Beazer Homes Mortgage Business Being Investigated : The Real Estate Bloggers

Beazer Homes Mortgage Business Being Investigated

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Beazer_logoAs the mortgage market faces major issues for lending practices, the slow moving cover-your-behind federal government has started it’s investigations into picture. One of the first investigations that is happening is alleged mortgage fraud at Beazer Homes USA. The company has gotten some tough press in the Charlotte Observer and it has triggered a request for documents from Beazer by the Federal Bureau of Investigation and the US Attorneys Office.

“Beazer Homes has been in contact with the U.S. Attorney’s Office and, at this time, there have been no allegations of any wrongdoing,” Beazer said in a statement. “Instead, Beazer Homes has received a request for documents generally relating to its mortgage business. We are fully cooperating with this request and the U.S. Attorney’s Office.”
Beazer also said it believes the request for the lending documents was fueled by articles recently published by the Charlotte (N.C.) Observer.
“Based on our internal investigations to date, we have found no evidence to support the allegations in these articles,” Beazer said. “We have further been told by the U.S. Attorney’s Office that the statements by the FBI and published by Business Week were not authorized and should not have been made.” via the Atlanta Business Chronicle:.

Related posts:
  1. Indiana Attacking Mortgage Fraud: A Long Awaited Trend?
  2. Mortgage Fraud Aggressively Investigated and Prosecuted in Colorado
  3. Beazer Homes Has Rough Quarter, Will They Make It?
  4. Bank Of America Expanding Reverse Mortgage Business by Purchasing Seattle Mortgage
  5. Manhattan Appraisals Investigated By New York State Attorney General



Previous Post: Size of Average Home Peaking and Expected To Shrink In The Future | Next Post: Martha Stewart Homes Coming to Los Angeles County



 

If you enjoyed this post, we can deliver daily content from the Real Estate Bloggers.

Subscribe using your RSS Reader

Or Get Updates Delivered Daily By E-Mail:


There Are 2 Responses So Far. »

  1. This is a solid and free advice for people with bad credit. If you need to fix your bad credit or if you are looking for a loan you may be interested in this…visit http://www.mybadcredithelp.com

  2. Beazer Mortgage should be investigated for this, as well:

    I purchased my first home in October 2006 while I was in Iraq doing contract work. My sister was my power of attorney and signed all the paperwork for me. We found a brand new home in the Wildomar/Murrieta area with Beazer homes, and I was pre-approved right away because of my good credit and income. At the time, I was pre-approved for 100% financing with an interest rate at 6% on the 1st loan (80%) and 8% on the 2nd loan (20%). Beazer Homes said that if I used their mortgage company they would throw in 20K in upgrades and pay for my closing costs. They also said they could beat my lst mortgage interest rate with a 5.5% interest only 5 Year ARM vs. the 6% my bank was offering. This sounded perfect! Little did we know, the loan officer was crooked. She verbally told us the rate was 5.5%, and when my sister signed the loan paperwork, she also explained it to her that it was a 5.5% interest only 5 Year ARM. What she neglected to say and point out in the large stack of loan papers was that the 5.5% rate was a negative amortization rate, and that my REAL interest rate is 8.5%. (Linda ***** and Beazer Mortgage would be making a killing on this loan by marking my interest rate up - that meant a great deal of money in Linda’s pocket - at my expense!)

    Once I received my closing paperwork and first mortgage statement - we realized we had been conned. Needless to say, I love this home and want to keep it. I have perfect credit and decided to pay the 8.5% interest rate for a year and then just refinance when my one year prepayment penalty was up. This meant I was stuck in Iraq doing contract work for a year more than I planned. This also meant leaving behind my new wife (married in 3/2007) in a large home all by herself. I am working to pay for a home I cannot even live in or enjoy. Now a year later with the decline in home values,I cannot even refinance. EMC Mortgage could easily give me a loan modification, but they say I have to leave my job in IRAQ and fall behind on my payments before they will assist me. This is crazy! I am basically risking my life to be able to pay down all my other bills so I can hopefully one day come home and join the police force and afford my mortgage. I have worked too hard to have a credit score of above 720 to just throw it all away because Beazer Mortgage/Linda Smith and EMC Mortgage are not ethical. Note: I am not the only buyer that Beazer Mortgage conned. My next door neighbor is in the same scenario.

Post a Response

« Back to text comment
  • Popular

    Search

    Tags

    Archives

  • Recent Comments

    • I agree. The flood gates have been opened and it will be some time before they close. The ...
      Short Sale | 2Dec08 | More
    • I agree, using an auction is not only smart, it's really the best way to sell in any market. ...
      Tom Wood | 1Dec08 | More
    • Do people not check into things anymore? Its people like this that give craigslist the bad name... I ...
      Tammi | 1Dec08 | More
    • That's a great idea for getting a great understanding of the optimal price for a piece of Real Estate
      Rochester MN Real Estate | 1Dec08 | More
    • This is the situation for not only CB Richard Ellis but all commercial firms that are in the business of ...
      Prabhjit Singh | 30Nov08 | More
    • I'm sure that the commercial Real Estate guys had to see this coming ... right?
      Rochester MN Real Estate | 30Nov08 | More
    • That is too funny!
      Moxley Team | 30Nov08 | More
    • A faulty system? The only way a head activates is by heat unless it is tampered with.. Every system is ...
      Jake | 30Nov08 | More
    • IM in need of a job bad can i stillm apply for a positon at the kia plant ill take ...
      Regina dent | 30Nov08 | More
    • This isn't completely accurate because major cities have good and bad suburbs. The suburbs are part of the major city, ...
      Mario | 29Nov08 | More
  • Advertisement



  • Statistics

  • Friends

  • Recent Friends Visiting

  • Subscribe





    Get Updates Delivered Daily By E-Mail:

    Delivered by FeedBurner