Consumer Advocate Ralph R. Roberts Reveals the Top Five Dos and Don'ts of Loan Modification

 

Federal Loan Modification Law Center, LLP Spokesperson Embarks on Crusade to Prevent Unnecessary Home Foreclosures

DETROIT--(activerain)--Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, LLP, today revealed the top five do's and don'ts of loan modification. Since losing one of his own homes to foreclosure in the late 1970s, Roberts has made it his life's mission to prevent unnecessary home foreclosures. The following do's and don'ts are intended to dispel common myths about loan modifications, which typically manifest in the form of a rate reduction/adjustment to an existing mortgage.

#1. DO TELL YOUR SPOUSE OR SIGNIFICANT OTHER: It's tempting to hide bad news from your partner, but this can actually work against you. For example, in most cases, you cannot legally negotiate a loan modification without your spouse. You and your partner are in this together and are stronger as a team. Regardless of the reason, disclose it to your partner, put it behind you, and work together to resolve the crisis.

#2. DON'T ASSUME IT's TOO LATE TO ACT: As long as you are still residing in your home, you have opportunities to keep your home.

#3. DO REALIZE THAT YOUR LENDER WANTS TO RESOLVE THE ISSUE. The only way the lender makes money is if their loans perform-modifying a loan through loan modification makes it perform for the lender. Banks and other lending institutions make more money and lose less money if you can make your payments. When they foreclose, they not only lose your monthly payments, they also have the expense of foreclosing (attorney fees), rehabbing the home, and then selling it (agent commissions).

Ralph R. Roberts, CRS, GRI
Loan Modification Expert/Author
Sterling Town Center Office
12900 Hall Road, Suite 300
Sterling Heights, Michigan
48313-1150
Office: (586) 751-0000
Fax: (586) 620-6449
Email: RRnail@Gmail.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com)

Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)

Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com (Ralph's real estate company)
- www.FlippingFrenzy.com (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com (Where anyone can learn more about Ralph)
- www.GetFlipping.com (A resource for house flippers)
- www.KolleenRoberts.com (a tribute site to Ralph's daughter)

Remember every job is a self-portrait of the person who did it. Autograph your work with excellence.  --Anonymous

#4. DON'T GO INTO HIDING: As hard as it is, failing to pick up the phone, return phone calls, or respond to notices is one of the worst things you can do. Your lender needs to know from you or your legal representative that you are aware of the delinquent payments and are working on a solution.

#5. DO SEEK PROFESSIONAL REPRESENTATION: You may be able to negotiate a loan modification yourself by working directly with your lender, but an experienced attorney or loan modification expert can properly represent your case to your lender that your loan is modified to a level of affordability. Homeowners who represent themselves often overestimate what they can afford to pay and end up in the same situation months after they receive their modification.

 

Cross-Cultural Selling For Dummies® Helps Bridge the Culture Gap 

(HOBOKEN, NJ) 1-03-2009 - With the marketplace having gone fully global, salespeople must venture beyond traditional marketing and selling strategies in order to maximize their exposure and sales potential. For those looking for expert advice on how to communicate with people from diverse backgrounds, the recently published Cross-Cultural Selling For Dummies® (John Wiley & Sons, Inc.; 978-0-470-37701-7; $21.99) offers a range of useful strategies and tips-from tailoring marketing materials for more global appeal and incorporating multiculturalism into the workplace, to bringing in new products that appeal to a target market.  

Authors and sales experts Michael Soon Lee and Ralph R. Roberts state in the introduction, "Cross-cultural selling is nothing more than adjusting your sales practices, presentation, and products to meet the unique needs of multicultural customers. Although it may sound simple, you must be constantly aware of how culture affects your interactions so you can continuously adapt to your buyers." 

