I live in Vienna, VA. I am a victim of a mortgage (loan) fraud. I have been struggling for over 2 years because of this incident.
I bought a property whose value was inflated by the seller in one day by over $400,000.00. The seller was also a mortgage broker whom I had known for over 5 years. The loan officer from BB&T Bank, the appraiser, the realtor and the title company eventually all assisted the seller in flipping the property.
The lender was BB&T Bank, and the loan officer who was engaged in this fraudulent loan transaction was Greg Nosar in the Fairfax branch.
In November we purchased a vacant lot, and BB&T financed our mortgage for the lot. The seller was Mr. Kim, who was a mortgage broker. After the settlement for this property, I felt something was not right and began asking questions of Mr. Kim, the seller and also a mortgage broker.
After I learned that I had the right to obtain a copy of the appraisal report, I requested the appraisal report and several loan documents from BB&T and began to examine the loan documents as well as two appraisal reports, which were prepared by one of BB&T's independent contractors. While I was examining the documents, I found many odd things: some of the signatures were forged, the construction drawing was switched right after the loan was approved, and the appraiser apparently used the bigger drawing in order to inflate the value of the lot.
I had a strong feeling that something was not right and that the loan transaction was done improperly. That is when I decided to see the president of BB&T.
I first met with Don Strehle, the regional president of BB&T, in 2006 at his office in Falls Church, Virginia. At that time, I did not have much concrete evidence to provide regarding this loan. I just felt suspicious about it. I explained to him how I felt about this loan transaction and asked him to internally investigate my loan documents and the underwriting department, including the loan officer, Greg Nosar. At that time, Mr. Strehle also felt that something was done incorrectly, and he promised me that he would internally investigate my file.
Since I did not get any response from BB&T, I began to research this loan transaction myself, with the help of my relative and a private detective as well as an attorney.
In February, for the second time, my attorney and one of my relatives, Jay, went to meet with Mark R. Lewis, BB&T Bank's attorney. Mark Lewis, at that time, understood the situation, but he was trying to deny everything to protect BB&T. He said that he would talk to the loan officer and the others who were engaged in this particular loan transaction and would get back to us. However, we did not hear back from him again regarding this case.
In June we contacted the State of North Carolina, Office of the Bank Commissioner of Banks, to file a complaint against BB&T. We had a meeting of about 2 hours with the bank commissioners. We went over each document that was falsified and manipulated by both the seller (who was also the mortgage broker for my loan) and Greg Nosar, the loan officer at BB&T. After the meeting, they clearly realized what went wrong and how BB&T had violated bank regulation. Even one of the bank commissioners recommended that we file a lawsuit against BB&T immediately.
After the meeting, the Bank Commissioner sent a letter to BB&T regarding this particular loan transaction. BB&T replied to the letter in July. When we received the letter that the Bank Commissioner had forwarded to us, we were pretty much in shock. The attorney at BB&T Bank apparently denied all the facts and falsely stated in that letter what they had done.
Finally, in November, we had the chance to meet with Don Strehle, the regional president at BB&T, for the third time. We told Mr. Strehle that the letter sent to the Bank Commissioner stated all the wrong facts. I told him that the reason we went to see him was to let him know that whatever Mark Lewis, the attorney of BB&T, stated in that letter was not true. It was all lies. Probably he wrote the letter based on what Greg Nosar, the loan officer at BB&T, had stated to protect himself and BB&T.
This time we had more concrete evidence and documents that support the fact of the fraudulent loan transaction. However, Mr. Strehle was not even willing to open his mind to listen. He did not care about the truth. He said that he only believes whatever is stated in that letter. He ignored us completely and did not care about the FACT, and moreover he did not want to know the TRUTH. This leaves me with extreme anger and frustration, and I have decided that I am willing to spend the rest of my life to reveal the truth and let the whole world know how disgusted and untruthful BB&T was and how BB&T destroyed my life.
Although this was a ridiculous loan, I kept on paying for over 2 years in order to keep my credit in good standing. The total mortgage payments that I have made total $149,458.91, and the litigation fees and all other miscellaneous costs were over $549,000.00. The grand total that I lost due to the negligence of the lender and the fraudulent loan transaction is $699,428.03. My credit got destroyed, and I am currently facing foreclosure on this property.
All I wanted to hear back from BB&T was that they would re-examine all the loan documents and try to find out what went wrong, how it happened and how they could rectify the problem.
I know that you cannot give me any legal advice and that you also do not have any agencies that can investigate mortgage fraud. However, I believe that at least someone should know how such a big lender like BB&T ruined someone's life entirely and does not have any conscience to acknowledge what they did wrong. I am sure there is justice somewhere, and I strongly believe that there is someone out there who really cares about justice and the truth. BB&T is a big lender that has money and power and is able to get away from all the evil acts. I, however, am a minority and do not have sufficient money to fight, and I do not have any kind of power to reveal the TRUTH about the FACT.
However, I am not going to give this up, and I will do whatever I can to reveal how terrible, ignorant and untruthful BB&T is.
BB&T is so greedy that they violated bank regulation. Not only Greg Nosar, the loan officer, but also many other loan officers like him are doing the same things Greg did. BB&T is acting as if they are a wholesale lender. They do not contact the borrower and use a middleman, such as a mortgage broker, to get more sales. I have discovered the names of some loan officers at BB&T who never contact the borrower and only deal with the mortgage broker, which violates bank regulation.
I have had 5 lawyers so far for civil litigation, and they all acknowledged the problems. But they did not want to proceed with a lawsuit against such a big lender as BB&T Bank.
For your record: right after this incident, in November, the seller committed bank fraud and money laundering and was sentenced to over 15 years. Now he is imprisoned in a federal prison in McRae, Georgia. Last month, I went to see him (the seller). He confessed that he did feel guilty about the whole situation. He also told me that the loan transaction was possible because the loan officer at BB&T Bank assisted him in flipping the property. The seller specifically told me how the loan officer at BB&T Bank, the appraiser, the real estate agent and the title company all assisted him in getting the fraudulent loan approved.
The loan officer at BB&T Bank had to meet a certain volume each month, and he asked this seller, who was also a mortgage broker, to bring more clients to him.
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