FBI Reports on Mortgage Fraud.
There is really no actual specific mortgage fraud offence they say; its a bit ambiguous as to what actually constitutes mortgage fraud, its really a grouped list of criminal offences that they use. If you use false information or lie in order to obtain a mortgage it would be considered a mortgage fraud, but it sounds a little loose as to how they really classify or judge it.
You may think that it would be the lending institution that would be the victim from a mortgage fraud, but the victims actually vary. Watch out for foreclosure scams where the homeowner turns out to be victimized. Really, the victims are the public. The more people scam the real estate industry, the insurance industry, or any government system we all pay for it. Prices are forced up by such scams and we all pay for it.
Reverse mortgage is a big scam these days that are even more underhanded because they target the elderly and senior citizens, by trying to get the equity out of their homes and leaving them with a second mortgage after all those years of paying off their homes. Remember, before you buy, sell, or refinance do some homework, epically if someone approaches you about helping you with your mortgage payments. Just look up the current scams, and, for the love of all thats wholly, look up the person and organization offering you the help. Make sure you know who you are dealing with.
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