Here is a list of some of the more common mortgage and real estate frauds happening down in the states! Be careful when you're doing business and always do your due diligence!!!
- Scrutinize valuation reports done by non-appraisers
- Be careful of loan modification schemes
- Don't be a victim of the "flopping" of short-sale properties:
a technique where someone gets two price opinions from brokers, giving the low one to the bank arranging a short sale of a home nearing foreclosure and the high one to a potential buyer.
Such techniques can net an unscrupulous buyer tens of thousands of dollars while shorting the bank and homeowner and taking advantage of the subsequent buyer.
- "One of the most common cases of real estate fraud I've seen are forgeries by spouses and family members," says Bert Rush, senior vice president of Santa Ana, Calif.-based First American Title Insurance Co. "A husband may use his girlfriend--who is posing as a wife and has intercepted the wife's credit cards as identification--to take over a piece of land."
To read more: http://www.forbes.com/2003/03/13/cx_bs_0314home.html
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Informative read about mortgage and real estate frauds,one of the most common types of real estate fraud is the preparation of two different sets of settlement statements.Another common type of real estate fraud is the use of fraudulent qualifications when attempting to qualify for a loan.
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Illinois Land Survey
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