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The Private Investigator and Mortgage Fraud Cases

Buying a home is the most important investment most people will ever make. But borrowing the money to finance your dream home can be like hiking into a dark forest filled with ravenous wolves. What can go wrong? And how can a private investigator help the home buyer escape the wolf’s jaws?

A recent criminal case filed on July 31, 2013 by the United States Attorney’s office in Los Angeles, after a lengthy FBI investigation, shows what can go wrong. And the home-buyer/borrower could never have even smelled trouble coming during the loan application process.

The indictment just handed down in the Los Angeles case alleges that eight (8) individuals conspired to defraud mortgage lenders and buyers by falsifying loan applications and supporting documents. The scheme, allegedly led by Camarillo real estate broker Jose Bautista Garcia, 46, involved forming a mortgage company. Garcia then solicited loan applications from low-income people wanting to finance home purchases. False promises were made to potential borrowers. The loan applications included phony information about borrowers’ income, employment and assets. Phony information was backed up by forged or falsified letters from accountants and tax professionals.

The loans obtained were never paid back, or fell into foreclosure very quickly. Borrowers suffered damaged credit, foreclosures and losing homes they had moved into. Banks who funded the loans lost part of the loans made, and also lost the commissions paid to Garcia and his co-conspirators. Those commissions averaged over $10,000.00 per loan.

What could a private investigator do, to avoid this happening? Once a borrower smells trouble, and brings in a private investigator, the investigator can:

  • Investigate the mortgage company’s business reputation in the community
  • Investigate the real estate license-holder, including any complaints against that licensee pending before the California Department of Real Estate
  • Interview witnesses, including the borrower, loan officers, escrow officers and any other professionals involved
  • Conduct under-cover investigations of loan application practices

If an offer sounds too good to be true, it probably means trouble. But if the offer involves many thousands of your dollars, paid in fees, interest, loan points and other costs, it may be worth it to call in a professional private investigator or private detective, BEFORE writing that last check to fund the escrow and close the deal.

To read more about mortgage fraud, see the linked FBI fact sheet.

To start an investigation, or if you even suspect something might be amiss with your mortgage, To help in your efforts to confirm your spouse is truthful with you, contact a licensed professional private investigator at AssetSearchesNow.com.

It’s your American Dream that is at stake.

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