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4 Ways to Spot Mortgage Fraud

Posted onMay 15/2020By

When it comes to maintaining your home, sometimes unexpected events occur, such as job loss or illness, where the bills start piling up, and you can no longer meet the minimum payments. In this case, you might be able to refinance your home and pay them off. The advantage of refinancing your home is to decrease your monthly fees. However, you should play it safe because, in the process of trying to refinance your home, you might get scammed with mortgage fraud. Mortgage fraud works in two ways, and both are unlawful. First, mortgage fraud occurs when an individual purposefully…

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What Is Mortgage Fraud?

Posted onNovember 09/2015By

Mortgage fraud is a criminal offence and should be taken very seriously. Mortgage fraud occurs when a person purposefully misrepresents his/herself and information in order to get a mortgage under false pretenses. Mortgage fraud can come in many forms. For instance: Forging documents Inflating your income, length of time spent with your employer, commission amounts, position, etc. Lying about debt and other mortgage obligations Not disclosing how you received your downpayment Purchasing a rental property and claiming it to be owner-occupied without living in it Misrepresentation property value, details or leaving important information out Adding co-borrowers to the mortgage who will not be living in or using the home Tampering with the property’s actual value through sales and re-sales This fraud is not limited to home purchasing, it is also present in renewing and renegotiating a mortgage. Furthermore, people with good credit can be duped into using their clout to…

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Purchasing Or Refinancing A Home? How to Play it Safe

Posted onSeptember 21/2015By

When it comes to purchasing or refinancing a home, you want to play it safe because mortgage fraud is something you definitely don’t want to get caught up in. Mortgage fraud takes places when a person intentionally provides erroneous data on a loan application in a bid to get a mortgage that he or she probably would not have qualified for had he or she entered accurate information on the loan application. You need to be aware of this sort of crime so that you don’t fall prey to con artists. What is Mortgage Fraud? Various sorts of mortgage fraud exists. One very popular one involves a criminal finding an unsuspecting person with good credit to serve as a so-called straw buyer. As part of this scheme, the crook will seek to have the straw buyer place his or her name on the home mortgage form. The con artist may,…

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