Mortgage Fraudsters Go to Jail - Next Steps?

Over the course of the last month, there have been successful prosecutions completed against corrupt mortgage industry insiders, who've poisoned and manipulated the national real estate marketplace for their own greedy gains. Investigations conducted by the U.S. Attorneys in California and New York, on behalf of the U.S. Justice Department, assisted through coordination with the Federal Bureau of Investigation, HUD’s Office of Inspector General, and IRS-Criminal Investigation, have led to major convictions in criminal fraud cases totaling multi-billions of dollars in criminal offenses and damages. The massive numbers continue to increase almost daily, as more perpetrators are uncovered and their elaborate schemes are exposed.

The former president of Mortgage One Corporation in Hesperia, CA has been convicted of four federal charges, related to a scheme to defraud the United States Department of Housing and Urban Development and private lenders, by fraudulently obtaining federally insured loans and selling those notes to private lenders.

John Richard Varner, 55, of Hesperia, was found guilty late Wednesday of one count of conspiracy to defraud HUD, one count of bank fraud and two counts of subscribing to false income tax returns. More than 1,000 of the 3,813 FHA-insured loans approved by Mortgage One and M-1 Capital went into foreclosure and, as a result, HUD and private lenders lost at least $23 million. As a result of the convictions, Varner faces a maximum statutory sentence of 41 years in federal prison.

New York's U.S. Attorney filed suit on May 3rd against Deutsche Bank, claiming that its MortgageIT unit made tens of thousands of bad loans and then defrauded the Federal Housing Authority into insuring them. The scheme left taxpayers holding the bag to the tune of hundreds of millions of dollars, the government said. HUD, which runs the FHA, has paid out $386 million through February 2011 on 3,100 defaulted mortgages. Of those, more than 600 defaulted within six months, 1,100 defaulted within a year and more than 2,000 – nearly two-thirds of the total – went bad within two years.

According to filings, some $888 million of mortgages were in default without claims having been paid by HUD. Some $348 million of those mortgages went bad within a year and more than half went bad within two years, it said.

What does all this mean for the man or woman on the street...possibly literally on the street, due to fraudulent, scandalous activities like these? It means losses that John and Jane Q. Public probably will never recover, without available capital to fund legal actions against these criminals. Of course, John & Jane Q. Public don't have the resources available that the U.S. Government has. What are the Next Steps for the rest of you, who are still holding on to your property, in spite of all this drama? You have two choices. Either dig out, dust off and let us help you investigate that pile of mortgage documents you signed your name to, or continue to hemorrhage cash, while waiting for a devastating financial event to come your way. A Forensic Mortgage Audit is the only way to know, for sure that you have not been overcharged and under protected by your lender and the cost is minimal to you, compared to the catastrophic loss that can occur from NOT KNOWING! Improve your cash flow...help us HELP YOU!

We Can Help You With:

Forensic Mortgage Audit Service - Get Your Money Back

Turning Point Consulting Group, LLC provides a professional, Government compliant, mortgage audit program analysis, at a minimal cost vs. significant returns of contractual overcharges to you (in many cases, amounting to THOUSANDS of dollars).

Mortgage Notes…Convert Your Seller-Financed Paper into SPENDABLE CASH NOW!

Turning Point Consulting Group, LLC has your Cash Flow Solution, if you’re holding Residential or Commercial Mortgage notes, as well as Seller-Financed Business Notes. Time is Money and the Present Value of Today’s Dollars are always worth more than Tomorrow’s Promise. Visit our website http://www.turningpointnotebuyer.com/ for an overview of our program. For a FREE, no obligation consultation that will outline the benefits of our service to you, either email turningpointnotebuyer@gmail.com with your questions or call Mr. Cater at (518) 265-0063 or Mr. Qadir at (518) 256-9828. You’ll be glad you did!

CASH FLOW RECOVERY...Here's A Solution

There's been a lot of talk recently about "economic recovery", particularly as it relates to the American economy and the average American citizen. We still want to know WHEN, but, more importantly HOW we're going to get there, while banks continue to log record profits and still refuse to lend money to businesses and consumers in need of funding. I have a suggestion...let's stop watching CNN, MSNBC and listening to all the so-called forecasters of doom and gloom in our media and let's start FOCUSING on what we NEED to improve our individual and collective financial condition in America. The time for analysis and playing the Blame Game are OVER; no beneficial results have been produced for the masses of Americans after more than two years of this nonsense and the truth is...the only way challenges of any kind ever get turned into opportunities is through ACTION!

