FACTS
What follows are just some of the reminders you need to know, not all of them. For all of them take a seminar or course that someone else of good reputation is giving.
1. Prior to issuing the GFE the loan originator may only collect money for a credit report and absolutely nothing else. The GFE must be issued when the loan originator receives the six pieces of information consisting of the borrower's name, borrower's monthly income, borrower's social security number, property address, estimate of the value of the property and mortgage loan amount sought.
2. The lender is ultimately responsible for seeing the borrower gets a correct GFE.
3. Additional lines may be added to Blocks 3, 6, and 11 of the GFE if necessary. Additional lines may also be added to the HUD-1/1A if necessary.
4. After a loan applicant both receives a GFE and indicates an intention to proceed with the loan covered by the GFE, the loan originator may collect fees beyond the cost of a credit report for origination-related services. Remember, this is also subject to state laws and regulations which may prevent you from collecting fees in advance so check your state law at the same time.
5. If the borrower is taking out two loans to finance the property, each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan and a brief explanation of the second loan should be listed on Lines 204 - 209 of the HUD-1 for the first loan.
6. Processing and administrative services include, but are not limited to document delivery, document preparation, copying, wiring, preparing endorsements, document handling and notarization.
7. The totals included in the column on page 2 of the GFE must be the sums of the prices or fees, by category, for all settlement services that are required to be shown on the GFE. Where individual components of these totals are required to be itemized, each third party settlement service must be identified and the estimated total price or fee to be paid for that service must be stated to the left of the column. You may not use paid outside closing.
8. If the lender accepts the GFE issued by the mortgage broker, the lender is subject to the loan terms and settlement charges. Charges for the credit or credit for the interest rate chosen and the adjusted origination charge may not change (zero tolerance).
9. If the borrower does not lock the interest rate at or before being given the first GFE and then later the borrower locks the interest rate after the GFE has been issued, a revised GFE must be issued within three days of the interest rate lock reflecting the date that the interest rate lock is good through in Line 1 and "N/A" in Line 4 of the "Important dates" section of the GFE. Any interest rate-dependent charges (Block 2, Line A and Block 10 on the GFE) and terms that changed must also be updated on the revised GFE.
10. Additional pages may not be added to the GFE. Only Blocks 3, 6 and 11 on page 2 may have lines added, deleted vertically or horizontally as necessary.
11. Signature lines may not be added to the GFE. If you want to prove the borrower received it, use and other piece of paper or send a cover letter or hand deliver a cover letter with it.
12. When a loan originator permits a borrower to shop for third-party settlement services, the loan originator must provide the borrower with a written list of settlement services providers at the time of the GFE, on a separate sheet of paper. If the loan originator permits a borrower to shop for a settlement service provider, the borrower may choose a qualified provider that is not on the originator's written list. However, if the borrower chooses a settlement service provider that is not on the loan originator's written list of providers, the amount paid for that service is not subject to a tolerance.
13. The GFE may not have both a yield spread premium and discount points. It is one or the other but not both.
14. All payments from a lender to a mortgage broker must be shown as a credit to the borrower in Block 2 of the GFE and on Line 802 of the HUD-1. These payments may not be shown as P.O.C.
MORAL
If you have not taken a course on how to complete the GFE and the HUD-1 I highly recommend you do it now. Later may be too late and you may find yourself in violation and subject to discipline by HUD and/or your state regulatory agency. The new RESPA FAQ's have been updated through Jan. 28, 2010. Read them now very, very carefully. Go to http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf for all 57 pages of questions and answers. Have plenty of aspirin, or Tylenol if you prefer, handy.
FTC PROPOSES TO BAN ANY ADVANCE FEES ON LOAN MODIFICATIONS FOR ANY REASON WHATSOEVER
FACTS
The Federal Trade Commission wants to ban all companies from charging consumers upfront fees for loan modification services. The FTC has already brought 28 cases against companies fraudulently offering loan modification services that charge consumers a fee and do not complete the modification. State and federal law enforcement agencies have brought hundreds more.
In California, Attorney General Jerry Brown has filed criminal charges and obtained convictions against several people: In a scheme by First Gov involving mortgage loan modification promises (sdtrib31009) Rosa Conrado of San Bernardino was sentenced on March 9, 2009 to six years, four months in prison for six counts of grand theft in connection with the scam, Alejandrina Maldonado of St. Lucie, Fla., was sentenced Feb. 26, 2009 to three-year prison term for one count of grand theft and Martin Jesus Flores of Baldwin Park was given three years of probation on March 9, 2009 based on limited participation in the scheme.
