To: Wilshire Credit Corporation
From: Billie M. & Hubert E. Teague
RE: Your denials concerning this crooked mortgage
In the letter we received from you ("Wilshire Credit Corporation") today (Sept. 20), which was dated Sept. 16:
Wilshire stated that:
"Wilshire denies all of your (our) allegations concerning this loan."
(Which are the same complaints we have had about this house/mortgage - that went through FHA - ever since the house closed.)
We will take your denial of "all" of our allegations to then mean that:
1. You deny that this house was deficient at the time it closed.
2. You deny that none of the problems of the house were
disclosed to us, by the sellers of the house.
3. You deny that the appraiser did not report major deficient problems of the house (including, but not limited to: no working electricity in 1/2 of the house; a duct-taped central heating unit that did not work (no heat in the house); that you deny some unknown type of brown, large paper-like substances were falling from the vent into the bathtub, the day of closing (as soon as we turned the central cooling system back on.) - and the electricity was turned on, at the time of the appraisal and the final inspection. / and you deny that these things were on the 2nd inspection report (done on 03/26, paid for by MortgageIT).
4. You deny that the appraiser did not use factually
"comparative" houses; You deny that he did not take into consideration of the costs of repairs needed on the house, during his appraisal. (On the VC Appraisal report, there is a section where he is to report if the costs of repairs will be "excessive". ; and if so, he is supposed to report that fact, and let that be known to the lender. - as we have told you, that is also stated in the "HUD Handbook" - which we have read, and which is available online, as we have told you.)
5. You deny that the house's "actual" value is approximately between "$20,000 - $22,000". (And we have also informed you that these were amounts quoted to us by professional companies.
6. You deny that the house was majorly deficient, and needed major repairs (again, many of them "undisclosed") at the time of closing. (Even though you have seen copies of the repair estimates - and have copies of the repair estimates: which state, " $ 95,094.71, includes a 30% Contractor's Fee" (and also has a break-down describing each item, and its individual cost.) We also previously informed you, that these repairs were ONLY for the problems stated on the 2nd Inspection report (done on 03/26, and paid for by MortgageIT), in which
the 2nd inspector showed were things that needed to be done, in order for the house "to meet FHA minimum living
standards."
7. And you deny that the FHA "Compliant Inspection Report" (final report), did not report that no repairs were done before closing (even though none had been); and you deny the final inspection report stated that: no problems were observed and that the "house meets FHA minimum living standards."
The things shown above, were/are, in fact, our allegations, and have been our allegations - since this house closed.
Therefore, by denying "all of our allegations concerning this loan", as Wilshire has now stated (and Wilshire has been very aware of what our exact allegations were/are), then you are denying "all" of the above things.
This house was involved in an ILLEGAL PROPERTY FLIPPING scheme, and noone has ever / or is doing a thing about it.
Welcome to the REAL "American Dream of Homeownership."
Very truly yours,
Billie & Hubert
Denison, TX. 75020
(INFORMATION - WAS NOT ON THE ABOVE LETTER I SENT):
"This house was involved in an illegal Property Flipping scheme, and noone has ever / or is doing a thing about it.
Welcome to the REAL "American Dream of Homeownership."
(Which I consider to be "deceptive advertising" by ALL agencies/organizations who use this term... Which is a term used only for the benefit of agencies (such as FHA) in order to try to "sell houses to consumers", or try to make the consumer "feel safe in buying houses", through them.
What they DON'T tell you is... If crooked sellers,
appraisers, inspectors, and lending companies are involved in those real-estate transactions (and there is a LOT of that going on, in all states)- then those agencies, such as FHA, and our own government, don't do a damn thing about it. There IS no enforcement, when it comes to fraud & corruption in the real estate industry.) IT'S A 'GOOD OL' BOY' system.
One high-ranking HUD (FHA) official was prosecuted for:
"accepting a money bribe of $80,000" and "accepting a bribe of a brand new Porsche." This man... Was involved in a "Predatory Lending" scheme, HIMSELF. There is MUCH fraud & corruption, within the HUD (FHA) program.
(We have been trying to get something done about this case, since this house closed on August 14, to no avail.) HUD does NOTHING in crooked cases.
(Even though their OWN guidelines tell them what they are "supposed" to do, in these types of situations.
MortgageIT was the "originating" lender in this crooked real estate. MortgageIT then sold the mortgage (without disclosures of the deficient house) to Chase Manhattan Mortgage Co.
Chase then make MortgageIT "buy-back" the mortgage - due to the nature of the house, our complaints, and because they had bought the loan from MortgageIT "in Good Faith".
MortgageIT then resold the mortgage (3 weeks later, without disclosures) to Homecomings Financial. (MortgageIT told us..."Yes, we have made full disclosures to RFC Homecomings about the house, and your complaints."
(This was not true. Homecomings Financial said, "NO, they gave us no disclosures about the house, or your complaints.)
Homecomings Financial was the "creditor", and Wilshire Credit Corporation is the "servicer" (but also an "investor") of this house.
Now... (as everyone else has done)... Wilshire is doing NOTHING about this crooked mortgage/deficient house - which has been involved in a illegal property flipping scheme. (Which we CAN PROVE, and HAVE PROVEN.)
BE WARNED & BEWARE, OF FHA!!! (HUD is the parent organization of the FHA program.)
And beware of MortgageIT, Homecomings Financial, and Wilshire Credit Corporation... And also beware of Chase Manhattan Mortgage Co. (who "had no record of" our payments"/ & did not apply our money to our loan.) We had to send off for photocopies of our loan payments - to PROVE to them that THEY, did indeed, receive our loan payments, and they had been cashed.
(Also file your report at hadd.com
Most of the complaints that are being filed with that agency, also involve crooked real estate transactions - which have gone through the FHA program.)
Billie
Denison, Texas
U.S.A.
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