seious questions about mortgage fraud
June 28th, 2007
What is
Mortgage
Fraud?
Mortgage fraud,
also known as real
estate fraud, is a growing threat to homeowner
security in many parts of the country. There are
two main types of mortgage fraud. The most
common is the practice of falsifying information
to illegally secure mortgage funding. In some
cases, an applicant will borrow money to buy
a property at a highly inflated price from an
accomplice who recently purchased it for
much less. The two will then abscond with the
difference between the two sale prices, leaving
the lender with a property worth much less
than declared. The other type of mortgage
fraud specifically involves the practice of