Champion Mortgage To Evict New York Reverse Mortgage Fraud Victim Ron Brophy And His Wife

Champion Mortgage To Evict New York Reverse Mortgage Fraud Victim Ron Brophy And His Wife 



Was Champion Mortgage hiding a dirty little secret when they decided to foreclose on Ron Brophy?

Or was Champion Mortgage just ignorant of the origination fraud hidden in the file?

Now Champion Mortgage and its parent company, Nationstar could find themselves in the crosshairs of a False Claims Act lawsuit from HUD. HUD loves pursuing lenders who pull origination fraud on FHA insured loans. 

How Ron Brophy Became A Victim Of Reverse Mortgage Fraud

[caption id="attachment_33340" align="alignleft" width="436"]Champion Mortgage
It is clear that Ron Brophy is a victim of Reverse Mortgage fraud. The question is did Champion Mortgage know about before they began foreclosure proceedings against him?[/caption]

When Ron Brophy signed his reverse mortgage documents in 2009 little did he know 1st Reverse Financial committed origination fraud. 

1st Reverse Financial lied to FHA. They did it because it's easy to do. It's easy to do because approvals are automated. They are based on the information inputted by the loan processor or an underwriter.

In this case, 1st Reverse Financial processors entered fraudulent appraisal information into the FHA system for an approval. 

1st Reverse Financial gave Ron Brophy a reverse mortgage in the amount of $352,000. Yet, the property only appraised for $235,000 at the time of closing. Champion Mortgage supplied MFI-Miami with a hard copy of the appraisal used for underwriting.

That appraisal stated the value at $235,000.

Read more at MFI-Miami

Comments

Post a Comment

Popular posts from this blog

Amateur Home Flippers Get Harsh Wake Up Call

Image
Amateur Home Flippers Get Harsh Wake Up Call As They Learn As It’s Not As Easy As They Show On TV A new generation of amateur home flippers is getting caught with their pants down.  The last generation of amateur home flippers thought they could make millions after watching four or five episodes of  The Apprentice . These clueless and wannabe Donald Trumps made up nearly 50% of the foreclosures in Florida after the crash. This latest generation of amateur home flippers has emerged  thanks to HGTV . However, home flipping isn’t as easy as it appears on TV.  Prashant Gopal at Bloomberg reports: Many newbie investors are encountering their first slowdown and facing losses from houses that take too long to sell. Meanwhile, they face steep payments on a kind of high-interest debt—known as ‘hard money’ loans—that helped power the boom. Property flips made up 6.5% of U.S. sales in the fourth quarter of 2018.  Read more at MFI-Miami
Read more

Deutsche Bank Plans To Foreclose On Trump Real Estate

Image
  Deutsche Bank Plans To Foreclose On Trump Organization Properties If They Can’t Dump Trump’s $340 Million Debt Deutsche Bank plans to end the bank’s relationship with the Trump Organization and Donald Trump after the U.S. elections. The Trump Organization owes the bank about $340 million. The loans are against Trump’s golf course in Miami and hotels in Washington and Chicago. Deutsche Bank gave the Trump Organization loans that have Trump paying only interest on the loans so far. The entire principal is outstanding on two of the three loans. The loans come due in 2023 and 2024. The three loans against Trump’s properties and start coming due in two years. The loan payments are current on payments and personally guaranteed by the president. Read More At MFI-Miami
Read more

Is Mark Stopa Going To Prison? Inquiring Minds Want To Know!

Image
  The FDLE And FBI Are Wrapping Up Their Investigation Into Mark Stopa’s Alleged Equity Skimming Scheme. Is Mark Stopa Going To Prison? Rumors are running rampant in the Tampa/St. Petersburg area about Mark Stopa going to prison. MFI-Miami has learned from multiple sources that the criminal investigation into Mark Stopa’s alleged equity scam is wrapping up. So, the million-dollar question is, is Mark Stopa going to prison and for how long? No one is saying how long he could be going to prison. A jury will have to decide that. It also depends on what federal and state prosecutors put in the indictment(s). Yes, sources are also saying the indictments are coming sooner than later. We can expect to see them by the end of the year.  Read More At MFI-Miami
Read more