Reverse Mortgage Scam Alert! Novad Management And FHA Defraud Florida Army Veteran
SENIORS BEWARE! There is another reverse mortgage scam going on. Again, it’s the mortgage servicers trying to steal from seniors. What makes it worse is this time it’s the federal government doing it. That’s right. FHA and it’s mortgage serving company, Novad Management Consulting are ripping off seniors. So be diligent because they are trying to scam you out of hundreds of thousands of dollars.
So here’s an example of their latest scam that apparently has the backing of the US Department of Housing and Urban Development aka HUD. But first, let me give you a primer on how Reverse Mortgages work.
Reverse mortgages are home equity loans that allow you to convert part of the equity into cash. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor.”
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Federal Prosecutors Accuse Loss Mitigation Services Of Defrauding HUD, Fannie Mae, and Freddie Mac
The owners and co-founders of Loss Mitigation Services are accused of defrauding Fannie Mae, Freddie Mac, and HUD. Federal prosecutors allege the Massachusetts based short sale company defrauded government agencies on nearly 100 short sale transactions.
Loss Mitigation Services negotiates with lenders and mortgage guarantors approval of short sales in lieu of foreclosure.
A short sale occurs when the mortgage debt on the home is greater than the sale price. As a result, the lender or mortgage owner agrees to take a loss on the transaction.
Prosecutors allege company founders Gabriel Tavarez and Jaime Mulvihill collected fees for acting on behalf of underwater homeowners.
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Trump Administration Racism Now Expands To HUD As HUD Wants To Limit Fair Housing Complaints
Trump Administration racism is now kicking down the door at HUD. The administration wants to make it harder for people to sue lenders and landlords for housing discrimination. HUD has also become the last bastion for women and people of color to seek justice against landlords and lenders.
HUD to make it harder to prosecute lenders for housing discrimination under the Fair Housing Act.
Is this another example of Trump administration racism? The Trump administration has been rolling back an Obama-era practice of enforcing the Fair Housing Act.
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