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Mortgage Fraud what to be aware of !

Updated on April 16, 2012

Mortgage Fraud what to be aware of !

Mortgage Fraud what to be aware of! Mortgage Fraud and Real Estate Mortgage Fraud. What is it? Its the intent to misrepresent or omit information on a mortgage loan or obtain a larger loan than would be obtained had the lender or borrower had known the truth. Mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud, and money laundering, with penalties up to thirty years in prison. Mortgage fraud is not to be confused with a Predatory Mortgage Lender. Which occurs when consumers are mislead by agents of the lender. Mortgage fraud is happening more in the past few years then ever before. Mortgage Predators often target home owners who can not meet their monthly mortgage obligation.

Recently in Minnesota 36 were busted in a mortgage fraud ring. This was called Operation Stolen Dreams. Over 1,215 were involved in this mortgage scam. Read my article called What Is A Scam or Scheme. To learn more about this mortgage fraud.

Mortgage fraud is one of the most common crimes in todays society. These crimes have left many people with out their homes and many mortgage companies deep in debt , with foreclosed properties. This type of fraud can be devastating to home owners and mortgage lenders. Communities are affected as well. If you live next to a foreclosed home and you decide to move , your property is going to be worth less. It hurts the resale value of your home. Just ask a Real Estate Agent and they will tell you. Mortgage scams usually involves a lot of others working together in the scam. Sellers, Buyers, Investors, and Property Owners just to name a few. They have to all work with each other to complete this fraud. Always apply with a lender that has a good reputation and been in business for awhile. No fly by night in the seat of pants operation. A reliable company.

Beware of these types of companies. If their not legit for get it! 

Comments

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  • Rhonda Waits profile image
    Author

    Rhonda Musch 7 years ago from The Emerald Coast

    Thanks for your comment Joy Dans. You are welcome for the warning. Glad I could help you.

  • profile image

    Joy Dans 7 years ago

    Thanks for warning us all. Great article.

  • profile image

    anonymous 7 years ago

    Thanks for the warning.

  • profile image

    anonymous 7 years ago

    Minnesota is eat up in scams. Beware be alert. Thanks

  • profile image

    rgwem@yahoo.com 7 years ago

    great advice love it

  • profile image

    Eric Musch 7 years ago

    I agree with this article

  • Lady_E profile image

    Elena 7 years ago from London, UK

    Wow.. thanks for raising awareness. I think people should also be careful when they are being foreclosed. It came to light recently, that a lot of people didn't have the correct legal paper work to take the properties off the owners. So sad.

    Happy Thankgiving.

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