Re: Origination fraud recourse

Posted by steele in minnesota on October 21, 2008 at 06:54:22:

In Reply to: Origination fraud recourse posted by greggc on October 20, 2008 at 21:01:35:

It's really hard to say. There were lots of "no doc" loans then. And a number of equity lines that I saw a couple of years ago did not require an appraisal. They could do simplified valuations like a drive by (Broker Price Opinion/BPO). And tax assessed value in many areas of the country does not really reflect on market value. Especially a few years ago. In my area, for instance it was typically 10-20% low, and sometimes even lower.

Now obviously your friend used the equity line, right?

She did borrow the money. And it sounds like she knew that they were giving her too much. I don't know how that would be looked at.

And I don't even know if E-Loan would be holding the paper on this anymore. (Anyone here know more about how they operate?)

I guess I would be contacting an attorney that specializes in mortgage law and foreclosures. They are the ones who really know the ins and outs of this.

Good luck.

Steele V. Propp
Foreclosure Specialist
Schatz Real Estate Group
Minneapolis, MN
http://www.MinnesotaForeclosureNetwork.com

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