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Commercial Loan Fraud
 Commercial loan frauds have become increasingly popular in the U.S. nowadays. Each year, these frauds account for several million dollars, which commercial borrowers of real estate lose at the hands of unscrupulous individuals and companies that claim to be real-estate property lenders. More..
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What If I Suspect Loan Fraud ?
There are a number of forms that a loan fraud can assume. Both individuals as well as financial institutions can fall victim to these fraudulent loans. The companies offering unscrupulous loan schemes usually target potential borrowers who are in desperate need for money. For instance, unemployed individuals, people with immediate requirement of funds for some emergency, and borrowers with bad credit histories are the most vulnerable among all those who become a victim of the prevalent loan frauds. |
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If you suspect loan fraud at any point of time, following are a few actions that can be to avoid unnecessary financial damage:
- Report to the concerned lender, who provided the Loan program, about the likelihood of fraud and get the loan terminated right away.
- Make certain that the event of fraud is brought to picture at the Department of Education. The general hotline number, 1-800-Mis-Used, can be used for further assistance.
- When you realize you have fallen into the trap of a loan fraud, you can also file an official complaint immediately with the FTC (Federal Trade Commission).
- The credit bureaus, local police, as well as the FBI can also be approached for further help.
- Alternatively, you can file litigation. Following are the 5 most important documents that you would be required to produce when analyzing your case file of fraudulent loans:
- The loan application
- Form 1008: Form for Loan Submission
- Loan Application (1003)
- HUD-1 documents, if any.
- A primary title report describing the case.
These five essential documents usually form the blueprint of a loan fraud, depicting the path of money and identity of individuals involved. Appropriately emphasizing and analyzing these manuscripts helps your lawyer represent you in a better way.
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