Cross-Cultural Selling For Dummies helps readers reach out to multicultural customers by

mastering specific business practices-from the different ways to hand out a business card, to

the correct distance to stand from a client, to the use of specific idioms. In addition, readers will

learn how to: 

• Identify generational differences and customer motivation
• Overcome language barriers
• Adapt your sales presentations and techniques
• Negotiate effectively
• Maintain a diverse sales team
• Generate referrals
• Avoid cultural conflicts

The handy "Cheat Sheet," a tear-out card located in the front of all For Dummies® books, includes tips for meet and greets, detecting common buying signals, honing haggling skills, and more. The always popular "Part of Tens" debunks ten myths about multicultural customers and reveals ten common stereotypes other cultures have of Americans. In addition, an appendix provides a quick reference for cross-cultural etiquette and a cross-cultural holiday calendar. 

Ralph R. Roberts, CRS, GRI
Loan Modification Expert/Author
Sterling Town Center Office
12900 Hall Road, Suite 300
Sterling Heights, Michigan
48313-1150
Office: (586) 751-0000
Fax: (586) 620-6449
Email: RRnail@Gmail.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com)

Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)

Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com (Ralph's real estate company)
- www.FlippingFrenzy.com (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com (Where anyone can learn more about Ralph)
- www.GetFlipping.com (A resource for house flippers)
- www.KolleenRoberts.com (a tribute site to Ralph's daughter)

Remember every job is a self-portrait of the person who did it. Autograph your work with excellence.  --Anonymous

Ralph R. Roberts Reveals the Top Five Myths About Loan Modification

 

Consumer Advocate Demystifies Common Misconceptions for Home Owners Facing Foreclosure

DETROIT--(BUSINESS WIRE)--Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, today released a list dispelling the top five myths about loan modification. Intended to better educate homeowners facing the prospect of losing their home in foreclosure, the following list demystifies the most common misconceptions surrounding the loan modification process.

MYTH #1: My bank wants me out of my house. / My bank wants my home. Banks and other lending institutions do not want to foreclose. They earn more money if you can make your payments. When they foreclose, they not only lose your monthly payments, but they also have the expense of foreclosing (attorney fees), rehabbing the home, and then selling it (agent commissions). In today's market, there's a good chance they'll have to sell the home at a loss. This is all good news for you - it means the bank is highly motivated to make a deal with you.

MYTH #2: My credit score is bad so I won't qualify. Unlike the option of refinancing out of trouble, which requires you to apply for a new loan, loan modification simply adjusts the terms and perhaps reduces the balance of a loan you already have. Your credit score is much less of a factor in determining whether you qualify for a loan modification. In addition, a successful loan modification can actually improve your credit score over time, especially if it prevents you from ending up in foreclosure or bankruptcy.

MYTH #3 I am not late on my mortgage payments so I won't qualify. / I have to miss a payment to be eligible. Early on, this was true. In fact, some early eligibility requirements stated that you had to be 61 days delinquent in order to qualify. In other words, you would have had to have missed two full payments. The truth is that the eligibility requirements are constantly changing and differ among lenders. Many lenders are now working out loan modifications with borrowers who are up to date on their payments. It's difficult to determine whether you qualify until you actually discuss your situation with the lender or with an attorney who is knowledgeable and experienced in loan modifications.

MYTH #4: I would be better off walking away or declaring bankruptcy than modifying my loan. Walking away from the home and filing for bankruptcy are certainly two options, but they are rarely the best options when you are facing foreclosure. If you simply walk away, the lender is unlikely to pursue legal action against you, but in some jurisdictions, the lender can pursue a deficiency judgment against you to collect the difference between what the lender receives for your home at auction and what you currently owe on the balance of the mortgage. Filing for bankruptcy may be better than just walking away, but it can leave a blemish on your credit history that makes it difficult to borrow money in the future. A successful loan modification is almost always a more prudent choice.

