Question:

What measures to take to avoid residential mortgage fraud?

Answer:

Recommended measures to avoid residential mortgage fraud are to educate yourself about loan procedures and most popular mortgage frauds.

Residential mortgage fraud types:

  • Equity skimming
  • Property flipping
  • Inflated house valuation
  • Straw buyers
  • Identity theft
  • Mortgage rescue
  • Fictitious loans

Recommended measures to avoid residential mortgage fraud:

  • Regularly obtain and examine your credit report for possible identity theft money withdrawal.
  • Never sign residential mortgage loan documents with blanks on them.
  • Make sure you are well aware of your mortgage terms. Use real estate attorney services if you are not completely sure what you are doing.
  • Examine title history of the property to avoid properties with inflated value.
  • Only approach legitimate and reputable lenders for a loan.
  • Do not yield to high pressure and walk off if the broker is forcing you to sign papers quickly.
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