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Mortgage Fraud Examiners
Millions Of Families Are At Risk
1.
Number of foreclosures initiated since 2007
Nearly 6 million
2.
Projected foreclosures on all types of loans during the next 5 years
13 million
3.
Portion of all homeowners late on their mortgage
1 in 7
4.
Portion of homes where owners owe more than property value
Nearly 1 in 4
5.
Drop in residential lending from 2008 compared to 2007
Over a trillion
6.
Between 2006 and 2008, % decline in existing home sales
24%
7.
Between 2006 and 2008, % decline in new home sales
54%
8.
Between 2006 and 2008, % decline in new construction
58%
9.
In 2009, number of neighboring homes that will lose property value because of nearby foreclosures
69+ million
10.
Average price decline per home (2009)
$7,200
11.
Total property value lost because of nearby foreclosures (2009)
$502 billion
12.
Percentage of 2006 subprime loans that went to people who could have qualified for prime loans with better terms
61%
13.
Typical rate difference between a 30-year, fixed mortgage and the initial rate of aggressively marketed ARM loans
Half to 8/10%
14.
Cumulative default rate for recent subprime borrowers with a similar risk profile to borrowers with lower-rate loans
More than 3x higher
15.
During first four years of a loan, the typical extra cost paid by subprime borrowers who get a loan from a mortgage broker, compared to other borrowers with similar characteristics
$5,222
LOST NOTES, APPRAISAL AND MORTGAGE FRAUD CAUSE AN
ESTIMATED 95% OF ALL MORTGAGES TO BE LEGALLY PROBLEMATIC.
This is also due to the over appraising of homeowners'
properties and the mortgage industry's pervasive carelessness, haste, and
downright fraud in recent years. You already know from the news that during the
refinancing craze and the real estate boom over the last decade, lenders were
shoveling mortgages out the door as fast as they could. Mortgages are routinely
sold multiple times, often too quickly and without proper documentation,
leading to a greater legal mess. Appraisers have been complicit too. Many
appraisers artificially inflate property values to help lenders justify
predatory loans and receive repeat business.
Click Here To Read FDIC Report: 83% of Mortgages Have Significant Legal Violations.
A Forensic Analysis can help you. The legal experts of
Mortgage Fraud Examiners can review your appraisal and mortgage documents,
looking for fraud, other tortious conduct, and common violations of federal and
state statutes. Armed with this information, you can force your predatory
lender to negotiate with you on your terms, rather than theirs, or you can sue
them to get the remedies to which you are entitled.
FIND OUT MORE ABOUT MORTGAGE FRAUD EXAMINERS BY CLICKING HERE.
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