Real estate blog entries tagged with scams by Lynnette Phillips Real Estate Consultant

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

scams: Homeowners Also Responsible for Mortgage Fraud - 09/02/08 12:32 PM

Desperate to get 'out-from-under' in a declining market some homeowners have decided to walk away from mortgages they can no longer afford creating two rising scams to add to the mortgage crisis - the so called "buy and bail" scam and "phony short sales" scam.
Both scams include lying on your mortgage application which is a prosecuteable offense but in the Inland Empire enforcement is taking low priority because of the belief that it will be more beneficial to prosecute scammers who take advantage of consumers rather than lenders.
Read the article...Homeowner Fraud Exacerbates Mortgage Crisis

… (9 comments)

scams: Don't They Realize Where They'll Be Soon? - 08/27/08 01:46 PM

A recently issued report by the Mortgage Asset Research Institute (MARI) states that mortgage fraud climbed 42% in the first quarter of 2008. The lender criteria has tightened considerably so that some feel it is necessary to 'tweak' applications. The most common situations cited were General Application Misrepresentation such as debt & asset misstatements, invalid social security numbers, incorrect addresses and Employment & Income falsification.
Loan applications are at an 8 year low according to the Mortgage Bankers Association and this supposedly makes the so-called 'professionals' push for clients. Maybe understandable but is this just another another area where it has … (9 comments)

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