Exploring My History with Foreclosure Fraud
If you’ve ended up here, my history with Foreclosure Fraud likely piqued your interest. You might be considering doing business with me or buying my investment products.
Let’s dive into this topic and see what “Mortgage Fraud” truly entails.
Delving into My Real Estate Journey
I’ve dedicated myself to the real estate business from 1997 to the present. Visit my dedicated page ( My Experience) to explore my journey and the insights I’ve gained.
Revisiting the 2008 Real Estate Crisis
The real estate crisis of 2008 caused widespread failures in the mortgage system. The U.S. government revealed widespread mortgage fraud within the banking industry following thorough investigations. CEOs, banks, title companies, real estate agents, and loan agents played a part in this large-scale financial Fraud, selling risky financial products like “Subprime-Loans” – mortgages for individuals with poor credit scores. (Read The Book: The 13 Bankers)
Bank Of America, charged with fraud, paid a $16.65B fine for being found guilty.
To resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of this global resolution, the bank agreed to pay a $5 billion fine under Financial Institutions Reform, and no one was jailed. Yet, thousands of Americans continue to do business with a bank that committed fraud. Read: The United State Department of Justice.
Understanding NINJA Loans
NINJA loans (No Income, No Job, No Asset) emerged during the crisis. These high-risk loans required no proof of income, employment, or assets from borrowers. Regulators underestimated these loans’ negative impact on the market.
The Aftermath and Emergence of Loan Modifications
The 2008 real estate collapse caused over 10 million families to lose their homes. However, for many families, a glimmer of hope remained in the form of bank loan modifications. This method, which sought to alter mortgage contracts to make payments more manageable, ironically added to the system’s turmoil. (Mortgage Modification Act of 2010)
My Role Amidst the Chaos
With no other income avenues open, we in the industry began collaborating with the banks [again], promoting their loan modification programs. At this point, we started charging for our modification service – a practice I didn’t realize was fraudulent then. (Read: Foreclosure Rescue Scams & Loan Modification Fraud)
The Controversy Around Charges
I was unaware that charging for these services constituted a crime. We calculated our fees based on the time we spent preparing documentation to help families keep their homes. Despite our intentions, the law did not agree with our practices.
What you read on the Internet was a journalist’s headline, not a court verdict:
The court determined: No prison [for my excellent conduct], but yes, five years probation to return the charges made to the “victims” to the ones I couldn’t help. However, these families were already in default; others did not pay their mortgages for more than six months, [saving] those months of payments, to be able to get another place; even so, they wanted their money back.
Unfortunately, no Good Behavior, Compliance, and Pay for Mistakes Announcements, where I currently have all my privileges of doing real estate business, on my excellent behavior of 30 years as a US Citizen
The Price I Paid
Families found it more beneficial to pay for my services and insure their homes “temporarily” for 6, 12, or 24 months without paying their mortgages, saving those months to be able to live elsewhere. They saw that my services were better than facing immediate eviction from the bank.
I faced fraud charges (which is why you’re reading this) for charging for these services. In that moment of confusion, we saw no other solution to the desperate situation of hundreds of families facing eviction from their homes by banks that were not even the original issuers of the loans.
Reflections from the Crisis
This experience raised a question: Who was the actual perpetrator of Fraud?
- The banks
- The families not fulfilling their mortgage commitments
- The regulators
- Or are my team and I trying to prevent their eviction? “charging for our services.”
(See the documentary: Inside Job)
Lessons Earned from Hard Experiences
This journey taught me invaluable lessons:
- I must perfectly understand the businesses in which I participate.
- Not helping anyone trying to save their houses with delinquent payments.
- Do not charge for work over which I do not control and cannot deliver.
- Maintain transparency in my social networks.
Embracing the Lessons and Moving Forward
In conclusion, the most important lesson I have drawn from my experiences is engaging in businesses that benefit my clients and facilitate prosperity.
I firmly believe that individuals who have admitted and learned from their mistakes are more trustworthy than those who may have transgressed but remain undetected. (watch: Wolf-Wall-Street-Leonardo-DiCaprio
Taking a Different Perspective
I invite you to look at my business from a more objective, unique point of view.
Evaluate my companies and current credentials through social networks and web pages.
Ask yourself if my mistake “fraud” will dissuade you from participating in one of the most lucrative industries in the market, real estate investment and digitalization of the financial system.
Form your own opinion.
Exploring my current business interests
Here are the areas in which I’m currently involved:
- Real estate investment
- Real estate tokenization
- Digital Assets
- Metaverse (Digital Real Estate)
I have the privilege of working with some of the best in the industry.
Building a Network
- If you want to know more about me, please get in touch with me or follow my social networks.
- My 26 years of experience as a real estate professional in the United States might benefit your journey.
Making a Positive Impact
I have numerous solutions that could enhance your venture. I encourage you to join my business network.
Together, we can aid thousands of families in achieving their financial freedom.
Business development is the ideas, initiatives, and activities that help improve a business. My experience results in your business’s increased revenue, expansion, and profitability by building strategic partnerships and making strategic business decisions.
“I don’t sell houses. I grow your Assets” –Patrick Iturra, Asset/Investment Management & Consulting.