The reports on mortgage fraud have been on the increase in recent years. It has become of the biggest white-collar crimes. Mortgage fraud occurs when a lender or homeowner deceives of does not disclose critical information leading to approval of a mortgage loan or a contract that the applicant will not normally agree to. This type of fraud is a serious offense under the federal law that calls for prosecution and jail time of about 30 years for the offenders.
Types of Foreclosure Fraud
There are different types of foreclosure fraud ranging from occupancy fraud, property flipping, and straw buyer scam. They are mainly aimed at vulnerable homeowners who want to save their homes. The most common type of mortgage fraud is when the lender receives a fee from the homeowner to stop the foreclosure but ends up doing it anyway. Some other types of mortgage fraud include:
How Can I Avoid Being a Victim of Foreclosure Fraud?
Be careful with whom you trust, and if the deal feels too good, take a pass. Get to know the process of mortgage and foreclosure to avoid being duped. Work with legitimate and professional companies. You can conduct extensive research on the business you are about to get into business with and always go through any documents before signing.
In case you suspect a mortgage fraud or a foreclosure, you need to consult an experienced attorney who will help you review the case and take legal action.
For a free consultation regarding a mortgage audit report, contact us here
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
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