Question:

What is mortgage fraud?

Answer:

Borrowers need to know what is mortgage fraud so that they could protect themselves in a timely manner. Mortgage fraud is any activity including the usage of falsified documents and misrepresented information in regards to obtaining a mortgage loan to buy property.

The Signs of Mortgage Fraud

  • If you have been supported to provide false information to obtain a loan
  • If you were asked to leave blanks on the mortgage agreement
  • If there are missing documents from your home loan file
  • If you have been talked to refinance without any particular reason but to ‘tap equity'
  • If the mortgage loan amount is greater than the actual value of the house you are buying
  • If your mortgage payments are actually much higher than what you discussed with the lender prior to closing
  • If someone asked for your name and social security for a small favor

If any of the above has happened to you, you may have fallen victim of a mortgage fraud. Inspect your mortgage documents carefully with a real estate attorney and find out if anything is wrong before it gets too late.

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