Real estate blog entries tagged with avoid foreclosure by Lynnette Phillips Real Estate Consultant

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Home : Blogs : Lynnette Phillips Real Estate Consultant : Lynnette's Blog : Tag "avoid foreclosure"

avoid foreclosure: Buy and Bail Mortgage Fraud - 09/17/08 01:34 PM

(This post is a requested follow-up to my post Homeowners Also Responsible for Mortgage Fraud.)
Lenders are finally on to this particular scam & are responding with even further tightening of the lending requirements (The Wall Street Journal). They even have the ability to sue the borrower if fraud can be shown.
How Does a ‘Buy and Bail’ Scheme Work?
A borrower qualifies for a loan on a second home by asserting that the first residence will be rented out to help cover the mortgage payments for the second home. Once they are approved for the new loan they … (25 comments)

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Lynnette Phillips Real Estate Consultant

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**The Posts and Comments contained in this blog are not intended as legal advice.**