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.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
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:

Common misspellings: mortage and morgage