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Personal Loan Fraud
 Personal loan is widely used as one of the best ways to obtain some additional amount of money to cover unanticipated expenses or to get all the bills consolidated. Yet, you should be very cautious when applying for a personal loan. Unfortunately, there are a large number of malevolent people who try to dupe people into fake personal loans. Personal loan frauds are on a rise at an alarming rate nowadays, amounting to enormous loss of millions of dollars each year. More..
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Mortgage Loan Frauds
Mortgage loan frauds are among the commonest forms of loan frauds prevalent nowadays. In fact, they are also the costliest of all fraudulent loans. FBI has defines mortgage frauds as material omission, misrepresentation, or misstatement by lenders or underwriters when funding, insuring or purchasing a loan. |
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Both individuals and banks can fall victim to mortgage frauds. At times, it has been observed that in some cases, individuals end becoming responsible for a fraud themselves unintentionally. Creative Financing, a fancy jargon of the mortgage industry, is usually used when a borrower commits a fraud himself unknowingly, without realizing it till the end.
Mortgage loan frauds are of many types. Following are some examples of things that might lead the mortgage loan applicant into carrying out different forms of mortgage frauds inadvertently:
- If the mortgage applicant over appraises the value of the property, using his good contacts with an appraiser, in order to sell it at a higher price, he mistakenly commits a mortgage fraud.
- If the mortgage applicant, when submitting an application for a ‘stated income’ form of mortgages, attempts to obtain a low interest rate by exacerbating his income, he unknowingly commits a fraud.
Other activities that can be taken to mean a mortgage fraud include false deposits, falsifying details about employment, kickbacks, being dishonest about residency, and gifts’ repayment. Apart from these common mistakes that are committed by the applicants unknowingly, there are many forms of mortgage frauds that are carried out intentionally by unscrupulous companies and brokers in search of quick money. Mortgage frauds have been categorized as federal crimes and therefore attempts should be made to keep away from them as far as possible. In case you have any doubt while applying for a mortgage loan or if you realize you have fallen victim to a mortgage fraud, you can get in touch with a local attorney for further assistance.
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