Many lenders will not allow the mortgage agent to pull the other appraisals but send their own company out to appraise the value of the homes. Which means that the lender aggreed on the sales price. between 2 of us here in town are name is associated with more then 500, YES 500 homes in the Las Vegas area. This is very small in comparison. All these homes are not defaulting. only the homes they are showing are defauliting. It is very possible that they have hundreds of homes and the media does not know what is going on here and are only displaying the bad stuff. Here is how this all played out. They own a real estate company that has enough money to purchase homes. They purchase homes at under value and appriase them and sell them to a family member. They then get full appriased value in the form of a loan. They then cash out LOTS of money in some cases. Nothing wrong with this practice. It happens EVERYDAY in EVERY city. the only shady thing that there is here is they are saying they are O/O homes... whichthey are not. UNLESS they move that person into the home.... which still in a lenders eyes MEANS NOTHING...... If you want to see who should be takin the blame look at every darn lender in the nation. There is FUll doc loans Stated doc loans No doc loans No Verification loans If lenders were not the shady ones their would be no reason for anythin but a full doc loan... all others you state what you make and have in the bank and they do not check... why do they offer these progranms? do not ask, do not tell. Hell the naitons largest home loan lender will give a loan to an illegal alien.... Quote Link to comment Share on other sites More sharing options...
superdave Posted September 13, 2007 Share Posted September 13, 2007 another case of the government looking the other way because it kept the economy rolling and im sure there were plenty of politicians making a ton of money on real estate. anyone could see the sh*t gonna hit the fan the way they were approving loans and all the crazy financing going on. and now the government is going to bail out a ton of idiots who overfinanced at the tax payers, US, expense. of course they dont care. they already made their money. Quote Link to comment Share on other sites More sharing options...
bako450r Posted September 13, 2007 Share Posted September 13, 2007 (edited) Well there's more to the story than what is on paper. we are talking about a company that pushed the market value. everyone was involved on the moves that were being made, starting with the agent, family of the agents, lenders, appraisers, etc, etc. the market was definitely at a boom, and these guys sure took advantage of it. literally! there has been alot of talk about people from this agency doing big time, along with all the others that were involved in the fraud. karma is a Muth facka! Edited September 13, 2007 by bako450r Quote Link to comment Share on other sites More sharing options...
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