Mortgage fraud is a common problem during the home buying process. This occurs when important information is misrepresented or omitted on a mortgage loan application in order to secure a loan or receive a larger loan than would have been obtained had the lender known the truth. According to the Union Tribune, mortgage fraud is among the top 10 priorities of the FBI in San Diego and one of the top 25 concerns nationwide.
Here are a few steps to avoid falling victim to mortgage fraud:
1. Prior to considering a forensic loan audit, homeowners should ensure their company of choice is a licensed law firm and in good standing with the state bar in the state where they are located (loansafe.org). Avoid companies who are requesting advance fees in exchange for lower mortgage payments.
2. Do not be fooled by companies who advise declaring bankruptcy as a means to avoiding imminent foreclosure. It may help homeowners avoid foreclosure or delay the foreclosure process, but most often consumers lose their homes in the end.
3. Be wary of short sale negotiators claiming they can work with the lender in exchange for fees. All who are involved in the transaction must be aware of how the negotiator is being paid and by whom (uniontribune.com). They could be offering assistance with hopes of “flipping” the short sale, not necessarily to help with negotiations.
4. It is imperative to become familiar with all documents commonly used in real estate transactions to avoid overlooking important legal information. In addition, read through all documents before signing them to be clear on all aspects of the agreement.
5. If questionable business practice is suspected, do not hesitate to call the authorities. To report mortgage fraud to the FBI call their hotline at (858) 565-1255. The San Diego District Attorney’s office may also be contacted by calling (619) 531-3552
If you are looking for your dream home in La Jolla or the greater San Diego area, contact us today.
Phone: 858-455-6700
Fax: 858-455-0100
Web: www.premieresd.com
Blog: premieresd.com/blog
RSS: http://bit.ly/e5btpd
Like Premiere Homes on Facebook.
For More Information Visit:
5 Things to Know About Mortgage Fraud
http://www.signonsandiego.com/news/2011/jun/24/5-things-know-about-mortgage-fraud/
Mortage Fraud Definition
en.wikipedia.org/wiki/Mortgage_fraud
Forensic Mortgage Audit is the New Scam Targeting Homeowners
http://www.loansafe.org/forensic-mortgage-audit-scam
These Scams Hit Us Right Where We Live
http://www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud/mortgage_fraud
San Diego, CA Mortgage Rates
http://realestate.yahoo.com/California/San_Diego/loans/mortgage.html
Photos Courtesy Of:
http://www.surinahart.com/uploaded/images/j0422149.jpg
http://homesweethomevet.com/var/jy/516497/1758930-FacebookIcon1C.jpg