MYTH #5: It's too late. I have already received a foreclosure notice. As long as you still reside in the home - that is, you didn't voluntarily abandon it, and the home hasn't been sold at a foreclosure auction - you may still have time to work out a loan modification with your lender. The sooner you take action, the more options you have available and the more time you have to pursue the best option, but you can still negotiate late into the process. By contacting the lender or, better yet, having your attorney contact the lender on your behalf, you demonstrate a good faith effort to work out a solution and can often buy yourself extra time to negotiate a loan modification.

About Ralph Roberts

Ralph R. Roberts is a consumer advocate and spokesperson for Federal Loan Modification Law Center. After losing one of his own homes to foreclosure in the late 1970s, Ralph added a foreclosure division to his real estate business. Since then, Ralph has led thousands of families through the foreclosure maze, informing them of their options, including loan modification, and steering them clear of the most common pitfalls while empowering them with the information required to get on with their lives. Ralph is also an experienced mentor, coach, consultant, and award-winning author and REALTOR®, who has penned several successful books, including Foreclosure Self-Defense For Dummies (Wiley) and Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership (Kaplan). To find out more about Ralph and loan modifications, visit www.KeepMyHouse.com, www.FlippingFrenzy.com. or

www.AboutRalph.com

Ralph R. Roberts, CRS, GRI
Loan Modification Expert/Author
Sterling Town Center Office
12900 Hall Road, Suite 300
Sterling Heights, Michigan
48313-1150
Office: (586) 751-0000
Fax: (586) 620-6449
Email: RRnail@Gmail.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com)

Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)

Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com (Ralph's real estate company)
- www.FlippingFrenzy.com (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com (Where anyone can learn more about Ralph)
- www.GetFlipping.com (A resource for house flippers)
- www.KolleenRoberts.com (a tribute site to Ralph's daughter)

Remember every job is a self-portrait of the person who did it. Autograph your work with excellence.  --Anonymous

FORECLOSURE MYTHS: 77 Secrets to Saving Thousands on Distressed Properties!

By Ralph R Roberts "activerain member"

 Foreclosures across the country are at an all-time high since the 1930's, and continue to break records every day. Foreclosure is an unfortunate reality we must face in the aftermath of the housing bubble of the 1990's, but it can also be an incredible money-making opportunity for those who know how to approach this profitable piece of the market.
Learn the whole truth about foreclosures-and discover some real bargains too!

In Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!, Ralph R Roberts and Certified Mortgage Consultant Chip Cummings debunk seventy-seven persistent myths that prevent would-be homeowners and real estate investors from taking advantage of the tremendous profit to be had in foreclosures. Through the process of revealing the truth about the most persistent foreclosure myths, Roberts and Cummings show you how to find, evaluate, and buy foreclosure properties at a discount-including how you can use other people's money to finance your investments.

Learn why these and other myths aren't true at all:

· There's nothing an investor can do to assist distressed homeowners

· Only insiders can find good foreclosure properties

· You need a lot of money to start investing

· Only experts can understand the foreclosure process

· Every foreclosure property is a moneymaking deal

· Real estate agents always get the good deals at auction

· Foreclosed properties are always in terrible shape

• You can only sell a foreclosure home after extensive renovations

In addition, Foreclosure Myths features quotes and firsthand stories from top industry professionals that illustrate the path to a successful foreclosure investment, helping you reap maximum rewards from your efforts. Handy resources like national and state foreclosure guidelines, sample forms, checklists, and all the other tools everyday investors need to earn a profit buying, fixing up, and selling or renting out foreclosure properties-or simply making the property their new home, are included in the helpful appendix.

ABOUT THE AUTHORS

Ralph R. Roberts is a real estate investor and an award-winning speaker and author whose other books include Foreclosure Investing For Dummies, Foreclosure Self-Defense For Dummies, and Walk Like a Giant, Sell Like a Madman, all from Wiley. For more information, visit www.AboutRalph.com.
Chip Cummings has spent twenty-five years in real estate finance, with more than $1 billion in loans as a broker, banker, and president of several mortgage companies. He has helped thousands of homeowners obtain their own homes and investment properties, is a certified trainer for the National Association of Mortgage Brokers, and is a former president of the Michigan Mortgage Brokers Association. His other books include Mortgage Myths, from Wiley.

