Freddie Mac alerts real estate agents to rising short sale fraud

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FREDDIE MAC WARNS ABOUT SHORT SALE FRAUD PARTICIPATION.. Please note that many legitimate short payoffs take place in the real estate market. What is short payoff fraud? According to a member of Freddie Mac’s Fraud Investigation Unit, a slight variation of our general definition of mortgage.

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Freddie Mac recently began reaching out to real estate associations and fielded more calls on a rising rate of fraudulent short sales.

Beware of agents or companies that charge upfront fees or ask you to transfer title to your home to a third party or into a trust. The transfer of title should be completed by your closing agent, and should be done at the conclusion of the short sale process. Seek the assistance of a licensed real estate professional to represent you.

Both agencies also are involved in a pilot program with the quasi-government lenders fannie mae and Freddie Mac, both of which have tens of. hardest hit by the severe downturn in the real estate.

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Wire Fraud Alert - Tips for Real Estate Agents Contact a HUD-approved counseling agency that can provide loan modification services for free. Complaints about the fraud have increased 40 percent this year. sponsored mortgage investor, such as Fannie Mae or Freddie Mac. The DRE hopes to alert real estate licensees about short sale fraud and other legal.

Minerva Sanchez, 48, Fremont, California, pleaded guilty to conspiracy to commit bank fraud. sanchez admitted that she advised a seller to submit false and fraudulent short-sale applications to Tri Counties Bank and Freddie Mac.. According to court documents, Sanchez was a licensed real estate agent who represented the seller of a home in Patterson, California in March 2010.

Sellers should recall that Freddie Mac made changes to its Scorecard and Manager Series. The Scorecard Metric – Total Timeline Trend Update will no longer be impacted by loans that are sold in.

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