Hint: Avoid Loan Froad


Hint: Avoid Loan Froad
By Scott Rogers • February 12, 2008
What exactly is "loan fraud," or "mortgage fraud"? A few examples, per the FBI are: Property Flipping - purchasing a property, falsely appraised at a higher value, and then quickly selling it. Silent Second - buyer borrows the down payment from the seller through a non-disclosed second mortgage. Nominee Loans / Straw Buyers - the identity of the borrower is concealed through the use of a nominee who allows the borrower to use the nominee's name and credit history. Inflated Appraisals - an appraiser works together with a borrower to provide a misleading appraisal. The full list is here. The long and the short of it --- don't participate in loan fraud --- it is a criminal act. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
Comments (0) or Subscribe