About Wiley
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for 200 years, helping people around the world meet their needs and fulfill their aspirations. Wiley's core business include scientific, technical, and medical journals; encyclopedias, books, and online products and services; professional and consumer books and subscription services; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey with operations in the U.S., Europe, Asia, Canada, and Australia. www.wiley.com

Ralph R. Roberts, CRS, GRI
Sterling Town Center Office
12900 Hall Road, Suite 300
Sterling Heights, Michigan
48313-1150
Office: (586) 751-0000
Fax: (586) 620-6449
Email: RRnail@Gmail.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )

Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)

Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com   (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts.com  (a tribute site to Ralph's daughter)

Ralph Roberts for President?

11:33 AM PDT, August 28, 2008, updated at 8:00 AM PDT, August 28, 2008 A colleague of mine recently sent me a link to an I News 3 story about a grass roots movement to elect Ralph Roberts president. I know of several Ralph Roberts-es, including the Ralph Roberts who started Comcast, the "Real Ralph Roberts" who's penned a bunch of computer books and other how-to publications, and Ralph R. Roberts the real estate sales guy I co-authored several books with.
I'm not real sure myself which of these or any other other Ralph Roberts is the person people are trying to elect as president. My co-author has remained mum so far, but if he announces his candidacy any time soon, I'll be sure to let you know.
Here's the link to the I News 3 video.
(This is actually a clever and somewhat humorous marketing scheme. If you go directly to www.inews3.com and click the link to play the video, it plays with another person's name in place of "Ralph Roberts." But this is the kind of shameless self-promotion that Ralph R. Roberts talks about in Advanced Selling For Dummies. At the end of the video, you can click a link to launch your own grass roots campaign for president.)

Ralph R. Roberts, CRS, GRI
Sterling Town Center Office
12900 Hall Road, Suite 300
Sterling Heights, Michigan
48313-1150
Office: (586) 751-0000
Fax: (586) 620-6449
Email: RRnail@Gmail.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )


Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)


Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts. com (a tribute site to Ralph's daughter)

Mortgage Fraud: Unraveled by Ralph R. Roberts  

Leading real estate and mortgage fraud forensic analyst was the first to report the facts to local and federal authorities

 
DETROIT, Aug 27, 2008 /PRNewswire via activerain/ -- Ralph R. Roberts, a nationally known real estate and mortgage fraud forensic analyst and the co-author of "Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership" (Kaplan), is available to talk with the media about the recent mortgage fraud allegations involving Detroit Pistons' basketball player Lindsey Hunter. Roberts -- who is one of the world's foremost experts on spotting and preventing real estate and mortgage fraud -- was the first person to alert local and federal authorities to Bruce McClellan's claims of being defrauded by a scheme that involved Hunter and his company, L&I Enterprises, LLC. "I audit hundreds of real estate files every year, and this file takes the cake," says Roberts, who runs the popular real estate fraud awareness and prevention blog http://www.FlippingFrenzy.com. "If anyone is looking for a trademark signature of mortgage fraud, I think they'll find it here. From fabrication of Bruce McClellan's assets and making outrageous claims about McClellan's guaranteed return on his investment, to making no real attempt to sell the investment property and taking cash back at closing, here we have what appears to be knowingly committed mortgage fraud." As first reported by Crain's Detroit Business (with Roberts' help), the Federal Bureau of Investigation (FBI) and Wayne County (MI) Register of Deeds' mortgage-fraud task force are now investigating the allegations, which involves claims of Lindsey Hunter's company directly involved with the unlawful flipping of houses. During the housing boom, flipping houses was almost a national pastime. Shows like Flip This House, Flipping Out, and Flip That House attracted huge viewing audiences because of the high success rate of the investment strategies involved. Today, however, if you mention house flipping to a law enforcement professional, they are likely to think that you are talking about committing a crime. To them, the word "flip" is a four-letter word. HUD (the U.S. Department of Housing and Urban Development) declared it so when it released its FR (Final Rule)-4615 Prohibition of Property Flipping. "What Lindsey Hunter's company is under investigation for having done ruins lives, destroys neighborhoods, and is calculable in our current mortgage meltdown and housing crisis," says Roberts. "People generally do not commit real estate or mortgage fraud for the sheer joy of ripping off the system, although in Lindsey Hunter's case -- with all the benefits he receives by virtue of playing in the NBA -- if he did it -- then that would appear to be the primary motivation."

