Legal Question in Real Estate Law in California
A licensed real estate agent from California contacted a real estate agency, a mortgage company, and Title Company in Maui, Hawaii and convinced them to process a fraudulent loan in the name of my 85 year old father by simply telling the Hawaii real estate agent, loan originator, and escrow officer that she was a licensed real estate agent in California and the "significant other" of my father (not true), and that my father couldn't hear over the telephone due to a hearing disability so they should run the entire transaction and all communications through her, which they did. The companies then assisted the female real estate agent perpetrator to get her name on Title to the property as a joint tenant. Yes, it was a sweetheart, real estate elder financial abuse scam.
The mortgage company used the perpetrator's daughter, who was living in Maui and was an accomplice to her mother, as the attorney-in-fact to sign the final closing loan documents. It was a Fannie Mae funded loan and Fannie Mae has a policy in their Selling Guide as of October 22, 2013) stating that, "No mortgage company may use an attorney-in-fact to sign closing documents if the attorney-in-fact is related to one of the real estate agents who has a financial interest in the property." The California real estate agent received 20% of the Hawaii real estate agent's commission so she had a financial interest in the transaction.
My question is, if I explained this in a Complaint to Fannie Mae and/or the Federal Housing Finance Agency could either one order the Hawaii mortgage company to void the loan transaction, since the closing documents were illegally signed? And would they order the mortgage, Title, and Real Estate Company to pay restitution to my father who was conned into putting down $101,000 for the down payment and then paid another $18,000 in mortgage payments over the course of 8 months until he realized he was experiencing financial ruin for the first time in his life and could no longer afford to pay the monthly mortgage payments?
1 Answer from Attorneys
No. Fannie Mae is not going to deal with this for you. That is a regulatory violation. They don't police peoples' transactions. You need to contact the elder abuse unit in the District Attorney's office in the county in which your father resides and file a complaint with them. Even they, however, are unlikely to void this transaction for you. So you also need to hire an attorney to file a civil lawsuit. That is the only way this fraud can be undone. And bear in mind that there are statutes of limitations running on this. You show an Aptos zip code on your question. I maintain meeting facilities in San Jose if you would like to arrange for an initial consultation.
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