Loan Originator charged in "large-scale" mortgage scheme


Loan Originator Charged In "Large-Scale" Mortgage Scheme


Introduction: Mortgage Brokers in Trouble

 Home loan mortgage brokers going to jail because they got greedy. Talk about that as well as list price reductions in Santa Clara County, weekly high, low, and safety tips for seniors. Let's get moving.


Understanding Mortgage Fraud

Top producer and assistant charge and large-scale mortgage scheme. Guys, if you didn't know, if you own a house and with the mortgage on it and you are trying to buy a second home, your second home's mortgage is going to be more expensive by a quarter percent.

Just is and people will try to lie. I understand because why would I want to pay extra money to you? A mortgage company because I want to buy a second home. I don't think it's fair. Guess what? It's also illegal. And most lenders, most loan officers will ask you and know that you have a loan already.

And if you're buying a second home, you have to put yourself in that category. And if they don't do it, they're creating something called mortgage fraud, which is completely illegal. Now this guy did it on a scale of 1.4 billion. This guy's name is Christopher Gallo and his assistant Mehmet Elmas sold together 1.4 billion in loans. Now it's also said that it's not, probably not all of those loans are subject to the second loan violation, but a second loan guys, you're going to have to pay if you're going to buy a second home and you already have a mortgage on that other house on your original house, you have to pay a little bit more.

It's just the way it is. I know it sucks. There are ways around it. 

Lying on your loan application could get you in a lot of hot water and it's getting the loan originator here in a lot of hot water. So my advice to you is to suck it up, pay a little bit of extra money, and work with an ethical loan advisor. So I'm going to say there's a lot of them out there, but there's a lot of scammers out there as well.

Consequences of Mortgage Fraud

30 years and a million-dollar fine. The guy's just completely ruined for the rest of his life. He's going to be following this for the rest of his life. It's a huge mistake because he thought it was an [00:02:00] innocent, Oh, they'll never find me but guess what they found out. And it's part of the cross-country mortgage, which is NJ, New Jersey lenders.

And now NJ lenders are working with the FBI. Whoever else, the magistrate, et cetera, to figure out exactly who defrauded who and how this is going to go down, which means that there could be a lot of people out of their second house. Be careful out there guys work with a good, well-known ethical lender.

And if he tries to pull stuff like this, second, guess what you're doing. Cause you can get a lot of hot water too, right? You're a consumer, but you're also going to be subject to this. 


Home Inspection Checklist

Home Inspection CHECKLIST HERE

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Santa Clara County Price Reductions

Price Reductions

List price reductions, 173. List price reductions are [00:03:00] actually going up right now. And each and every one of these houses in Santa Clara County has seen a price production.

It could be 500. It could be 5, 000. It could be 500, 000, but list price productions are an important way for us to rule out what's going on in the market. This is the summer slowdown is pretty typical to see this. Is it, Oh my God, Armageddon. Not for this area. I don't think we'll see in the next couple of months, but I think you're going to see eventually these houses are going to just go away.

Remember every time I talk about this, I talk about

Market Strategies for Sellers

bringing the market to you, attract the market. Don't be a market maker. Let the buyers tell you what the market is worth. I can't tell you that your house is worth 300, 000 more than what you think it is, because it's just, not going to happen, there's no magical boom. It's going to happen, 

it's just the way things are in this market. And when markets contract and rates go up you can't. Allow that to happen. If you have a luxury home, that's worth 30 million, you're absolutely entitled to being a market maker. But if you have a four bedroom, three bath, that's 1, 800 square feet, that's built in 1970, which is 53 years old.

It's you have to attract the buyers. So list it low, and bring the eyeballs to your listing, right? If there's a group of buyers out there, they will naturally bid it up. When your house is on the market for 15, 20 days, there's something wrong with the property and it's either location condition or price 15 percent right now, 15 percent of the listings that are out there are sitting on the market waiting for buyers to take a chomp at it.

And when you lower your price, you're giving yourself weakness to the buyers, your agent isn't doing their job. Sorry, right there. Your agent isn't doing their job trying to get your house sold. They're just appeasing your ego. I hate to put it to you this way. They're appeasing your ego and telling you, sure, I'll list it for this, but let's lower it.

If we don't get any bites, 15 percent of the market right now is not getting any bites because they listed it too high. You can't be a market maker when you have hundreds of houses you're competing against. It's just not a smart thing to do. I wonder what happened.