First, let's stop talking about what we fear, don't want or can't do...those in charge are only going to give you MORE OF THE SAME! FOCUS your thinking and attention on CASH FLOW, because that's what those who understand this economic cycle of upheaval are doing to succeed. Eliminate or minimize your time wasting activities (including worrying about imaginary disasters) and convert all that wasted energy into activity that will cause you to discover WHERE and HOW you're wasting money. Start creating a better reality for yourself in your mind, develop and WORK YOUR PLAN towards streamlining your expenses and increasing your CASH FLOW.

Maybe you're holding a private mortgage note (performing or non-performing), maybe you're paying too much on your mortgage(s) and refinancing isn't an option (due to credit ratings or the closing cost vs. the net result). Could it be that you've got some cash value life insurance or other annuity that could pay you partial or lump sum cash NOW? Sit down, pull out the paperwork, make as many lists as you need to get a clear picture...you could be sitting on CASH FLOW you didn't realize you had. If you need help sorting this out, give us a call or drop us a line. We're here to help! The next step is YOURS!

We Can Help You With:

Forensic Mortgage Audit Service - Get Your Money Back

Turning Point Consulting Group, LLC provides a professional, Government compliant, mortgage audit program analysis, at a minimal cost vs. significant returns of contractual overcharges to you (in many cases, amounting to THOUSANDS of dollars).

Mortgage Notes…Convert Your Seller-Financed Paper into SPENDABLE CASH NOW!

Turning Point Consulting Group, LLC has your Cash Flow Solution, if you’re holding Residential or Commercial Mortgage notes, as well as Seller-Financed Business Notes. Time is Money and the Present Value of Today’s Dollars are always worth more than Tomorrow’s Promise. Visit our website http://www.turningpointnotebuyer.com/ for an overview of our program. For a FREE, no obligation consultation that will outline the benefits of our service to you, either email turningpointnotebuyer@gmail.com with your questions or call Mr. Cater at (518) 265-0063 or Mr. Qadir at (518) 256-9828. You’ll be glad you did!

The US Real Estate Market - ANYBODY Wanna LEAD?

In a recent Wall Street Journal blog, entitled "Four Housing Issues to Watch in 2011", there's an interesting synopsis of the major points of concern to all Americans, whether you're a Producer or Consumer.

By Producer, I mean either an entrepreneur or other established capitalist, who is engaged in the development and/or funding of enterprise that provides goods and services. By Consumer, I mean all those in the J.O.B. (Just Over Broke) category who fund the consumption of these goods and services provided by the Producers. Both Consumers and Producers have a role to play in this mess, thus a responsibility to clean it up. Without further ado, here's my take on the points of concern raised here:

(1) Jobs - In an economy where the majority of available employment is exclusively in low-paying service industry jobs (mostly part-time), where's the growth opportunity for the average American of any age group? There's particular distress amongst younger Americans, who upon completing the college education adventure, have quickly discovered that the "American Dream" has become their nightmare, with a mountain of debt in the form of student loans and other incendiary credit devices laying in wait for them.

(2) Foreclosures - and their attendant "delays", caused in part by bureaucratic indecision (Fannie Mae/Freddie Mac) and bankers' greed/fraud are creating another stockpile of REO's that will trigger another round of mega-investor Bulk REO acquisitions in 2011. This activity has not helped in the past two years and will continue to do nothing to improve the economy for Consumers, nor restore confidence in the American Real Estate market.

(3) Washington - Congress and the Obama Administration have done nothing, except to bow down to the bankers and other insiders who have benefited from predatory lending and other insane borrower qualification practices and measures; these arcane practices essentially doom potential borrowers to failure from the outset. Time will tell, over the coming weeks as the Obama Administration unveils its proposed regulatory revisions to address several pressing issues, i.e. Fannie Mae, Freddie Mac, scaling back the last Consumer housing benefit to home ownership (the mortgage interest deduction), as well as clarifying the impact of Dodd-Frank Act's provisions regarding commercial lender risk management and seller financed mortgages.

(4) Lending Standards and Rates - Proposed new, government backed lending programs actually provide nothing new, except potential new pools of improperly managed debt risk, that will ultimately discourage the so-called "economic recovery" that is so near, yet, so far away to be believable.

So, I pose this questions to all the so-called "leaders" sitting at the table, posing as Producers, twiddling your thumbs, while our economy continues to implode with your meaningless paper and plastic toys...with ALL this at stake, guys, ANYBODY Wanna LEAD? Consumers are sick and tired of WAITING (hey, Consumers, feel free to SPEAK UP and jump in at any time)!

We Can Help You With:

Forensic Mortgage Audit Service - Get Your Money Back

Turning Point Consulting Group, LLC provides a professional, Government compliant, mortgage audit program analysis, at a minimal cost vs. significant returns of contractual overcharges to you (in many cases, amounting to THOUSANDS of dollars).