As of July 15, 2009 over 189 lawsuits were filed nationwide in 20 states.
As of September 2009, AG Brown as filed 33 civil lawsuits and 11 criminal actions against people doing loan modifications. This is in addition to the fact that four California lawyers have resigned from the State Bar over loan modifications that were not completed as promised.
The proposed FTC rule would not allow a loan modification company to be compensated until it had a documented offer from a mortgage lender or servicer. It also bars providers from advising consumers to stop communicating with their lender or servicer. Furthermore, the rule would stop modification providers from misleading consumers about the likelihood of getting the results they want and how long it will take; their affiliation with public or private entities, payment and other existing mortgage obligations; and refund and cancellation policies. It also requires consumers to be told the loan modification firm is a "for-profit" business that provides its services in exchange for a fee, what that fee is, and that there is no guarantee of success. There is a 45-day comment period for the rule, which ends on March 29, 2010. Some states, most notably California, already ban upfront fees for loan modification services. (bkrun2510)
MORAL
Look out for March 29, 2010 when the new rule will probably go into effect. My recommendation: Do not do loan modifications at all. The risk of being sued or indicted by the state is too great.
CALIFORNIA DRE ISSUES ABOUT 336 "DESIST AND REFRAIN" ORDERS IN 2009 IN GENERAL
FACTS
To the ones that were issued an order and are not licensed they just need to stop and that should be that. However, to those that have Department of Real Estate Licenses see your attorney because there is an excellent probability an accusation will be or already has been issued to discipline your license. If you would like to see if a "friend" of yours is on the list got to http://secure.dre.ca.gov/publicasp/unlicenseddnr.asp and check.
CALIFORNIA DRE ISSUES ABOUT 618 "DESIST AND REFRAIN" ORDERS FOR ILLEGAL LOAN MODIFICATIONS IN 2009 AND 44 IN 2010 TO DATE
FACTS
If you have a DRE license in 2009 and received the D&R for loan modifications and especially if you are one of the 44 that received it in 2010, you had better get legal counsel or you may find yourself without a license and debarred from the industry and from doing mortgage loans under the new NMLS&R program. Visit http://www.dre.ca.gov/cons_drs.asp for this list.
CALIFORNIA DRE ISSUES 3 "BAR" ORDERS SINCE THE NEW LAW WENT INTO EFFECT ON JAN. 1, 2010
FACTS
Bar orders were issued against David Marshal Crisp, Thomas Joseph O'Meara and William Benson Peavey, Jr. This means (unless they timely requested a hearing) they are barred from anything to do with real estate for the next three years notwithstanding any other discipline. This includes working for escrows, title companies, banks, credit unions in any area involving real estate, etc. Visit http://www.dre.ca.gov/cons_barorders_list.asp to see exact nature of the order
MORAL
The punishment being sought by DRE is higher now so if you need an attorney familiar with the ins and outs" of litigating an accusation by all means give us a call. In fact the "BAR" orders are more restrictive than revocation. In revocation you can seek reinstatement in two years based upon rehabilitation while the bar order says you are out for three years and mentions nothing about rehabilitation.
CALIFORNIA REAL ESTATE BROKER AND DEVELOPER INDICTED FOR $19.6 MILLION MORTGAGE FRAUD
FACTS
On Feb. 11, 2010 a federal grand jury in San Francisco indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, bank fraud, and money laundering.
According to the indictment, Ohayon and Papera are alleged to have recruited 13 straw buyers who used their good credit scores to obtain more than $19.6 million in fraudulent residential mortgage loans from Washington Mutual Bank, with no intention of making either down payments or mortgage payments on the properties. The indictment further alleges that Ohayon, with Papera's knowledge, told the straw buyers that an entity controlled by Ohayon and Papera would use the loan proceeds to make the down payments and mortgage payments. Ohayon and Papera created and submitted to Washington Mutual Bank loan applications with numerous misstatements as to the straw buyers' income and assets.