Huh? I guess we're not looking at that today. All right. 

Home Safety Tips for Seniors

Home Safety Tips for Seniors Aging in Place

Home safety tips for seniors aging in place. Guys, as I get older, my joints are hurting more and more every day. This is not my article. It's just from Realty Times. yesterday. It's a great way to understand how to prepare your house or your parent's house if they're getting older.

Now I yell at my kids every day because I walk in and there are a hundred pairs of shoes to the left of my door because they can't put it into the closet. But it's not just that it's rugs, it's toys for the dogs, it's clothes. Just get rid of all the clutter because if they trip and they fall they have to hit that little I can't help I Fall in and I can't get up button.

Keep the pathways clear, right? You might want to sit there and talk with your parents about this. 

Get rid of rugs. Rugs are notorious for being tripping hazards, right? Get tape on steps that have a little sand on them so that there's a little bit more grip. Just think of things like that. If there's anywhere you could put railings for your seniors, make it easy for them to get around. Kitchen safety tips.

Anything that has to do with electricity near water, obviously, right? Make sure that all the heavy stuff is put down below where they can reach it or where you can reach it. If you're a senior, make sure that it's just. easier for you to get around. It might take some time. It might take some energy and some doing to do all that stuff, but it's at least they won't have an accident.

Yeah. Get a bug-out bag. I don't know. We call it a bug-out bag. Have water, food, 

emergency equipment, have medical gear there just in case something happens, right? Have a radio, have a flint, have water, have food, have bandages, have pills, et cetera, have it set up so that in case something happens, you're ready for it, and have a list of things you can do. Like your doctor's name, the closest emergency room, et cetera.

Technological AIDS. Look. I remember before my wife's grandfather passed away, he had this phone with squares on buttons that were this big there are so many different things today that make it easier for seniors to get around, including the phone, hearing aids, things that allow people to get around and just make it easier for them to do it.

So take some time and remember that you have to move a little bit slower when you get older. All right, there you go. Be safe for your seniors.

Highs and Lows in Santa Clara County

Santa Clara County High's and Low's

So highs and lows. Highs and lows for, Santa Clara County. The highest sole price is 8. 4 million. The lowest sale price is 250, 000. 

This is the highest-sold one right here. You don't even know what the house looks like from the outside. So you don't know what the curb appeal is. The first house, the first picture was of the inside. There you go. This one actually sold for 250, 000 cash. Cause look at it. What you're buying is you're buying the land.

This thing's going to get torn down and they're going to put a little house on top of it. The most expensive house is still in Waverly. It's been around for 54 days. They're making the market. They know. 

They're not desperate to move. They probably already moved and this thing's just going to sit there until they find the right buyer. It might come in a million dollars less, that's the way life is. This one's been on the market for 208 days and I know we've seen it a few times already, it's a compound in Las Gatos mountains, and guys, this is another 250, 000 property right here.

Let's take a look at where this is. 

There you go. It's right in the middle of the mountains. It's going to take you an hour and a half just to get there. That's probably why it's not selling location, price, and condition, right? They're just sitting there seeing what's going to happen. They think it's worth 600, 000, but it's not even worth it at 444.

So it is what it is.

All right. 

Conclusion and Final Thoughts

Today we talked about, mortgage fraud guys, just be safe out there. Don't be stupid. Don't do the illegal things. Even though you're saving some money, it'll come back and burn you. Don't get burnt. List price reductions. Oh yeah. I wanted to show this to you real quick. There are 1100 houses for sale right now. 173 of them have seen price reductions. That's 15%. It's slowly going up, but that's normal for this time of the year. The selling season is March, April, and May. We're in June. We're past the selling season, which wasn't that great of a season because interest rates are high.

And the inventory just isn't there. So we don't have a whole bunch of buyers out right now and we don't have a bunch of inventory, but we have more. Buyers and we have inventory. When you overpriced your home, you're showing yourself that you're selfish and greedy. So just be careful out there. 15%.

I think that number is going to go down in the next couple of months, but also we're in an election cycle. So who knows? Thanks for watching. I'm Vito with Abitano. We'll see you out there.

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Website: update your home value: RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: Home Buyers Course YT IG FB LI Blog POD Professional Photography by Kim E / Local Real Estate Market and Home Value Report Financial Intelligence Willow Glen's five most expensive homes

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