System, method and computer program storage device for detecting short sale fraud

1. A short sale monitoring system, comprising:

an interface;

a processing circuit that

receives property identification information for a property, a short sale notification regarding a short sale of the property, and a short sale price;

queries a database of loan records to identify a corresponding loan application for said property, said loan application being at least one of a pending loan application and a closed loan application for said property; and

generates a notice when

said short sale price is less than a predetermined amount with respect to a price included in said loan application, and

a date of said loan application is within a predetermined time of a closing date of the short sale.

2. The system of clam 1 , wherein

said processing circuit is further configured to

query the database regarding a name of an entity included at least one of the loan application and the short sale;

determine if the entity was involved in a prior fraudulent short sale; and

generate the notice if the entity is determined to have been involved in said prior fraudulent short sale, wherein said entity being one of a person and a company.

3. The system of claim 1 , wherein

said processing circuit is further configured to

query the database using names of parties to a transaction, including at least one of the loan application and a short sale for another property, and

providing a listing of said another property when identified in said database query.

4. The system of claim 1 , wherein

said closing date of the short sale is a predetermined number of days with respect to when said processing circuit performs said database query; and

said processing circuit repeats said database query at least daily until said closing date.

5. The system of claim 4 , wherein

said predetermined number of days is 45 or less.

6. The system of claim 1 , wherein

said closing date of the short sale is after said database is populated with a record of the loan application; and

said processing circuit repeats said query for a predetermined number of days after said closing date.

7. The system of claim 6 , wherein

said predetermined number of days is 90 or less.

8. The system of claim 1 , wherein

said database includes a public records database; and

said query including a query of the public records database.

9. A short sale monitoring method, comprising:

receiving via an interface property identification information for a property, a short sale notification regarding a short sale of the property, and a short sale price;

querying a database of loan records with a processing circuit to identify a corresponding loan application for said property, said loan application being at least one of a pending loan application and a closed loan application for said property; and

generating a notice when

said short sale price is less than a predetermined amount with respect to a price included in said loan application, and

a date of said loan application is within a predetermined time of a closing date of the short sale.

10. The method of clam 9 , further comprising:

performing a database query regarding a name of an entity included at least one of the loan application and the short sale;

determining if the name of the entity was involved in a prior fraudulent short sale; and

generating a notice if the name of the entity is determined to have been involved in said prior fraudulent short sale, wherein said entity being one of a person and a company.

11. The method of claim 9 , further comprising:

performing a database query using names of parties to a transaction, including at least one of the loan application and a short sale for another property, and

providing a listing of said another property when identified in said database query.

12. The method of claim 9 , wherein

said closing date of the short sale is a predetermined number of days with respect to when said processing circuit performs said database query; and

repeating said database query at least daily until said closing date.

13. The method of claim 12 , wherein

said predetermined number of days is 45 or less.

14. The method of claim 9 , wherein

said closing date of the short sale is after said database is populated with a record of the loan application; and

said repeating with said processing circuit said query for a predetermined number of days after said closing date.

15. The method of claim 14 , wherein

said predetermined number of days is 90 or less.

16. The method of claim 9 , wherein

said database includes a public records database; and

said querying including querying the public records database.

17. A non-transitory computer readable storage device, having instruction stored therein that when executed by a processing circuit cause the processing circuit to perform a method for monitoring a short sale, comprising:

receiving via an interface property identification information for a property, a short sale notification regarding a short sale of the property, and a short sale price;

querying a database of loan records with a processing circuit to identify a corresponding loan application for said property, said loan application being at least one of a pending loan application and a closed loan application for said property; and

generating a notice when

said short sale price is less than a predetermined amount with respect to a price included in said loan application, and

a date of said loan application is within a predetermined time of a closing date of the short sale.

18. The computer readable storage device, of claim 17 wherein said method further comprising:

performing a database query regarding a name of an entity included at least one of the loan application and the short sale;

determining if the name of the entity was involved in a prior fraudulent short sale; and

generating a notice if the name of the entity is determined to have been involved in said prior fraudulent short sale, wherein said entity being one of a person and a company.

19. The computer readable storage device, of claim 17 wherein said method further comprising:

performing a database query using names of parties to a transaction, including at least one of the loan application and a short sale for another property, and

providing a listing of said another property when identified in said database query.

20. The computer readable storage device, of claim 17 , wherein

said closing date of the short sale is a predetermined number of days with respect to when said processing circuit performs said database query; and

repeating said database query at least daily until said closing date.