Investors Say They Were Duped In Real Estate Scam – Part 1

It’s one thing to say you were duped. But am I to believe that each and every one of these people did not read their loan application? No, I don’t believe it.

As for the mortgage guys I hope the state banking commission will go after these guys full force.

Never forget that any fudging on a loan application will only lead to trouble down the road. Just don’t do it.

And here is a tip: If you make $35,000 a year and are getting approved for $2,000,000 in loans…something might be up.

1 Comment

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One response to “Investors Say They Were Duped In Real Estate Scam – Part 1

  1. Dustin Jacobsen

    This was an interesting story.

    The best part is when the contractor mentioned that the loan company told him they would have to work with the numbers and had a program to push all of the loans through. Sounds a bit suspicious to me.

    I can’t imagine how they would get approved for all of the houses without some sort of fraud taking place.

    It is too bad that the parties involved are probably going to go through bankruptcy and are likely in an uphill battle to fix their credit. Then again, they need to take some responsibility, and, after all, they did sign off on the loan application, which listed the financial services company as an employer to inflate their income.

    The lady towards the end of the video saying something along the lines of “it happens quick, you don’t have time to think” should have been a red light going off.

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