Mortgage fraud is committing a crime of misrepresentation or fraud with the intent to defraud the Department of Housing and Urban Development, either through knowingly misleading a lender with regard to your ability to qualify for a home loan or misrepresenting facts to obtain mortgage financing. Mortgage fraud can be perpetrated by a person or group of people, either through a formal transaction or simply by forging documents. Fraudulent mortgage applicants have a specific intent to defraud the mortgage lenders. Here are some common characteristics of mortgage fraud that may help you connect with an individual or group of individuals to the crime. This article explains more about mortgage raud and you can check it out here. Mortgage fraud typically occurs at the hands of a mortgage lender or a real estate agent who has falsified information that is misleading. For example, an individual or group of persons may falsify employment information in order to obtain a home loan. In this case, they would lie about their previous or current status as an employee or worker. Other types of mortgage fraud include: Another type of mortgage fraud is income fraud, also known as mortgage fraud or false advertising. With income fraud, an individual or a group of individuals apply for mortgage loans in your name, creating a fictitious business in the process and falsely stating their incomes in order to obtain mortgage loans. The most common examples of income fraud in mortgage loans are misrepresentations regarding overtime pay, bonuses, and profit guarantees. There are many ways that mortgage fraud can be perpetrated by mortgage brokers and lenders. In general, mortgage brokers commit mortgage fraud when they secure mortgage loans for borrowers through a variety of means, including referrals from other mortgage brokers. Mortgage lenders and agents also may apply for and receive loans in your name without your consent or knowledge. Some mortgage fraud perpetrators are repeat offenders, and often the fraudulent activities take place right under the noses of the banks and lenders. Mortgage fraud may also take place online, where the perpetrator obtains personal information that identifies the borrower. This information includes social security numbers, date of birth, address history, and more. The perpetrator then sends this information to a lender that offers a mortgage loan in the name of the borrower. If the lender agrees to the transaction, the lender may engage in illegal activities such as: charging borrowers for mortgages that they don't owe, not paying down the loan debt, selling property that you don't own, and conducting transactions in your name. Some fraud may even involve the falsification of documents, like for instance a borrower might fax copies of tax returns, and the lender uses these documents to apply for a mortgage loan. Once fraudulent mortgage loans have been made, the perpetrators can run away with your money or your property. This is why it's important to thoroughly investigate any loan application, and know who all the parties involved are. If you think that a friend or family member may be involved in mortgage fraud, it is important to talk to the loan officer responsible for the loan, and the sheriff's office, or other law enforcement agencies. If you suspect that your neighbor is involved in fraud, it is important to talk to the neighbors and ask for an address-based search of their records. By talking to these law enforcement officers or investigating your own neighbors, you can help prevent mortgage fraud in your community. Get more info related to this topic on this page: https://en.wikipedia.org/wiki/Mortgage_fraud.
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