Timothy James Matheson / Mortgage fraud
Since 2014, Mr. Matheson has conducted numerous residential real estate closings without checking the accuracy of the mortgage files.
Many of his clients have lied on their mortgage application. For example, one client stated that he lived in a property located in another state. However, he did not. In fact, during the time of the closing, the client lived in Tennessee however the property that he refinanced was in another state. This is called occupancy fraud. The client was required by federal law to move into the property within 60 days of closing. Since the property has been rented to tenants for four years, the client had no intention on moving into it and purposely lied on the application. Why, you ask? Borrowers do this to obtain a lower interest rate since non-owner occupied loans are more expensive than owner-occupied loans and come with higher risks.
The client is not only guilty of mortgage fraud, he committed wire fraud as well. Mr. Matheson could also be charged with wire fraud. In addition, the client was to have been forwarding rent payments from the tenant living in his rental property to the lender and this has not happened.
As you can clearly see, the Matheson Law Firm has set themselves up and the Feds will catch up with them in a matter of time. No need to shred documents, lenders have copies.