David Saks: Real Estate Practice : Lesson 3569

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3569

predatory 

People are losing their homes everywhere because of

some bad schnooks

that call themselves lenders, mortgage brokers, appraisers, home improvement contractors; people who give bad names to those who legitimately, lawfully and honorably claim these titles within our industry.

These are some of the signs to watch out for so you can avoid these schnooks:

1. They target vulnerable homeowners for cash-out refinancing deals when they know very well that borrowers are distressed and in need of cash because of debt, unemployment or medical reasons.

2. They sell properties for much more than their worth using phony appraisals.

3. They use high pressure sales tactics to sell needless home improvements and finance these improvements at high interest rates.

4. They encourage a borrower to lie about his or her income and expenses or the available cash for a down payment in order to get a loan.

5. They 'strip' the homeowners equity from their home and convince the homeowner to refinance the home over and over when there's no benefit. The lender knows the borrower can't afford the home and they steal the equity in the home when they foreclose.

6. The lender knows that they're lending the borrower more money than they could ever repay.

7. They charge fees for unnecessary or nonexistent services and products, or 'fee pack'.

8. They pressure borrowers to sign for high-risk loans  such as interest only loans with ridiculous pre-payment penalties.

9.They charge higher interest rates to borrowers because of their race or national origin and not because of their credit worthiness or credit history.

Can you think of anything not covered here?

What have you seen in your experience as a real estate professional?




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • August 04 2014 06:48PM

Comments

Hi David, while I am sure there are scammers out there. I am also glad to say I don't see many of the things on you list at least here in South Georgia. Thanks for sharing. But we do have to keep a watchful eye out on our surroundings.

Posted by Ted Glover, ABR in Moultrie, Georgia 229-854-5422 (Alderman Classic Realty, LLC) over 5 years ago

Thanks, Ted.

Posted by David Saks ((retired)) over 5 years ago

This blog does not allow anonymous comments