Sentences with phrase «straw buyers»
The phrase "straw buyers" refers to individuals who are used as a front to make a purchase on behalf of someone else, usually for illegal or fraudulent purposes. They pretend to be the actual buyer but are actually just following instructions from someone else. Full definition
How can you spot straw buyers in real estate?
geowarehouseblog.ca
In any scenario, it pays to do your due diligence as a real estate sales professional in order to avoid any transactions involving straw buyers.
If someone else gave you that money because you're going to buy that house for them and this is some kind of straw buyer scam, we have to know about that too.
Sometimes straw buyers are willing participants in real estate schemes, with criminal intent or not, but it's always illegal.
Lenders, brokers, and real estate professionals of all kinds have been fooled, primarily because straw buyers work very hard to look like real buyers.
At a news conference this week, Suffolk District Attorney Thomas J. Spota said that clients of the dungeon were recruited to take part in the scheme as straw buyers in exchange for payments of $ 5,000 to $ 10,000.
Over 60 Reps, two U.S. Senators and every Republican presidential candidate wants Holder's resignation; Congressman Ron Paul among those who also wants Holder tried in court BY DYLAN SKRILOFF In 2009 and 2010 ATF agents, operating under the authority of the U.S. Department of Justice, funneled weaponry through straw buyers to Mexican drug cartels, with -LSB-...]
Prosecutors said they used dominatrixes to recruit patrons to participate in the mortgage scheme, which involved straw buyers who took out mortgages to «buy» property in tony Hamptons towns.
Nominee Loans / Straw Buyers There are people who use stand - ins to do real estate transactions.
The most common straw buyer scenario is Person A wants to buy a property and convinces Person B to act as the buyer to obtain terms that Person A couldn't get.
One particularly pesky ring, operating for roughly 5 years, recruited hundreds of illegal immigrants to act as straw buyers in the Denver metro area.
The various mortgage fraud schemes involved cases of inflated home values on mortgage applications, loan applications that contained false information, funds illegally obtained through straw buyers, as well as arson, authorities say.
Peters cites cases where transactions involve straw buyers or fake names in order to conceal the ultimate purchaser.
At 11 a.m., Public Advocate Letitia James participates in National Action Network's panel «Let's Talk About Guns: Legislation, Straw Buyers, Incarceration and the Iron Pipeline,» Sheraton New York Times Square Hotel, Empire East Ballroom, Manhattan.
Straw buyers were supplied with stolen identities, including drivers licenses, social security cards, and income tax returns.
Among the «others» were drug dealers allegedly recruited by Wilcox to serve as fake buyers — or «straw buyers».
The people involved ranged from «straw buyers» who fronted the purchase of the properties for inflated prices based on fake, inflated wage and net income documents, to lawyers, to bank employees and «masterminds».
Represented the FDIC as receiver for a failed bank in numerous lawsuits resulting in the recovery of millions of dollars for losses arising from fraudulent mortgage schemes involving closing attorneys, title agents, title insurers, straw buyers and mortgage brokers.
Sometimes sellers make side agreements with relatives or friends to act as a straw buyer.
September 2013 — Arizona — Conspirators committed a mortgage fraud scheme to purchase properties using companies with which they were associated, and they then sold the properties to straw buyers.
What is a straw buyer in real estate?
Sometimes straw buyers are victims of identity theft and have no idea they're a straw buyer!
It begins by educating yourself to spot the signs of a straw buyer scheme.
Straw buyers in real estate represent a common form of fraud where someone convinces someone else with good credit to act as a «straw buyer».
Here are some common signs of real estate transactions involving straw buyers:
Often, straw buyers are tricked into believing they will not be responsible for the mortgage payments.
But what these people really did was sell the houses to straw buyers.
They also lied on loan applications about the straw buyers» income, net worth, employment histories to manipulate the lenders into approving these loans.
Others caught in the case have lost assets and had to declare bankruptcy, because they didn't realize that as a straw buyer, they were still financially responsible for the loan.
The straw buyer would then default on the mortgage, leaving BMO with a property below market value.
BMO alleges that 14 «groups» of individuals either bought or optioned houses at fair market value, then arranged for «straw buyers» to purchase them at higher prices through a BMO mortgage.
The straw buyer, usually an immigrant, was paid $ 3,000 to $ 8,000 for securing a mortgage, made possible through false employment and asset records.
«Straw Buyer» schemes using the good credit, job history and qualifications of a person who has no involvement with a property in order to secure a mortgage loan against a property.