| Broker Indicted After Collecting Advance Fees
OWINGS MILLS, MD - A federal grand jury has indicted Robin Neil Snyder, age 56, of Reisterstown, Maryland, and Mortgage Bankers, Ltd. for wire fraud and money laundering arising from a scheme to defraud loan applicants, prosecutors said. According to the 17-count indictment, Snyder, a licensed mortgage broker, owned and operated Mortgage Bankers, Ltd., originally located in Baltimore and relocated to Owings Mills, Maryland in 2005. From about March 2002 to January 2006, Snyder used an internet website (http://www.refinancecash.com) to advertise and solicit customers for his lending businesses, and promote Mortgage Bankers as a commercial lender capable of providing “difficult" or “impossible" loans anywhere in the United States in amounts up to $300 million. Snyder had prospective commercial borrowers mail and fax to Mortgage Bankers business plans, appraisals, tax returns and insurance information in support of the borrowers' loan applications.
US Civic Groups Demand Subprime Foreclosure Freeze (Update2)
April 5 (Bloomberg) -- A coalition of U.S. civil rights groups asked mortgage lenders to freeze foreclosures for borrowers with weak credit ratings, saying ``reckless'' lending practices to minorities caused their predicament. Lenders, loan servicers and investors in mortgages should agree to a six-month foreclosure moratorium, said a group including the National Association for the Advancement of Colored People, the National Council of La Raza and the National Fair Housing Alliance in a joint statement yesterday. Political pressure on the government and regulators to intervene has increased as defaults on subprime loans rose to a four-year high and foreclosures on all home loans rose to a record in the last quarter of 2006. As many as 2.4 million Americans may lose their homes because of the collapse of the subprime loan industry, said the Center for Responsible Lending, also part of the coalition, in testimony to Congress last month.
Co-owner seeks best buy-out arrangement
DEAR BOB: Is it possible to add someone to the title to a property but not to the mortgage loan obligation? If so, after that buyer dies, does the surviving owner get to buy out the deceased's share of the property? --Paula T. DEAR PAULA: From the tone of your letter, it sounds like you want to sell someone an interest in your property. Yes, that can be done without their taking on the mortgage payment obligation. Purchase Bob Bruss reports online. However, when a co-owner dies, his or her share of the property is usually left to an heir named in his or her will. Other than holding title as joint tenants with right of survivorship, there is no titleholding method allowing the surviving co-owner to buy out the deceased's share of the property. If you want a special buy-out agreement upon the death of a co-owner, the best way to accomplish that is with a partnership agreement.
|