The maximum statutory penalty for each count of conspiracy to commit bank fraud, in violation of 18 U.S.C. § 1349, and bank fraud, in violation of 18 U.S.C. § 1344, is 30 years' imprisonment, a fine of $1,000,000, and restitution. The maximum statutory penalty for each count of money laundering, in violation of 18 U.S.C. § 1957, is 10 years' imprisonment, a fine of $250,000, and restitution.
The prosecution is the result of a three-year investigation by IRS-CI and the Federal Bureau of Investigation. (usattyndca2122010)
MORAL
Notice how the investigation went on for three years! If you know someone that has been involved in mortgage fraud over the last three years and especially if involved with anyone mentioned herein you might suggest they seek legal counsel now. Later, after they have been interviewed by law enforcement gives them much less to negotiate with.
CONNECTICUT REAL ESTATE AGENT PLEADS GUILTY FOR DEFRAUDING BANK IN SHORT SALE TRANSACTION
FACTS
On Feb. 11, 2010, Sergio Natera, a licensed real estate agent residing in Bridgeport, pleaded guilty before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport to one count of bank fraud stemming from his involvement in a short sale mortgage fraud scheme.
A short sale transaction involves a mortgage holder or lender entering into an agreement to release its mortgage or lien on real property in exchange for payment of less than the total amount owed on the underlying debt. Many short sale transactions are legitimate.
Natera worked with another real estate agent to defraud Regions Bank, which held two mortgages on a residential property in Bridgeport. On Dec. 5, 2007, the other real estate agent, who was a listing agent for the property, received an offer to purchase the property for a price of $132,500. However, Natera subsequently communicated to Regions Bank that the highest offer to purchase the property was for $102,375 by BOS Asset Management LLC, an entity that Natera controlled. The bank agreed to a short sale of the property for the lower price, and released its mortgages on the property.
On June 9, 2008, Natera, through BOS Asset Management, sold the property for $132,500 to the original bidder on the property.
Natera is scheduled to be sentenced by United States District Judge Janet C. Hall on April 30, 2010, at which time he faces a maximum term of imprisonment of 30 years, a fine of up to $1 million, and an order of restitution. (usattyct21110)
MORAL
One deal, one transaction, one paper trail and now he will do time in a federal prison. What anyone should realize is there is always a paper trail. And unfortunately for you the federal agents know how to follow it.
TWO INDIANA WOMEN DRAW OVER FIVE YEARS IN FEDERAL PRISON FOR MORTGAGE FRAUD
FACTS
A U.S. District Court judge in Indianapolis ordered Beverly A. Ross to serve 63 months in prison and repay $5.6 million to 21 lenders she defrauded as part of a plea agreement,,
Ross's partner in the scheme, Donella Locke was sentenced to 71 months in prison in January 2010 and must pay $2.3 million to 13 different lenders who were defrauded. Locke went to trial and was convicted in September.
The two women were arrested in 2008 after authorities discovered they used other people's credit information to obtain more than $23.5 million in loans on more than 30 expensive properties. Few payments were made on the properties, and Ross filed five bankruptcy petitions to help keep some of the properties from going into foreclosure. The investigation began in 2005 when one of Ross's relatives discovered she used his credit information to buy and lease properties and vehicles. (indstr.com21210)
MORAL
Nice relative. Steals your identity to buy property by fraud and leaves you the nest two years to clean up your credit.
TWO MICHIGAN MEN SENTENCED TO 65 MONTHS AND 30 MONTHS RESPECTIVELY TO FEDERAL PRISON FOR MORTGAGE FRAUD
FACTS
On Feb. 10, 2010, Kurt Warren Heintz, formerly the owner of Great Lakes Broker Funding in Grand Blanc, Mich., was sentenced to 65 months in the custody of the Bureau of Prisons on one count of Financial Institution Fraud in violation of Section 1344 of Title 18 of the United States Code. Sentenced at the same time was James Fish, formerly a licensed real estate broker in the State of Michigan, who was sentenced to serve 30 months in the custody of the Bureau of Prisons on one count of Financial Institution Fraud in violation of Section 1344 of Title 18 of the United States Code. The sentences were imposed by the Honorable Sean F. Cox, United States District Judge sitting in Detroit.
