Scott Veerkamp Misrepresented My Mortgage Documents

Please take time to review the following information...

I was misrepresented by Scott Veerkamp on my mortgage transaction. Scott had the property set up with a 12 month occupancy agreement when he listed the property.

When you look at Scott's response, he confirms the property is set up for a "flip." A Realtor can not flip a property with a 12 month occupancy agreement.

This is the reason Scott refused to show the property. In addition, this is the reason he refused to conduct an open house.

If Scott sold the property quickly, he would have to answer questions from the lender about violating the occupancy agreement. This is the reason he tried to sell the property on contract. As I said before, there is no mortgage on a land contract. If Scott sold the property on contract, only 3 people would know:  1. Myself  2. Scott  3. Chris Moore

GMAC would not know the property was sold on contract unless I contacted them to get permission. When you review the letter, it is clear GMAC is saying the property can not be sold on contract.

I know this sounds strange. However, the following statement is true: Scott listed a property HE COULD NOT SELL without violating the occupancy agreement.

Please remember: Scott received a WARNING letter from the office of the Indiana Attorney General. This government agency never blamed me for any issues relating to the transaction.

Here are 5 key points to review about the transaction...

1. It does not matter if I lived in the property.

2. It does not matter if the property was vacant.

3. Either way, Scott COULD NOT SELL the property without violating the terms of the occupancy agreement.

4. This is the reason he refused to show the property.

5. In the end, I met the financial requirements of the occupancy agreement. I made all the payments required over the 12 month period. In addition, I made all of my payments on time. For this reason, I did not have anyone from a government agency express concern about the occupancy agreement on my behalf. As many people do, I signed a stack of documents "one inch thick" at closing. I do not remember much about the details of the documents.

Please note: Scott had his mortgage license revoked by the office of the Indiana Secretary of State's Security Division. I do not know the reason his license was revoked. However, here is my documentation...

Mortgage license revoked:

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-alm-group-documentation.html

Here is the reason Scott could not show (or sell) the property...

http://narrealtorbaitandswitchblog.blogspot.com/2012/09/occupancy-agreement.html

The Center for Responsible Lending: Yield Spread Premium and Predatory Lending

Download Seven_Signs_of_Predatory_Lendi.pdf

Please take time to review this document from the Center for Responsible Lending.  CRL and the National Association of Realtors refer to the use of Yield Spread Premium as Predatory Lending.

NAR: How to Avoid Predatory Lending

Download Predatory_Lending_Information.pdf

Please review this document from the National Association of Realtors.  NAR and the Center for Responsible Lending refer to the use of Yield Spread Premium as Predatory Lending.

Scott Veerkamp: The Truth Is In His Fees (Yield Spread Premium and Junk Fees)

Here is additional information regarding Predatory Lending, excessive fees, and junk fees...

In a previous post, I made reference to "junk fees" on the mortgage documents. After reviewing these documents, it is obvious Scott Veerkamp felt comfortable charging junk fees to the public.

Here are some examples: 1. $960 application fee 2. $500 processing fee 3. $250 document preparation fee 4. $35 electronic filing fee 5. $50 courier fee

I can assure you, the following statements are true: (a) Junk fees do not "protect and promote the interest of the client." (b) These fees do not "keep the interest of the client above all else." (c) In reality, Scott was "making up" junk fees to "protect the interest of his bank account."

Please review this article from CNN Money regarding junk fees...

http://money.cnn.com/2006/02/13/real_estate/closingcosts2_money_0603/index.htm

You can review Scott Veerkamp's mortgage documents here:

http://narrealtorbaitandswitchblog.blogspot.com/2011/12/mortgage-documents-1-and-2.html

The National Association of Mortgage Brokers says it is not necessary to pay an application fee. Therefore, the "lowest possible price" for an application fee is ZERO.

Please review this article from CNN Money regarding application fees...

http://money.cnn.com/2007/07/24/real_estate/salesman_factor.moneymag/index.htm

Here is documentation of false advertising by Scott Veerkamp:

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-false-advertising.html

As I mentioned earlier, Scott has chosen an interesting title for his response: "The Truth Will Set You Free." I believe the following title would be more appropriate: "The Truth Is In His Fees." (Yield Spread Premium and Junk Fees)

Here is a copy of Scott Veerkamp's response. As you will see, he has no documentation to support his statements. Scott has no evidence to present because his response is loaded with lies...

http://narrealtorbaitandswitchblog.blogspot.com/2012/06/here-is-copy-of-response-from-scott.html

Do you think REMAX discontinued Scott's franchise agreement because they got tired of reviewing complaints against him? I feel certain REMAX was embarrassed by the number of complaints filed against him for false advertising and loan steering.

NAR: How to Avoid Predatory Lending

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/nar-how-to-avoid-predatory-lending.html

The Center for Responsible Lending: Seven Signs of Predatory Lending

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/the-center-for-responsible-lending.html

NAR Code of Ethics

Download Code_Of_Ethics.pdf

Please take time to review the Code of Ethics from the National Association of Realtors.

Comparative Market Analysis

Download Comparative_Market_Analysis.pdf

Please review Comparative Market Analysis for the 8202 Eaton Court property.

RIPOFF: Scott Veerkamp Flips His Own Listing

Download Scott_Flips_His_Own_Listing.pdf

Please take time to review the PDF document above.  Scott Veerkamp inflated the value of the Eaton Court property and flipped his own listing for a $26,000 profit.