Thread: Foreclosures & Illegal Aliens

"Q) What was the worst case you have seen?

A) One borrower stole the SS# of a retiree and took out $3.5 million in loans, turned around and did cash-out refi’s, then fled the country. The retiree was left with ruined credit, $3.5 million in loans and trouble with the IRS. Over 50% of the sub primes were for cash-out refi’s. Regardless of the loan criteria used to pull random samplings for audits, the majority of the last names were Hispanic. The loans I audited were primarily in CA, NV, AZ, FL, CO, compare those to the states with the highest number of foreclosures & illegal aliens. "

One could make an encyclopedia with the stories of Americans who have been ruined by ID theft. And according to official Federal Trade Commission studies what state leads the way in per capita ID theft? Arizona, of course. The state Obama and Holder can't wait to sue.

It is not only illegals but those who immigrated here legally maxed out the equity and took the money and ran back home once the value of properties decreased substantially.

Wow!

Why this high level of favoritism towards illegals? Banks perceived them as a source of profits or portfolio enhancements to resell to investors?

So what happens to illegals who are upside down on their mortgage and want to participate in loan modification programs? Do they qualify for that as well?

What were the roles of Title Companies in all this fraud?

How do illegals purchase homes TODAY? What schemes are they using?

Originally Posted by legalalien

Wow!

Why this high level of favoritism towards illegals? Banks perceived them as a source of profits or portfolio enhancements to resell to investors?

So what happens to illegals who are upside down on their mortgage and want to participate in loan modification programs? Do they qualify for that as well?

What were the roles of Title Companies in all this fraud?

How do illegals purchase homes TODAY? What schemes are they using?

If the banks gave mortgages with tax numbers the Title Companies looked the other way as it was up to the banks. As for loan modification why would they waste their time especially when the property is worth much less than what they owe. It is very easy for them to walk away especailly if they used a fake ID to buy it. They have nothing to lose. I bet a large percentage of foreclosures in southwest Miami Dade are the results of illegals buying them.

How do illegals purchase homes TODAY? What schemes are they using?

Around here they "rent to own" or pay cash to buy homes. The house next to me was a "rent to own" deal and the owner has turned it into a dump. Another home in my neighborhood owned by illegals was a cash buy.

Everyone I know who has a house for sale or who has sold their house are/were constantly pestered with the "rent to own" question.