Posted on: 14th Sep, 2005 11:42 pm
Loan fraud is becoming a large problem in the real estate industry. It is essential for lenders to know the facts about common loan fraud so that they can avoid becoming involved in an illegal transaction. Watching out for a few danger signs will help you avoid loan fraud.
- A borrower can provide false statements about who will live in the property like claiming that it will be a owner-occupied property whereas he actually intends to use it as rental property.
- Borrowers can provide you with wrong information about their credit worthiness.
- Borrower may overstate the appraised value of the property that is collateral for the loan.
- Borrowers tend to disclose the confidential special offers and rebates given by the lender to third parties like real estate agents,mortgage brokers,loan officer etc.
It's good to know that fbi is acting to trace out people involved in such frauds. I hope it works out. I would also like to get one copy of the files you mentioned. Good of you to be sharing such useful facts with us.
Thanks
Blue
Thanks
Blue
"Those of you in the mortgage industry, let me know if you want more details on just what is going on. I've got some PDF's I can share. "
I am interested in reading about what is happening. Mike please give the pdf's you have to me also, it would be useful for me to upgrade my knowledge about the industry.
I am interested in reading about what is happening. Mike please give the pdf's you have to me also, it would be useful for me to upgrade my knowledge about the industry.
Hi Mike,
are you from arizona, how's the housing market there. I mean the home prices, i would like to buy a home and just thinking about how much i can put in towards the purchase price. I don't have a decent score though but would like to know the possible home prices. and then i can start thinking how much to spend and keep aside for my credit card debts.
are you from arizona, how's the housing market there. I mean the home prices, i would like to buy a home and just thinking about how much i can put in towards the purchase price. I don't have a decent score though but would like to know the possible home prices. and then i can start thinking how much to spend and keep aside for my credit card debts.
I'll get these docs converted to PDF and email them to everyone interested.
As far as house values in AZ... They vary greatly on city and neighborhood. You can still find some "cheap" homes, but they are a good 45 minute drive from the heart of the valley. If that is what you are looking for, check out homes in "Maricopa" the city and "Queen Creek".
My personal preference would be to buy in a more central location and just get a smaller or older home though as they will likely hold their value better.
As far as house values in AZ... They vary greatly on city and neighborhood. You can still find some "cheap" homes, but they are a good 45 minute drive from the heart of the valley. If that is what you are looking for, check out homes in "Maricopa" the city and "Queen Creek".
My personal preference would be to buy in a more central location and just get a smaller or older home though as they will likely hold their value better.
Thanks Mike :). That's indeed a helpful gesture from your end. I am sure that's going to help our community a lot.
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