On Feb. 6, 2009 and Feb. 4, 2009, respectively, Heintz and Fish pleaded guilty to a one-count information charging that they had devised and executed a scheme to defraud Indy Mac Bank though the use of a fraudulent mortgage loan application based on a false and inflated property appraisal. Although Heintz and Fish pleaded guilty to one count of Financial Institution Fraud, they agreed to be held responsible for the full extent of their scheme to defraud financial institutions in the Flint metropolitan area. This scheme to defraud began in May of 2005 and continued through 2007. In addition to IndyMac Bank the victim financial institutions included, Fifth Third Bank, Bank of America, Independent Bank, Mercantile Bank, and Union Federal Bank. The Federal Bureau of Investigation conducted of a review of the mortgages obtained in the course of this scheme to defraud and calculated the loss to these and other lending institutions at more than $14.4 million.
In sentencing Fish, Judge Cox said his sentenced had been heavily influenced by the fact that Fish had stolen the identity of other appraisers and used them on fraudulent appraisals. In addition to the millions of dollars lost by lending institutions, Judge Cox noted the devastation caused to entire neighborhoods, the financial cost to unsuspecting purchasers and the damaged and destroyed careers of innocent appraisers.
In addition to their custodial sentences, Heintz was ordered to pay, jointly and severally with Fish, $14,467,546.50 in restitution to various financial institutions, and Fish was ordered to pay, jointly and severally with Heintz, $4,992,400. Each was ordered to pay a $100 special assessment and must serve three years of supervised release upon the completion of their custodial terms. (usattyedmi21110)
MORAL
Note the investigation covered 2005 to 2007. This is five years ago. As I have consistently said, it is better to find your attorney now if you were involved in any creative financing over the last ten years before the federal prosecutors find you. Usually it will turn out better.
IN MINNESOTA A WISCONSIN LAWYER PLEADS GUILTY TO $3 MILLION MORTGAGE FRAUD
FACTS
On Feb. 9, 2010 in federal court in Minneapolis, Jason Eric Fisher, a lawyer from Hudson, Wis., pleaded guilty to mortgage fraud by stealing more than $3 million from the escrow account at the real estate title and settlement company he jointly owned. Fischer pleaded guilty to one count of mail fraud and one count of money laundering in connection to his crime. Fischer was charged by way of an information on Jan. 28, 2010.
Fischer admitted that from 2006 through May 2009, he orchestrated a scheme to divert funds from the escrow account at Real Source Title, a company he jointly owned and managed. The company, which had offices in Mahtomedi and Burnsville in addition to Illinois and Hudson, routinely accepted wire transfers and checks from buyers and lenders. Those funds were to be held in escrow for the sole purpose of closing residential real estate transactions.
Fischer represented to buyers, lenders, underwriters, and others that the money deposited into the company's escrow account was, in fact, used only to close real estate transactions. He made those representations by producing and mailing false HUD-1 settlement statements to people of interest. However, Fischer regularly withdrew escrow-account money to pay for personal and business expenses as well as fund prior company real estate transactions. In 2008, for example, Fischer invested approximately $500,000 in escrow dollars into the opening and operation of a restaurant.
Between 2006 and May 2009, Fischer diverted approximately $3 million from the escrow account at Real Source Title; and by May 2009, the account was depleted and unable to fund 15 loans. As a result, buyers, sellers, lenders, underwriters, and others suffered significant financial loss.
Specifically regarding the mail fraud count, Fischer sent a fraudulent HUD-1 settlement statement to Wells Fargo Bank by way of commercial carrier on April 16, 2009. As to the money laundering count, Fischer caused a monetary transaction to occur involving $12,153.72 in proceeds from the illegal scheme. For his crimes, Fischer faces a potential maximum penalty of 20 years in prison on the mail fraud count and 10 years in prison on the money laundering count. (usattymn2910)
MORAL
He is looking at five to six years in federal prison. As I said, time and time again, if you have been overly creative in any loans, see your lawyer before a federal agent sees you
FORMER EMPLOYEE OF AMERIQUEST IN MINNESOTA PLEADS GUILTY TO IDENTITY THEFT
FACTS
A former Ameriquest Mortgage employee has pleaded guilty to stealing the personal identification information of nearly 100 victims and using that information to obtain money and other items.
Jason Alan Tauer of Robbinsdale, Minn., admitted stealing the files of 93 people who had made mortgage applications to Ameriquest Mortgage where he worked as a mortgage assistant from March 15 through April 29, 2005.
