How Do You Avoid Mortgage Loan Fraud?
The Federal Mortgage Fraud Task Force is looking for crooked mortgage brokers, dishonest real estate brokers and cheating home buyers and real estate investors. While most people play it on the straight and narrow, good deeds can be mistaken for bad. Stay out of the mortgage fraud spot light using a few simple techniques! In the current home buying climate the deals are hot, the financing is hot and the buyers are in trouble. The buyers? Yep. If they can get the loan they can take advantage of some fantastic deals. The question is, can they get the loan? Some buyers want the financing so badly they are willing to fudge numbers or cut corners to get there. Sometimes it does not even take that. In general, you have committed mortgage fraud if: • You took cash out of the bank and paid off debt without telling the lender; • You bought a car prior to closing on your loan and you didn’t tell the lender; • You are getting any credit for anything at closing and did not tell the lender; • You m