Ralph R. Roberts, CRS, GRI
67775 Van Dyke
Washington Township, MI 48095
Office: (586) 751-0000
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )


Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)


Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts.com  (a tribute site to Ralph's daughter)

Building an Agent Team from the Ground up - Learn the Secrets to Success at RISMedia's Leadership Conference

Posted By Paige On August 26, 2008 @ 4:09 pm In Today's Top Story | Comments Disabled

RISMEDIA, August 27, 2008-There's been so much talk about agent teams recently. Are they good for the industry? Are they bad for the broker? Regardless of the answer, they're popping up everywhere-from small towns to giant metros. Big or small, these mini-powerhouses have changed the way practitioners work with their buyers and sellers.

Jacky Teplitzky, managing director, Prudential Douglas Elliman is one of three panelists who will offer her expertise on the agent team concept during the "Agent Teams: Friend or Foe" session, facilitated by Marylyn Schwartz, president, Teamweavers, at RISMedia's 19th Annual Leadership Conference at The Roosevelt Hotel in New York City.

Teplitzky is a sought-after guest speaker and has presented at numerous regional and national venues. She has appeared in more than 10 New York Times cover stories as well as on "Good Morning America." Teplitzky is leader of the Jacky Teplitzky team, the number-one ranked team at Prudential Douglas Elliman (PDE), where there are more than 3,300 brokers in over 60 offices.

Also don't miss, "The ABCs of Forming a Winning Agent Team," facilitated by Ralph R. Roberts, broker/owner, Ralph Roberts Realty, an educational session that will teach you the basic steps toward forming your own agent team.

Session Details:

Session Title: Agent Teams: Friend or Foe?

Date: Thursday, September 4th

Time: 9:00 a.m. - 10:15 a.m.

Facilitator: Marylyn Schwartz, President, Teamweavers

Panelists: Barb Jandric, General Manager, Edina Realty
Mary Tennant, COO, Keller Williams International
Jacky Teplitzky, Managing Director, Prudential Douglas Elliman

Session Title: The ABCs of Forming a Winning Agent Team

Date: Thursday, September 4th

Time: 1:30 p.m. - 2:45 p.m.

Facilitator: Ralph R. Roberts, Broker/Owner, Ralph Roberts Realty

Panelists: John Bendall, Team Leader, The Bendall Group
Bryan Felder, Realtor, The Virginia Realty Group
Faye Rispoli, Broker Associate, RE/MAX Premier
Howard Witz, Associate Broker, Fillmore Real Estate

Ralph R. Roberts, CRS, GRI
67775 Van Dyke
Washington Township, MI 48095
Office: (586) 751-0000
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com)


Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)


Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts.com  (a tribute site to Ralph's daughter)

Mortgage Fraud Statistics

According to the Federal Bureau of Investigation (FBI), which earlier this month issued yet another Mortgage Fraud Advisory, here are the latest Real Estate Fraud statistics:

Estimated Annual Losses: $4 billion to $6 billion

Total Mortgage Fraud Suspicious Activity Reports in Fiscal Year 2007: 46,717, with $813 million in losses

Total FBI Mortgage Fraud Task Forces/Working Groups (June 2008):
42

Pending FBI Mortgage Fraud Investigations (May 2008):
1,380

Cases opened in Fiscal Year 2007:
462 (compared to 295 in Fiscal Year 2003)

