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How to Commit Loan Fraud By Jonathan A. Goodman, Esq. Frascona, Joiner, Goodman & Greenstein, P.C. 4750 Table Mesa Dr. Boulder, CO 80305 (303) 494-3000.

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Presentation on theme: "How to Commit Loan Fraud By Jonathan A. Goodman, Esq. Frascona, Joiner, Goodman & Greenstein, P.C. 4750 Table Mesa Dr. Boulder, CO 80305 (303) 494-3000."— Presentation transcript:

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2 How to Commit Loan Fraud By Jonathan A. Goodman, Esq. Frascona, Joiner, Goodman & Greenstein, P.C Table Mesa Dr. Boulder, CO (303) (voice) (303) (fax)

3 861 Silver Circle, Breckenridge

4 DateStatusAmount Apr 4, 2003On Market$625k Oct 9, 2003Active$599k Feb 14, 2005Sold$763k Feb 22, 2005Sold$599k Listing History

5 MLS Listing History

6 1 st Deed of Trust $614,000AMT 80%ALTV 102%PLTV

7 2 nd Deed of Trust $152,600AMT -$157,000EQUITY CUSHION

8 Loan Fraud? or Stupid Loan? or Neither?

9 15402 E. Arizona - Contract

10 15402 E. Arizona – Purchase price and terms

11 15402 E. Arizona – Additional Provisions

12 15402 E. Arizona - HUD-1 Settlement Sheet

13 Legitimate Downpayment Assistance HUD-1

14 4973 Malibu

15 Marked Plat Map of Subdivision

16 Rainbow Lakes Estates Subdivision

17 Foreclosures Address Date of Sale Relevant Listing Price Nominal Sales Price % of Puff 1st D.T. Amt. ALTVPLTV 2nd D.T. Amount 2nd D.T. Type Equity Cushion Days on Market 1164 Shelby 4/20/2005$675k$750k18%$600k80%94%$75kPurchase $($40k) Malibu 2/25/2005$599k$700k17%$560k80%93%$140kPurchase $($101k) Malibu 2/3/2005$599k$700k17%$560k80%88%$140kPurchase $($101k)345 NED: July 9, 2007 Bid: $590k Deficiency: $ 0 NED: March 21, 2007 Bid: $495k Deficiency: $98k NED: October 10, 2007 Bid: $590k Deficiency: $ 0

18 4335 Zenobia St.

19 Listing History – 4335 Zenobia St.

20 Settlement Statement – 4335 Zenobia St

21 4718 W. 34 th Ave.

22 4718 W. 34 th Ave. – MLS Listing

23 4718 W. 34 th Ave. - MLS Listing Cont’d

24 Settlement Statement – 4718 W. 34 th Ave.

25 4718 W. 34 th Ave. - Torrence James

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28 773 Josephine St.

29 Listing History – 773 Josephine St.

30 733 Josephine St. – MLS Listing

31 733 Josephine – MLS Listing Cont’d

32 1 st Deed of Trust – 733 Josephine St. $559.2kAMT 80%ALTV 117%PLTV

33 2 nd Deed of Trust – 773 Josephine St. $139.8kAMT 20%ALTE NegativePLTE -$224kEQUITY CUSHION

34 Bid Letter– 773 Josephine St. Total Indebtedness: $604, Bid: $380, Deficiency: $224,139.85

35 Contract – Maplewood Dr.

36 Closing Instructions and Earnest Money Receipt - Maplewood Drive

37 801 Race Street, Denver

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39 Listing History DateStatusAmount Apr 18, 2006Active$2,250k June 2, 2006Reduction$2,150k Aug 28, 2006Increase$3,100k Aug 29, 2006Under Contract$3,100k Sept 20, 2006Withdrawn$3,100k

40 Warranty Deed – 801 Race St.

41 1 st Deed of Trust – 801 Race St. $1,950,000AMT 65%ALTV 90%PLTV

42 2 nd Deed of Trust – 801 Race St. $450,000AMT $250,000EQUITY CUSHION

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44 Foreclosure Loan Foreclosed: 1 st Notice of Election & Demand: Sept. 24, ’07 Bid: $ 2,100k Deficiency: $ 0

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52 Bond Holder Packager Mort. Investor MB Information$$$$$$$ AB® Flow of information and money S

53 Bond Holder Packager Mort. Investor MB Information$$$$$$$ AB® Who is being misled? S

54 Bond Holder Packager Mort. Investor MB AB® Who is actually defrauding? S

55 Tracking Fraud

56 Fraud by Mortgage Banker

57 Sleepless Nights by Association

58 IF IT’S NOT FRAUD, AND YOU DON’T HOLD DEBT, WHY SHOULD YOU CARE?

59 Inflated Purchase Prices Stalemate Buyers v. Sellers Inflated Real Property Taxes More Fragile Real Estate Market More Fragile Financial Markets

60 Closing the Barn Door

61 Fixes Education? New Laws? Systemic Changes.

62 Systemic Changes Chooser of Appraiser Testers


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