Can you define mortgage fraud relating to owner financing?
Mortgage fraud on the part of the borrower can be committed by providing fraudulent income or asset documentation, encouraging an appraiser to overvalue the property, accepting money under the table at closing, and other violations of sundry fraud statutes. Mortgage fraud can, and often is, committed by loan officers, real estate agents, closing agents, “straw buyers”, and other third-parties to the transaction. If you were paid for someone else to use your good credit to purchase real property, you are a party to mortgage fraud. Mortgage fraud is pandemic and the FBI is going after all those who have defrauded mortgage lenders. All parties to a real estate transaction that suspect mortgage fraud, should contact their local FBI field office to report the crime.
Mortgage fraud can be committed in several ways. Your question is somewhat vague, but if you can be more specific, I can probably help. Mortgage fraud is a crime and people DO go to jail for such activity. Key concepts to avoid fraud, tell only the truth throughout the process and disclose, disclose, disclose.
