Stolen Identities of Real Estate Agents- Permitted Reverse Mortgage Fraud Scheme

By
Mortgage and Lending with First Colorado Lending

These defendants changed real estate records and used other fake documents to place seniors in houses worth only a fraction of the amounts represented, and divert loan proceeds to themselves.

A reverse mortgage enables senior homeowners to convert part of the home equities into tax-free income without needing to sell the home, give up title, or to have a new or increased mortgage payment obligation. Reverse mortgages were designed to assist with the financial security of seniors, ages 62 or older. There are two types of reverse mortgages.

 

It is important to note that institutions don't commit fraud, companies don't commit fraud - people commit fraud.

Those who would commit fraud know this, perhaps even better than we do...

Read the whole article @ http://tinyurl.com/y6ss5sf

Inspector General Kenneth Donahue, U.S. Department of Housing and Urban Development (HUD) said, "HUD's Home Equity Conversion Mortgage Program was created to help senior citizens find greater financial security through FHA-insured reverse mortgage loans. The HUD Office of Inspector General will aggressively investigate those who would prey on America's senior citizens through reverse mortgage fraud, and encourages anyone having knowledge of such schemes to contact our HUD Hotline at 1-800-347-3735."


We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
It starts with me.
It starts with you.
It starts with us...

 

Michael S. Richardson
Director/Mortgage Fraud Services
www.mortgagefraudsolutions.com
Author of "An American Epidemic, Mortgage Fraud a Serious Business"
Follow me on Twitter "FocusonFraud"

  

 

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