Protecting Yourself From Mortgage Fraud

American ingenuity knows no bounds legal or otherwise. What we are seeing is that if you can make a "buck" anyway you can...go for it.....This message has to be challenged as the youth of today are bathing in it......Not wise to base everything we do on money......

Maria - And this is why underwriters are so diligent in their review of documentation.  I am so sick of reading posts by ignorant Realtors complaining about the how ridiculous the loan process is. 

While I agree that some of the lender overlays are a little irritating, I for one am so glad that we are finally back to full doc underwriting.  It's with less documentation and less verifications and risk assessment that fraud becomes so rampant. 

Sleaze bags will always find the loopholes and it is because of this that underwriters and lenders have to be so diligent during the loan process.

Ok, I'm getting down off my soapbox now.  Have a good day Maria and a wonderful week.  :)

I am surprised that fraud is up but I agree with the comment above that the reporting of it is probably whats up.

Hi Maria. Isn't a shame that we have an element in our society that preys on situations by way of fraud. I hear less about the type of fraud mentioned in the report, but more of other types regarding short sales.

The way the government has decided to get involved has not helped in reducing fraud, it has just increased the confusion of the consumer and the cost.

Where ever there is money you are going to find criminals and thieves.  Many of them wear coats and ties.

Wow!  Thanks for sharing that video!  How do these scammers even THINK of such things?  Too bad they don't put their thinking abilities to better use!

I always think "If these crooks turned their superior intellects to positive use, what a fantastic world this would be."

The whole mortgage mess might not have happened if consumers had understood their loan documents in the first place. Even sophisticated consumers can't always understand the legalese in documents - everyone needs to have a trusted attorney look at paperwork before they sign.

Thanks for sharing - I'm re-blogging.

Excellent advice. In Florida the state passed a law in 2008, making it illegal to have someone sign over a deed or collect an upfront fee from anyone delinquent on the mortgage payments.

So true, thanks for the post.  That Barbara knows her stuff.

Hi Maria,

I had to do  double take when I saw your face...had no idea you were active on the Rain...not many of our local lenders are. Good for you, and great job getting a feature!

See you soon,

Tamara

I can't believe that mortgage fraud continues as such a high rate! I wish the lenders would do the right thing and help us get out of this mortgage mess... However, it looks like the greed goes on!

P.T. Barnum was right. All sorts of scams are out there. This is just one of many.

Don't EVER expect help from a big lender with a national presence. Word to the wise.

Dear Maria,

With our highly mobile society, it is easy for these fraudsters to move on and do it to someone else. Hopefully, one side effect of the internet is that they cannot stay as anonymous as was once possible. There must be a site somewhere to report a ripoff artist, if you were a victim.

Thank you for sharing.. This is worth a reblog.  The public needs to know.  Margaret C.