Mortgage Notes…Convert Your Seller-Financed Paper into SPENDABLE CASH NOW!

Turning Point Consulting Group, LLC has your Cash Flow Solution, if you’re holding Residential or Commercial Mortgage notes, as well as Seller-Financed Business Notes. Time is Money and the Present Value of Today’s Dollars are always worth more than Tomorrow’s Promise. Visit our website http://www.turningpointnotebuyer.com for an overview of our program. For a FREE, no obligation consultation that will outline the benefits of our service to you, either email turningpointnotebuyer@gmail.com with your questions or call Mr. Cater at (518) 265-0063 or Mr. Qadir at (518) 256-9828. You’ll be glad you did!

WHY Should I Audit My Mortgage Loan Documents?

The Wall Street Journal, MONEY, Forbes, Newsweek and numerous other leading publications have been warning the public for years about potential over charges in mortgage loan transactions, that are believed to affect one in every three mortgage loans in the USA. Did you know that the typical mortgage note contains built-in (mostly hidden) over charges, ranging in degree from $500 to $30,000 plus? The effects can present greater dangers, if you have an ARM (Adjustable Rate Mortgage), where potential errors made by your Lender, resulting in selection of the wrong financial benchmarking index, improper rounding up of factors and inaccurate application of extra principal payments to interest due, can really create a major sink-hole in your pocket! How about your Escrow Account, the set aside fund within your mortgage loan account for payment of your property taxes and insurance...have you ever received a letter from your Lender telling you about a "shortage" in your escrow account? I got one of those several years ago, on my fixed-rate mortgaged single family home and it was not a pleasant experience, I can assure you.

So WHAT should you do? A Forensic Mortgage Audit is designed to analyze every document and calculation within your mortgage loan agreements (from Truth-In-Lending through HUD -1); at the end, you will know with certainty whether or not your mortgage loan is in compliance with all regulatory authorities or how much money your Lender owes you, in penalty for their errors. The cost is minimal, compared to what you'll gain in both peace of mind and probably, a piece of your hard earned equity returned to your pocket.

Call Turning Point Consulting Group, LLC (Elden Cater, President/CEO @ 518-265-0063 or Mustapha A. Qadir, Vice President @518-256-9828) for more information about this timely, cost effective service that will truly help you keep the roof over your head for many years to come.

What is a Mortgage?

What is a Mortgage?

A mortgage is a loan agreement that combines two legal documents into a unified promise to repay a debt, in exchange for eventual real property ownership. The details about the amount of money you borrow from the lender and its interest rate calculations, repayment terms and various conditions, until the mortgage is paid off, are spelled out in the mortgage note. Your investment (financial obligation) is secured to the lender, by the mortgage clauses, stipulations and riders contained in the mortgage document; it is this portion which empowers the lender to recover (foreclose) on your real estate and re-sell it, should you default on your loan obligation. Let me ask you something...how much time did you spend going over these documents before you bought your first (or last) property?

I already know what you're thinking, so I already know the answer to that question. Relax, it's not your fault. In the process of buying your Real Estate, you probably worked with a commissioned Real Estate Salesperson/Broker, possibly a mortgage broker/banker or other financial institution rep for your mortgage, paid a lawyer (who was supposed to check out this stuff) and relied on all these people to guide and protect you in the process. The problem here, is that all of these folks have their own unique focus on serving you and it's not always in your best interest. So, what do you do? You happily sign your life away (so it seems) at the closing table, your lawyer cuts the expense checks out of proceeds/reconciles the HUD 1 Statement, everybody shakes hands and you grab the keys to your new property and run off to celebrate.

Your mortgage agreement is akin to a minefield of costly and mostly unexpected surprises and the mines are all buried in the details. The average borrower overpays his/her mortgage by hundreds of thousands of dollars over time generally and those who somehow manage to reduce their interest expenses through planning, still have overpaid through a series of hidden fees and miscalculations that all benefit the lender. This happens to borrowers with fixed rate mortgages, also, but, it's especially painful for borrowers who went the adjustable rate mortgage route...those bumps and caps are pocket killers!

How can we help you? Well, there are a few things that every investor, new and existing must consider and we have programs to assist you:

Forensic Mortgage Audit Service - Get Your Money Back

Turning Point Consulting Group, LLC provides a professional, Government compliant, mortgage audit program analysis, at a minimal cost vs. significant returns of contractual overcharges to you (in many cases, amounting to THOUSANDS of dollars). . For a FREE, no obligation consultation that will outline the benefits of our service to you, either email turningpointnotebuyer@gmail.com with your questions or call Mr. Cater at (518) 265-0063 or Mr. Qadir at (518) 256-9828. You’ll be glad you did!