reverse mortgage scam: 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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reverse mortgage scam: Reverse Mortgage Repair Scams - 09/17/08 12:43 PM
There are so many mortgage & real estate scams to look out for, and they've probably always existed, but the current housing and mortgage crisis seems to be bringing out the unethical and immoral with new vigor. Each of these scams seems to be more dastardly than the next but to be honest it just depends on which one you have read about most recently.
One of the predatory stings seems to involve someone representing himself as a contractor who is hired to make the necessary repairs required before a reverse mortgage can go through.Reverse mortgages have more built-in borrower safeguards … (4 comments)
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