Metro Dream Homes (lender, broker, buyer)

[Rey19]

Originally Posted by sagegriot

REY........this one is not California. The only one I saw from California was the link on the veterinarian staffing site.

Sagegriot, Oops...thanks for the catch. I got the link you posted mixed-up.

Staffing, Veterinary Hospitals, Veterinarians - Playa Vista, CA


Thanks...

[allinyourpreception]

A.C.A,

I have been following this post for a while, here and on scam, and I too wish that all of this will be ironed out soon for all involve.

However I am trying to understand. The realtor and the appraiser are the ones who elevated the sales price of the home. Right? So I foresee them being in a lot of trouble on this one. Regardless what they were told by MDH rep they are licensed to uphold the state's real estate laws. Point in case, I can tell anyone to illegally flip a house, if they do and I'm not on the paperwork or in the process, they get nailed not I.

As for you, did you not realize that you did not qualify for the high 600's and also when you were at closing and saw your payment? Did you not realize that you could not afford it without MDH?

See, Having worked with the feds for some cases of real estate fraud, I can assure you that these are questions that will be asked of you from them and if you cannot answer them with a positive "I had no idea what was going on", to them you are just as guilty.

This is just food for thought.

[scamme]

allinyourpreception,

I would have to disagree with your statement and it is actually ridiculous:

"I can tell anyone to illegally flip a house, if they do and I'm not on the paperwork or in the process, they get nailed not I."

Let me get this straight, for example if you bribe an official to break the law and the paper work only implicates the official you are saying you are not responsible and can not be prosecuted? I think not. You may perhaps get away with getting "nailed" but that does not mean you are not just as guilty.

It will become evident that MDH is implicated in the mortgage fraud if the majority of properties in their program have been overvalued by 10-15% regardless of whether there is a paper trail or not.

A.C.A, do not let this person scare you into staying silent. If the MDH program was to pay for the mortgage and they made false promises then you are the victim. You need to take action TODAY.

[allinyourpreception]

Scamme,

What u think and how it works can be two different things. I am not saying that they are innocent but I also do not believe that anyone who participated in this who has significately inflated values on their homes is not neccessarily without blame either, especially if it comes to signing fraudulent documentation. This info did not come from my speculation but from one of the US Attorneys that operates the mortgage fraud division in my state. Her stance is this this: As a buyer you are required to read documents before you sign, in order to qualify for a house, and if those documents say you can afford what you really cannot, then most of the time your income is inflated. There are documents all of us that are home owners are required to read and sign, there are even clauses about submitting false information from the Buyers standpoint. If you sign that the info is correct and you know that it is not then you (the buyer) is definitely in violation.
Furthermore, even though individuals give funds to MDH. I have not seen or read where this company is the Realtor, Appraiser, or Loan Officer who puts these deals together. I'm not scapegoating for anyone, all I am saying is from what I can see that there are a lot of other individuals here that have just as much blame. If you don't believe me then call your US Attroneys office and get your own opinion.
I have seen many flippers go under and you know who gets mailed in most cases: The Appraiser, Loan Officer, and Attorney or Title Company. So this is a warning to all of those individuals as well.

[Rey19]

Good article on Mortgage Fraud.

Mortgage Fraud

[whataboutthismess]

I agree with the both of you regarding MDH and all involved. This is why this is going to be absolutely catastrophic. We all will watch people we care about be systematically taken apart, and there's nothing anyone can do to stop this slow bleeding process. I too was nearly caught up in MDH. You get so intoxicated with the fact that someone is willing to pay your mortgage, you forget all the fine details, assuming that everything will work itself out. You just want that relief from the your mortgage and that's all. There's that something in you that tells you that something is wrong, but you drown those feelings out with glee and just like any other drug...YOU GET HIGH AND ADDICTED...not giving a care how the mortgage is getting paid..as long as it gets paid. The sad thing is....everyone involved have come down from there highs and reality has set back in again...This is why we're here writing...it's like 911...all over again....but worse.

[allinyourpreception]

I hope all come out OK in this, it is definitely a sad situation. BTW, Great article Rey.

