How to avoid mortgage fraud cases when signing a loan?


Mortgage fraud cases have become way too many for the administration to handle. Fraud cases reports have doubled since 2005, as statistics shows. Since the mortgage industry is one of the most lucrative, hence most vulnerable to fraud plots, US industries, mortgage fraud cases have been enriched in variety and sophistication.

Mortgage Fraud Cases - How Not To Become Involved

Get recommendation to mortgage lenders or brokers. Check licenses of those professionals with local regulatory agencies.

Avoid promises that are too good to be true. A get rich promise will surely make you a participant in a mortgage fraud case.

If you feel pressure in the sales procedure, do not sign anything. Pressure to take up an offer which will soon expire is usually a sign for mortgage fraud.

You need to understand the terms of your mortgage. Before you sign anything, you could use your attorney's help to make sure everything is clearly stated. Your name should match the one on the application - mortgage identity theft has become very popular. Also, there should be no blanks on the mortgage agreement as this makes you susceptible to mortgage fraud.

As many of the mortgage fraud cases around constitute house flipping, you should check if the house you are buying has not been bought and sold multiple times recently - if it has, its value is probably highly inflated.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: