#164917 - 08/22/0712:30 AMRe: Maria's Rant Against First Magnus
[Re: CALIF DREAMING]
Promise Land
Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
Thanks for the share! I couldn't gather much deeper other than the things that were mentioned on the surface. It sounds to me that an "Investor" might have defaulted on a loan or two...
_________________________
Sean Pham Phamport, Inc.
#164968 - 08/22/0712:06 PMRe: Maria's Rant Against First Magnus
[Re: Promise Land]
super realtor
Major Contributor
Registered: 05/01/05
Posts: 8473
Loc: georgia
Sounds like there are 2 keys there.Magnus it seems is talking about fraudulently inflating the appraisal and pulling money out.
Refinancing and pulling money out is LEGAL and there is nothing wrong with it.
Pulling money out on an overinflated value with collusion between the mb,appraiser,re broker and then dumping the property and running with the cash is fraud.
It's hard to tell how much she knew what was going on.
Just because investors teach things at a seminar does not mean these things are legal
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