Mortgage fraud is a big problem.
Banks are not the only victims. Landlord and real estate investors are also getting scammed by clever mortgage fraudsters.
Mortgage fraud can take many forms, but one of the slickest scams is when a tenant, or a person posing as a tenant, steals your identity and then manages to take out loans in your name on your own property.
Yes, it is possible. And it is happening.
There are also mortgage appraisal fraud schemes and straw purchases.
Predictions are we will be seeing more such frauds as well as new versions as the economy worsens.
How can we stop such scams and how can we protect our identities as we do business?
Remember your signature can be forged.
Insist on all paperwork to be done correctly, on time, without any loose ends. Never let the other party talk you into skipping any of the paperwork.
Never allow yourself to be rushed into anything. If the other party is trying to rush you a very red warning flare should be going up. That’s your signal to slow everything down.
Although lenders are now looking more closely at potential problems we still need to be vigilant.
Mortgage Fraud Blog and News – one of our favorites- by attorney and mortgage broker Rachel Dollar
More about Mortgage Fraud
Man pleads guilty in $12.6 million mortgage fraud scam – Kansas … – A Gladstone insurance agent pleaded guilty today to his part in a $12.6 million mortgage fraud scam.
Mortgage Fraud – Mortgage Fraud News – Charlotte (NC) attorney … – This blog is a journal and discussion forum for all those involved in the Mortgage Fraud arena.