How Do You Avoid Becoming A Victim Of Mortgage Fraud?
The mortgage market is going through a tough time; foreclosures are occurring more than ever, housing prices continue to fall, and lost jobs are still making front-page news. It is imperative that the homeowner or potential buyer stay informed in this changing environment. Below are just a few of the fraudulent mortgage practices that are rapidly rising in volume. An awareness of the way mortgage frauds work will assist you in staying ahead of the mortgage fraud game and off the victim’s list. Foreclosure Fraud and Equity Skimming Fraud With thousands of homes going into foreclosure every day, foreclosure fraud is unfortunately an easy crime to commit. The offender committing mortgage fraud, after going through county records, locates homes that have received foreclosure letters. He will contact a homeowner and ‘generously’ offers her a way out of her mortgage problems: he offers to pay her debt if the intended victim will simply sign over the deed to her home. An extension of the fore