[cutgarden]

My heart really goes out to everyone caught up in this mess. Honestly, I mean that. But for God's sake people, if it seems too good to be true, it IS!!!!!

But, scam artists feed on desperation. I feel very bad for anyone going through this.

[scamme]

Originally Posted by allinyourpreception

Scamme,

What u think and how it works can be two different things. I am not saying that they are innocent but I also do not believe that anyone who participated in this who has significately inflated values on their homes is not neccessarily without blame either, especially if it comes to signing fraudulent documentation. This info did not come from my speculation but from one of the US Attorneys that operates the mortgage fraud division in my state. Her stance is this this: As a buyer you are required to read documents before you sign, in order to qualify for a house, and if those documents say you can afford what you really cannot, then most of the time your income is inflated. There are documents all of us that are home owners are required to read and sign, there are even clauses about submitting false information from the Buyers standpoint. If you sign that the info is correct and you know that it is not then you (the buyer) is definitely in violation.
Furthermore, even though individuals give funds to MDH. I have not seen or read where this company is the Realtor, Appraiser, or Loan Officer who puts these deals together. I'm not scapegoating for anyone, all I am saying is from what I can see that there are a lot of other individuals here that have just as much blame. If you don't believe me then call your US Attroneys office and get your own opinion.
I have seen many flippers go under and you know who gets mailed in most cases: The Appraiser, Loan Officer, and Attorney or Title Company. So this is a warning to all of those individuals as well.

allinyourpreception,

I hope you can understand my skepticism on your intentions since your posts focus on the least "guilty" party in this whole mess, the victims. In fact you hardly have said anything negative about the culprits, MDH / POS Dream Homes. There are many links in this rotten chain but it's wrong to say everyone involved "have just as much blame". No sir, MDH is first and foremost the one to blame.

Obviously it is wrong to make false claims on mortgage applications but the people in this program most likely based their purchase or refinance of their properties on MDH honoring its agreement to pay their mortgages. Is that not the WHOLE point of the scam? So to say that the people in this program should have not bought houses they couldn't afford is missing the point.

You have volunteered that you have helped the feds in mortgage fraud cases yet you keep bringing up the point that MDH is not in the paper work and thus somewhat protected and less exposed. But you should know this will not protect them. There is a term used for MDH's role, do you know what it is? The US Attorney would charged them using this term. Please tell us. If you do not know, let me tell you now, their absence in the paperwork will not protect them if the Attorneys get the information they need. This is why it is so important for the victims to come forward.

Also please tell us the US Attorney that you worked with, I would not mind contacting her with your post above and getting her thoughts on this case.

Like I said, sorry for the skepticism but you could be Andy himself.

[sagegriot]

There are two distinct issues that are being intermixed here, which is understandable. First, there's the investment fraud, scam, scandel or whatever which is clearly perpetrated by, and responsibility of the MDH principals (excluding the 'board' members). They have been enabled by some real estate professionals to perform this unethical investment activity. Also some victims are guilty of being greedy, some are just gullible, while others are simply naive. Credit to whataboutthismess for description of how powerful the lure is. Ever see folks overspend on lotteries, casinos and such?.........they're buying hope. I expect the officers of MDH to face mild to moderate punishement for thier deeds, not the harsh penalties some are anticipating........we'll see (and debate). The victims will likely not face any charges from the gov't. They will pay for thier "mistakes" in other ways...wrecked credit, lost homes, etc.

The second issue is the mortgage fraud that has to be present, but there is ZERO action by the AG against any of the enablers for this part of the scheme. These enablers include large mortgage companies that appear to be acting like pawn shops claiming "hey, we thought the goods were legit!" I am very upset that the Md AG has not made a single comment directed at these guys (as far as I know). This has the effect of demeaning many honest real estate professionals. There are many instances where a home may sell 15% below the appraised value and there is no crime as long as the info is disclosed. A 3rd party (MDH) could recieve funds from such a transaction and there is still NO CRIME. The crime (which undoubtedly exists) involves LIES and NONDISCLOSURES....overstated incomes, appraisals, etc, etc. The cases where the homes sell above asking price is a huge red flag.