Tag Archive | “Occupancy Fraud”

Mortgage Fraud

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The Mortgage Fraud defines as when you dough or try to dough your Lender in any way that is   called Mortgage Fraud. This could be done either by giving fake documents about property or obtain larger loan than the value of property. Misrepresentation of contract deed is also came in Mortgage fraud shadow. The fraud can be revealed at any time, before contract or during the deed term. If the lender subsequently discovers any part of your loan application is false, not only can it demand immediate full payment of your loan, but you could pay heavy fines.

Mortgage Fraud

Different Kinds of Fraud

There are two basic kinds of mortgage fraud; one is for property and other is for profit.

  • In the first case, buyers lie on their applications to obtain a loan they might not otherwise have qualified for. By high fake income, for instance, they might manage to buy a more expensive house. By using cash back for a down payment, they may seem like buyers worthy of a lower interest rate.
  • Fraud for profit is more complex and more criminal. It normally involves a number of professionals who together conspire to inflate the price of a home.

There are also many other types of fraud are:

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September 2011
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