Mortgage Fraud...trying to keep my downpayment! Who do I notify?
I tried to purchase a short sale a few months ago but the sellers were committing mortgage fraud so we walked away. The bank agreed to a price that we could live with but the sellers wouldn't sign the addendum to the contract until we gave them $6500 under the table. They wrote up a contract for the sale of personal property (or shall I say their attorney did) in the amount of $5000 but we would not sign it. When it came down to the end they wanted more and told us they wouldn't sign the addendum until we signed the other contract. We said we wouldn't commit fraud and walked away. Now they are refusing to give back our downpayment. These people are the scum of the earth. I plan on calling the Federal Trade Commission and my Attorney General but I was wondering if anyone at BofA would care. They are in the process with someone else (i'm sure with the hopes of money under the table). Does anyone now of who to contact at Bank of America?
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Permalink Reply by Suzanne on
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You are right...BofA won't talk to me because of privacy. How ironic! We signed a contract will the seller for a purchase price of 325K and gave a deposit, which is in the attorney's escrow account. The bank countered at 375K and said to have an addendum signed with the new amount and we would have a deal. The sellers refused to sign unless we gave them $6500 under the table so we walked away. There was no contract since they never signed the addendum so they have NO RIGHT to our money. I tried to contact the fraud department at the bank but the only numbers I can find are for credit card fraud. I contacted the local DA's office, but I had to leave a message and I wrote emails to multiple news channels. These people are the lowest of low.
Jim Schneider said:Unless the sellers' sign a letter of authorization (which is unlikely) BofA is not going to speak with you because of privacy concerns. I'm not sure from your statement if you already signed a contract with the sellers, if you had an earnest money deposit, or if you just made an offer (usually called a binder in NY) and the seller is refusing to sign a contract without the side agreement. Please clarify. -
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Permalink Reply by Jim Hale on
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Catching BofA being willing to "speak to you" is not the same as getting them to "listen to you". They cannot speak to you because of privacy issues. But they can listen to you - report an attempted fraud. If you just want to prevent the seller from doing this with another buyer, find some one in their hierarchy that will "listen" to such a report.
But talking to BofA is unlikely to help you get your money back.
You need a lawyer on this.
You say your husband is an attorney. But it doesn't sound like he is a real estate attorney. You need a real estate lawyer.
This is no longer a short sale issue. It is a civil contract dispute. You won't find a solution here. -
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He's acting as an escrow agent. In New York he has to do what his clients ask him to do and they sent a handwritten note to him requesting that he DOES NOT release our deposit. In a way it is better that he has it otherwise we would NEVER get it back if they had it. We will have to take them to court. LUCKILY my husband is an attorney of else we would have had to hire one and that would have cost us MORE money. I called my local DA and they don't care, I contacted the local news and they never responded, and I contacted BofA and someone took the information and said they would investigate. I really hope they do. The house is still approved for a short sale and I am sure they will do it to someone else.
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