In past few years frauds on mortgage property has increased a lot. Frauders have made it an income source and its specially going more and more in United States and UK. But beware! It can happen with you some or other day. My blog will help you to understand Bank Mortgage Fraud in simple ways and will help you to take necessary precautions. Mortgage fraud can be divided in many ways and are listed as employment fraud, appraisal fraud, income fraud, fraud for profit etc. But two main types of Mortgage frauds are occasionally found.
First is the owner of a property willing to keep his piece of land or whatever on mortgage basis to obtain any loan is actually not a real owner of that property. The thing is he makes some fake documents of that particular property, takes any estate agent with him and states that property as its own. And when the loan is approved we come to know the mystery behind it…
Second one is more interesting and pre planed crime, In this stuff, many people’s may be involved like the borrower of property, estate agent and even loan officer who originates the mortgage including representative, other members etc. its can be shortly called as fraud ring. This kind of fraud is done very cleverly, keeping in mind that property borrowed from any owner should not be returned in any way. Here the owner is kept blind and many hidden agreements are processed with other agreement letters and the owner doesn’t even come to know about it. This hidden agreement contains unusual rules and regulations like property will not be given if interest is delayed several times etc. This agreement papers are kept in between other papers when the owners signs them and finally when time comes to return mortgage property they totally disagree or disappear. Owner has nothing to do except thinking that how foolish he was.
Common guys! Isn’t it’s time to grow up, this crime has taken its own height and its spreading like a burst volcano. We people get caught in many unbelievable mortgage cash back schemes. Theft having his fake identity makes us fool and as a result FBI stated that the cases of mortgage fraud are doubled in past three years. Peoples arrested in this activity include number of buyers, sellers and even bank employers in some extent.
Let’s have a look on precautions we need to take before such conditions.
First thing people need to do is to verify each and every thing theoretically and practically. They should generally consult other persons who have actually gone through such conditions so that you can understand the process and also from where they got the loan.
Other thing which should be done is before making mortgage agreement go through the background of bank, society or association with which you are dealing with.
Have some research and get known about terms and conditions offered by the bank or other lenders, negotiate it before accepting.
If you will take foregoing precautions then you will certainly avoid the stress. Good Luck.