Tauer was indicted on Nov. 3, 2009 and charged with two counts of bank fraud, one count of access device fraud and three counts of aggravated identity theft. Tauer also admitted obtaining personal identification and financial information from stolen mail and items he took from gym lockers. He utilized all of this stolen information to create fraudulent identification documents and checks, which, in turn, he used to obtain cash, services, and other valuables.
Tauer took one victim's identification to obtain a credit card through U.S. Bank. With that card, he then obtained a total of $30,530 in cash from ATMs throughout Minnesota. Those disbursements were charged to the victim.
Law enforcement executed a search warrant at Tauer's residence back in December 2007 and recovered the 93 files stolen from Ameriquest Mortgage as well as stolen mail and other financial information belonging to 208 individuals.
For his crimes, Tauer faces a potential maximum penalty of 30 years in prison for each bank fraud count, 10 years for the access device fraud count and a mandatory minimum penalty of two years on each aggravated identity theft count. (usattymn12910)
MORAL
Check your credit on each of the bureaus once per year, four months apart and if you are in the mortgage business, have your red flags manual and check the references of your employees.
MISSOURI DEVELOPER AND MORTGAGE BROKER ALONG WITH A WOMAN INDICTED FOR MORTGAGE FRAUD
FACTS
Indicted was Jeremy Beadle of St. Charles, the president of Network Ventures, a business engaged in mortgage processing and real estate brokerage, and also the rehabilitation of real estate properties in need of repairs. Beadle also operated and managed Premier Mortgage Funding, a mortgage brokerage company, owned by Network Ventures.
Also indicted was Rebecca Domecillo of Lake St. Louis, who was an officer of Network Ventures and also participated in the operations and management of Premier Mortgage Funding.
Between November 2005 and December 2008, Beadle bought properties and resold them at higher prices based on fraudulent and inflated appraisals to individuals who were qualified for mortgages based on false loan applications, the indictment alleges.
In November 2005, Beadle purchased five distressed properties located in St. Louis on Labadie Avenue for $32,000 each, made limited renovations to them and then sold them, according to the indictment. He submitted false mortgage loan applications overstating the borrowers' monthly income and falsely representing that they would occupy the properties as their primary residences, the indictment alleges. Beadle provided the funds for the down payments on the sales by depositing funds into the borrowers' accounts and then received the sales proceeds when the properties were sold, according to the indictment.
Between March and September 2006, Beadle realized a profit of $160,000 from the sale of the properties, the indictment alleges.
In September 2006, Beadle bought a property on Normandy Drive in Lake St. Louis for $315,000, and then resold it for $411,000 in January 2007. Beadle prepared a false mortgage loan application for the buyer misrepresenting the borrower's income and assets and received a profit of $89,000, according to the indictment.
In January 2006, Beadle offered to purchase real estate properties from individuals who needed to refinance the mortgages on their residences because they were in danger of foreclosure. Beadle offered to buy these properties for a price in excess of the balance of the existing mortgage and told the sellers they could rent the properties and he would apply the rent payment to the mortgage. But Beadle failed to make the mortgage payments as agreed, and these properties were foreclosed, resulting in losses to the mortgage lenders, according to the indictment.
Between June 2005 and December 2008, Domecillo arranged for the purchase of real estate by straw parties, including family members, for a price in excess of the sales price set by the seller, and applied for mortgage loans in the names of the straw parties, according to the indictment. She supplied fraudulent information to mortgage lenders on behalf of the straw parties, including false information about their income, employment, the purpose of the loan, current rental agreements on the property and assets, according to the indictment. Domecillo used the funds for her own benefit instead of repairs on the properties, the indictment alleges.
Beadle was indicted in February 2010 on seven felony counts of wire fraud and two felony counts of mail fraud. Demecillo was indicted by a federal grand jury in February 2010 on eight felony counts of mail fraud. If convicted, each count of the indictment carries a maximum penalty of 20 years in prison and fines up to $250,000. (stlouuisbusjl21110)
MORAL
Have you noticed the trend? Most of the mortgage fraud cases are for loans between 2005 and 2008. It takes about two years for the federal prosecutors to investigate and indict. The federal prosecutors are attempting to hire 3,250 more people for prosecution, which should step up the investigations. Anyone out there getting heartburn?
