WELCOME

screaming-classic-horror-movie-blonde-590x595

Welcome to the Mortgage Horror Blog.  The Mortgage Segment of the industry is the home of 99% of all of the problems in the field services industry. The field services industry offers some great opportunities in the commercial and insurance segments. The purpose of this blog is to identify the problems in the Mortgage Segment and to separate the problem-plagued Mortgage Segment from the better segments of the industry

Field Inspector Owes Bank of America $12,774,102.00

wire-fraud

Dean Counce plead guilty to wire fraud after doctoring a few inspection reports that were submitted to Bank of America Field Services.

According to court documents, Dean lost two homes in Brooksville, Florida, a silver watch, a gold watch and a gold bracelet. The court also ordered restitution to Bank of America in the amount of $12,774,102.00.

He is 42 years old. He will be 50 after eight years in a federal prison in Virginia. The court has ordered Dean to pay $200 a month in restitution upon release from prison. It will take 5,322 years for Dean to pay the $12,774,102.00 restitution to Bank Of America.

Counce’s company was required to visit a property, complete a report, take photographs and send the information to the lender. Initially, Counce performed inspections himself. As his company grew, employees were hired to carry out the inspections. As the number of foreclosures skyrocketed, the employees were not able to keep up with the volume of inspection requests. Counce’s staff began fabricating reports.

According to investigators, Counce directed inspectors to visit the property and take more photographs than necessary. The photos were then used for subsequent reports. In other cases, Counce allegedly told workers to use information from public websites to fabricate reports for properties that were never inspected.

Employees estimated about 30 percent of the reports completed in 2007 and 2008 were fabricated. That percentage increased to 50 to 60 percent in 2009 when Counce won a new contract with Bank of America. Bank of America paid the company about $23.5 million over the course of five years.

READ MORE >>>

Make Sure You Read Contracts Before You Sign Them. Be Smart … Don’t Give Up Your Rights

I found this posted at Foreclosurepedia. I have to say that I would not work for a firm that has such a clause in their contract. If they are great firm… what are they so worried about?

Subcontractor agrees and commits to not disparage, denigrate, defame, discredit, dishonor, injure, or otherwise communicate negatively about PE, directly or indirectly, while this Agreement is active and thereafter. This clause applies to both oral and written communications, including social media and other online type postings. […] The only exception for this section shall be if Subcontractor makes truthful statements about PE when compelled by court order, legal proceeding, or otherwise required by law.​ — Purdy Enterprise Disparagement Clause

HUD Master Key Codes Have Been Compromised … New Codes Are Coming … An Electronic Solution Is Needed

What would Adolf Hitler say about HUD changing the master key codes?

According to reports issued by the U.S. Justice Department, a real estate agent pleaded guilty to one count of conspiracy to steal government property. Sember Lynn Smathers, 49, has been accused of selling household appliances she illegally removed from vacant homes owned by the federal housing agency.

Court records, that have since been made public, indicate that Smathers stole approximately $13,678 worth of appliances from vacant homes. She used her position as a real estate agent to gain access to the listings of vacant homes in the Charlotte area that were owned by the U.S. Department of Housing and Urbane Development (HUD). Smathers used her HUD master key to enter each vacant home and steal whatever she could, including refrigerators, stoves, washers, dryers, clothes and lawn maintenance equipment.

Smathers then proceeded to elicit the goods over several Internet websites and through a business she established called “Cheap Stuff.”

So Your Bid On That HUD Property Preservation Task Was Too High … But, Did HUD Really Approve The Bid … Get Paid … & The Job Went To A Lower Bidder?

“So I submitted a high bid and HUD approved the bid.
Then the Mortgage Order Mill (MOM) shopped the task
around and hired another contractor to do the job.
The MOM was paid the higher price that I bid. If
they can’t find a lower bid, they will demand that I
lower the price if I want more work. They are
playing games with both me and HUD.”

SOFI has created a database for bids that you were told were not accepted by HUD. We will offer the information in this database to HUD. HUD can looked at the bids that they have approved and see if the approved bidder got the bid or if it was shopped around and provided to a lower bidder while the higher bid was submitted for HUD approval.

Email your unaccepted or reduced bids to richard@law.name Call 321-543-2809 if you want to chat.

Foreclosurepedia … Mitch Davidson Takes A Page Out Of The A2ZFS Patriot Act Demand

Subcontractor agrees and commits to not disparage, denigrate, defame, discredit, dishonor, injure, or otherwise communicate negatively about PE, directly or indirectly, while this Agreement is active and thereafter. This clause applies to both oral and written communications, including social media and other online type postings. […] The only exception for this section shall be if Subcontractor makes truthful statements about PE when compelled by court order, legal proceeding, or otherwise required by law.​ — Purdy Enterprise Disparagement Clause