Successes in Fiscal Year 2007:
321 indictments/informations; 260 convictions

States with Significant Mortgage Fraud problems in 2008:

Florida
Nevada
Michigan "my State"
California
Utah
Georgia
Virginia
Illinois
New York
Minnesota
 
Ralph R. Roberts, CRS, GRI
Ralph Roberts Realty
67775 Van Dyke
Washington Township, MI 48095
Office: (586) 751-0000
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )
 
Ralph Roberts is the author of many books, including:
- Power Teams: A Guide to Building and Managing Winning Real Estate Agent Teams (RISMedia)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)
- Flipping Houses For Dummies (Wiley Publishing)

Ralph Roberts maintains a number of popular Websites and Blogs, including:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.ForeclosureSelfDefense.com  (Info about Foreclosure Self-Defense)
- www.GetFlipping.com  (A resource for house flippers)
- www.PowerfulSelling.com  (Sell tips, strategies and warnings)
- www.KolleenRoberts.com  (A tribute site to Ralph's daughter)

Fredric "Rick" Dryer Found Guilty on 44 Counts in Colorado Real Estate Fraud Case

Updated: 9:05 P.M. ET, July 17, 2008

According to reports out of Denver, Colorado, Fredric "Rick" Dryer has been found guilty on 44 out of 60 felony counts in a securities fraud case involving Dryer's former company, Mile High Capital Group, LLC. From Bob Mook at the well-respected Denver Business Journal:

Dryer- the self-described multimillionaire, real estate guru and founder of Mile High - was found guilty on counts of violations of the Colorado Organized Crime Control Act, conspiracy to commit securities fraud, securities fraud and theft. He was found not guilty of 14 counts of securities fraud and two counts of theft.

Dryer sat expressionless as the verdicts were read. He faces a maximum sentence of 24 years for each criminal count.

Dryer was convicted of 44 felony counts including violating the Colorado Organized Crime Control Act (racketeering), securities fraud, and theft. The jury found him not guilty on 15 additional counts.

Dryer and two co-defendants were indicted in 2006, accused of duping hundreds of investors who invested in his companies, Mile High Capital Group and Replacement Property Solutions. Denver's Chief Deputy District Attorney Joe Morales and Deputy District Attorney Kandace Gerdes prosecuted the case, which spanned 12 days of testimony and three days of jury deliberations. According to Morales, after the jury was discharged, Dryer, who had been out on bond, was led from the courtroom in handcuffs to be held in custody pending sentencing on September 12, 2008 at 1:30 P.M Mountain Time in Denver District Courtroom 10.

Dryer now faces from between eight to 528 years in prison under the watchful eye of the Colorado Department of Corrections.

Dryer's two co-defendants pleaded guilty earlier. Richard Darrow, 43, pleaded guilty to violating the Colorado Organized Crime Control Act and was sentenced to a suspended 20-year prison term that requires two years in the Denver County Jail and 10 years on probation. He was also ordered to pay $1,150,048.00 in restitution. Jeffrey Dietz, 38, pleaded guilty to securities fraud and was sentenced to two years probation and ordered to pay $990,406.00 in restitution.

In 2000, Rick Dryer launched Mile High Capital Group, LLC (MHCG)-a builder and developer of single-family homes, at the time specializing in mountain building. It was in late 2002, when Dryer was approached by out of state investment clubs looking for a reputable Colorado builder/developer, that the business model changed. Dryer didn't think mountain properties were suitable for income property, so he began to research what would work.

Over the next two years, MHCG evolved into a builder of just such properties. Its reputation grew. Infinity Broadcasting sent its program directors to ask MHCG to sponsor its Rich Dad Poor Dad Real Estate Workshops, with Dryer as the main speaker with Robert Kiyosaki. Dryer's research and experience evolved into what was to become his Right Place Right Time Real Estate Investment Strategies syllabus.

MHCG grew with Dryer's reputation. The company planned to develop subdivisions around the country on the edges of high-growth areas where demand for rental properties was expected to be high. MHCG would then sell the rental properties to investors. The plan was to make it easy for real estate investors to purchase revenue-generating properties.

As far as real estate investment gurus go, Dryer had a track record and reputation that was good and getting better. Typical real estate investment gurus charge thousands of dollars for information that's worth no more than about $50. They pitch risk-free, get-rich-quick schemes. They encourage people who are in no position to invest in real estate to become full-time investors. Most of these gurus are not successful real estate investors themselves-if they could make millions in real estate, they would not be spending their time pushing seminars.

Dryer was different. His Right Place Right Time Real Estate Investment Strategies were well known in the industry, and he had a solid public record of accurate predictions about emerging markets and trends. He became a popular and frequent speaker at Robert Kiyosaki's Rich Dad Poor Dad real estate investor workshops around the country before starting his own workshops. He seemed to know his stuff and was said to careful remind people that investing in real estate carries risk. Dryer seemed like the real thing, and MHCG seemed like a legitimate company offering genuine real estate investment opportunities.

Through his seminars, Dryer promoted MHCG to attendees, and they were eager to buy these rental properties. The risk seemed negligible. After all, Dryer had a proven system in place for identifying areas where rental properties would soon be in high demand. His system was so successful, in fact, that many celebrities had bought into the program, including:

• Gary Eldred, PhD, author of Investing in Real Estate and professor of Trump University
• Richard Florida, PhD author of The Rise of the Creative Class and professor in the School of Public Policy at George Mason University
• Richard Karlgaard Publisher of Forbes magazine and author of Life 2.0
• Dan McCabe, Esq., CES of the Investment Exchange Group
• David Bach, New York Times and Wall Street Journal best-selling author of The Automatic Millionaire; Start Late, Finish Rich; and the entire Finish Rich series
• Mark Victor Hansen, New York Times and Wall Street Journal best-selling co-author of the Chicken Soup series

Having these big names involved added to Dryer's and his company's credibility, and the list of customers began to grow as investors spread the word to their friends and relatives of Dryer's Right Place seminars. Money was pouring in. Under the direction of founder and CEO Rick Dryer, MHCG had risen from its humble beginnings to become a $150 million real estate business in just five years. According to court documents, MHCG had over a quarter billion dollars in sales by 2005.

Unfortunately, the product being sold was never delivered, and today Dryer was found guilty of committing some pretty serious real estate fraud-related acts.

After the jury was discharged, Dryer, who had been out on bond, was led from the courtroom in handcuffs to be held in custody pending sentencing.  http://www.flippingfrenzy.com/2008/07/17/fredric-rick-dryer-found-guilty-on-44-counts-in-colorado-real-estate-fraud-case/

Ralph R. Roberts, CRS, GRI
67775 Van Dyke
Washington Township, MI 48095
Office: (586) 751-0000
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )


Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)


Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts.com  (a tribute site to Ralph's daughter)

Interviewed about Flipping Houses by Crain's Detroit Business

Southeast Michigan's most popular and respected business newspaper and website recently took the time to interview me about the state of the house flipping market here in Michigan. The interview/story made it to the front page of the current edition of Crain's Detroit Business.

Here's a shot of the front page:

For more, read "Some area house flippers find upside to housing downturn" by Tom Andrew of Crain's Detroit Business. 

Ralph R. Roberts, CRS, GRI
67775 Van Dyke
Washington Township, MI 48095
Office:   (586) 751-0000  
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com)


Ralph Roberts is the author of many books:
- Flipping Houses For Dummies (Wiley Publishing)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)


Ralph also maintains Websites and Blogs:
- www.RalphRoberts.com  (Ralph's real estate company)
- www.FlippingFrenzy.com  (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com  (Where anyone can learn more about Ralph)
- www.GetFlipping.com  (A resource for house flippers)
- www.KolleenRoberts.com  (a tribute site to Ralph's daughter)