NEW JERSEY ADDS THE FORECLOSURE FAIRNESS ACT
FACTS
New Jersey has amended the Mortgage Stabilization and Relief Act by adding the Mortgage Foreclosure Fairness Act. The Mortgage Foreclosure Fairness Act adds a notice to tenants which must be provided by a person who takes title as a result of a sheriff's sale or deed in lieu of foreclosure. The Act amends the responsibilities of a foreclosing creditor regarding notice to the municipality. (aregs21110)
MORAL
If you take title through a foreclosure sale, notify the tenant properly or you may just get sued. Maybe fairness means say please before you take the house?
OREGON BROKER PLEADS GUILTY TO BANK FRAUD
FACTS
On Feb. 9, 2010, Joel D. Surprenant of West Linn, Ore., pled guilty to bank fraud. Surprenant is scheduled to appear again before U.S. District Judge Robert E. Jones on May 12, 2010, for sentencing on these charges.
Surprenant admitted that while employed as a mortgage broker for Morgan Financial in August 2006, he provided false information to First Franklin Financial Corp. in order to obtain a loan for himself for property located in Hood River, Ore. To support the mortgage loan, Surprenant prepared a loan application and falsified his financial qualifications. Surprenant created and submitted false supporting documentation, including pay stubs, to corroborate his false financial qualifications. The defendant also inflated the sale price of the residence in order to receive a kickback from the seller outside of the closing of the transaction. In addition, he identified an unsuspecting co-worker as the mortgage broker, forging the co-worker's signature on the residential loan application. Surprenant subsequently defaulted on the loan, resulting in a loss to First Franklin in excess of $96,000.
Surprenant also admitted and accepted financial responsibility for two other fraudulent loan schemes related to two residential properties he purchased in 2006 in Bend, Ore. Those schemes involved Surprenant fraudulently obtaining three mortgage loans through Bank of America in which Surprenant identified his brother as the borrower without the brother's knowledge or consent. The defendant later defaulted on the loans resulting in losses to Bank of America of approximately $145,000. (usattyor2910)
MORAL
Loss occurred four years ago. Nice brother. Loss only $241,000, now he goes to federal prison if judge sends him there, loses right to vote, hold public office or get a license in the future at all under the new NMLS&R laws. Now you know why you need an attorney before the U. S. Attorney finds you.
TENNESSEE HOME BUILDER GETS THREE YEARS IN FEDERAL PRISON WITH $2.9 MILLION TO BE PAID IN RESTITUTION
FACTS
On Feb. 8, 2010, home builder Roger Ritch was given a 39-month sentence and must pay over $2.2 million in restitution to lenders who were defrauded in the scheme. According to federal sentencing guidelines, Ritch could have received a minimum of 51 months for his role in the scheme, but federal prosecutors were asking for 70 to 87 months for Ritch in their last court filing.
Ritch, along with Carrie Snow, William T. McMahan and Jonathan Henderson, was charged last May 2009 with bank fraud and money laundering in the scheme involving hundreds of homes in Shelbyville. Bradley Aydelott was indicted on the same charges last July.
All pleaded guilty to counts one and four of the federal indictment, stating that they obtained financing under false pretenses and falsely represented the employment status and income of borrowers. McMahan was sentenced last November to six and a half years in prison and was ordered to pay over $2.4 million in restitution.
Snow received a 27-month sentence and must pay $911,478 in restitution and Henderson received a 20-month sentence and must pay $254,322 in restitution. After serving their federal sentences, the four will be under three years of supervised probation.
Law enforcement had been working on the case surrounding Ritch, McMahan and American Value Homes, Ritch's company, since November 2006.
People in Greystone Subdivision were told they had been making payments on their homes, but the four individuals - John Henderson, Jeff Dotson, Mark Charlton and McMahan's girlfriend Molly Worrell - failed or refused to satisfy the mortgages relating to those properties, resulting in the houses being foreclosed on and the families losing their investments as well as the roof over their heads.
According to federal court documents, the four individuals each allegedly bought multiple houses from Ritch, and even though they were listed as "owner occupied" on the title documents, the buyers had bought the homes as rental property.
McMahan and Snow came up with the scheme where Snow would be paid $2,000 per purchase in return for falsifying HUD filings showing that the properties were to be owner occupied, the documents said. (shelbvletimesgaz21210)
MORAL
Get a sympathetic judge and get less time maybe.
THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE.
AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE
