Mortgage fraud and real estate fraud news, guidance and examples.

Mortgage Fraud: Types, Protection And Wrong Accusations

Mortgage fraud is a type of financial fraud that involves misrepresenting or withholding information during the mortgage application process in order to obtain a loan or secure more favorable terms. Mortgage fraud can be committed by borrowers, lenders, appraisers, or other parties involved in the mortgage transaction. Some common types of mortgage fraud include: Income fraud: This involves misrepresenting income on a mortgage application in order to qualify for a loan. Occupancy fraud: This occurs when a borrower misrepresents their intention to occupy the property as their primary residence in order to obtain a more favorable interest rate or down ... Read more

New Mortgage Scams Scheme 2023: How to Protect Yourself

We’ve looked into the most recent mortgage and loan closing scams so you know what steps to take to protect your money and even your property. These scams range from fraudulent wire transfer instructions to false mortgage relief offers. For most people, purchasing a home represents their largest financial transaction, so it’s important to be aware of the tricks scammers might use to take from you. They are after the funds you have been accumulating for a down payment and closing charges for years. They will target your equity and possibly your home if you face foreclosure. You can prevent ... Read more

Mortgage Fraud: What It Is And How To Action

When purchasing a property, there are numerous things to take into account. Actually, there are so many that it can be challenging to keep up. However, having everything in order can do more than just reduce your stress; it can also shield you from risky financial and legal situations, such as mortgage fraud. This article will discuss mortgage fraud, common con artists’ tactics, and how to stay clear of them. Mortgage Fraud: What Is It? The purposeful act of falsifying or omitting information used by a mortgage underwriter or lender to fund, purchase, or insure a mortgage loan is referred ... Read more

Mortgage Guide: SAFE ACT California Study Guide Free By Caroline Gerardo

About Caroline Gerardo: Poet and Writer at night with a passion for my “job” as a Mortgage Banker I’m studying to take the California component of the SAFE ACT Test These questions and answers I have provided as a study guide. I don’t guarantee you will pass or these are the questions, but practice on the laws can’t hurt. Some where over the rainbow our values will come back? Some where over the rainbow being in the mortgage business won’t mean you are frowned upon in every circle. A compensation contract for a loan transaction must be retained for three years. ... Read more

Mortgage Fraud: Loan Modification and Foreclosure Rescue Scams

A loan modification may be a restructuring of your mortgage during which you and your investor conform to modify the terms of your loan. Once you request a loan modification, your loaner could defer a number of your payments, amendment your rate of interest, or extend the length of the loan. A modification conjointly could involve reducing the number of cash you owe on your home by forgiving or canceling a little of the mortgage debt. many owners request modifications to avoid proceeding or to get cheaper monthly mortgage payments. Beware of loan modification and proceeding rescue scams. Mortgage rescue ... Read more

Mortgage Foreclosure Rescue Scams

Tips for Avoiding Mortgage Foreclosure Rescue Scams Beware of Unethical Mortgage Foreclosure Rescue Operators A fairly new and dangerous threat has arisen for householders UN agency have fallen behind on their mortgage payments and will be in danger of proceeding – expedient firms. They usually see themselves as a “foreclosure advisor” or “mortgage consultant,” and market themselves as a “foreclosure service” or “foreclosure rescue agency.” They judge householders being vulnerable and desperate. These firms claim they will assist householders facing proceeding with choices that permit them to stay their property, finance or modify Associate in Nursing existing mortgage, repair credit ... Read more

Mortgage Fraud Concept And Protection

Moral infringement and criminal exercises in different enterprises have influenced our economy in the course of recent decades, especially in the saving money, monetary and lodging segments. In this article, we analyze the complex moral and criminal issues encompassing mortgage fraud. Fraud in its most straightforward shape is ponder distortion and trickiness. Fraud in real life implies that one misdirects another by distorting data, actualities, and figures. (Four noteworthy players cut up your mortgage in the optional market, in Off camera Of Your Mortgage.) What is Mortgage Fraud? Mortgage fraud is not quite recently savage loaning hones that objective certain ... Read more

Financial Fraud: Federal Mortgage Scam Prevention Agencies

Extra-governmental departments and corporations are investigating circumstances of mortgage fraud than ever earlier than. Even as this can be a just right signal for skills victims, the sheer numbers of fraudulent instances make it problematic for even these organizations to comply with-up in every case. That makes these groups quality assets for patrons who consider they’ll have been victims of loan fraud or believe they’re being encouraged to engage in fraudulent recreation. The various main ones are listed below, together with the understanding of their relative areas of skills. Moreover to the organizations listed below, an enormous function can be ... Read more

Mortgage Fraud: How to do Protection & Prevention

Common feel and taking note of info are the 2 most effective steps borrowers can take to defend themselves and their households from being victims of, or accomplices to, mortgage fraud. There are quite a number of factors that every one borrower ought to be aware of when shopping for a loan. it’s far crucial to question potential creditors about the details of a mortgage and if the answer doesn’t make sense, this is a cause to be skeptical. Here are some of the hints provided by using official bankers, economic planners, and attorneys. If something is simply too desirable ... Read more

Mortgage Frauds: Most Common Lender Mortgage Scam

Contract cheats by and large fall into two general classes – loan specialist fakes and shopper fakes. Loan specialist fakes try to exploit the bank, credit union, contract organization or another money lender that gives the home loan. This is ordinarily done by distorting one’s qualification for a home loan or endeavoring to illicitly separate cash from the home loan/land exchange process. Shopper cheats try to exploit borrowers, regularly by focusing on mortgage holders confronting liquidation or generally needing money related help. Abandonment counteractive action or credit adjustments are a case of these. Different tricks may target land financial specialists ... Read more

Mortgage Fraud: Learn The Scheme Used by Scammers

Mortgage fraud has turned out to be more pervasive after some time and is a specific worry amid a financial subsidence. Change in lodging markets, property holders confronting abandonment and deceitful people searching for income sans work all add to an atmosphere in which mortgage fraud may happen. The FBI characterizes mortgage fraud as “any material misquote, deception or exclusion depended on upon by a financier or bank to reserve, buy or safeguard a credit.” By that definition, such fraud can obviously be conferred by both loan specialists and candidates, despite the fact that the last may not think their ... Read more

Financial Fraud: Robert Pena Was Indicted On Conspiracy And Wire Fraud Charges

Mortgage Company President Charged with Defrauding Ginnie Mae BOSTON – The president and founder of a Falmouth mortgage company was charged in U.S. District Court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of nearly $3 million. Robert Pena, 67, the president and founder of the now-defunct mortgage company, Mortgage Security, Inc. (MSI), was indicted on conspiracy and wire fraud charges.  Pena was arrested today and will appear in before U.S. District Court Magistrate Judge Marianne B. Bowler this afternoon. The charges arise out of Pena’s alleged scheme to defraud Ginnie Mae, the government-run ... Read more

Financial Fraud: Alexander Matthews and Sultana Siddiqui Sentenced for Mortgage Fraud

North Potomac Mortgage Broker Sentenced to Federal Prison for Defrauding Investors of Over $400,000 Promised to Pay Back Loans from Individual Investors With Substantial Returns in a Short Amount of Time, But Instead Used the Money for Personal Gain Greenbelt, Maryland – U.S. District Judge Theodore D. Chuang sentenced Sultana Siddiqui, a/k/a Sultana Ahmad, age 56, of North Potomac, Maryland, today to two years in federal prison, followed by three years of supervised release, for conspiring to commit wire and mail fraud arising from an investment fraud scheme.  Judge Chuang also entered an order requiring Siddiqui to forfeit $405,000, and ... Read more

Real Estate Investors Pleaded Guilty for their Roles in Bid-Rigging and Fraud Conspiracies

Three Georgia Real Estate Investors Plead Guilty to Bid Rigging and Bank Fraud at Public Home Foreclosure Auctions Three Georgia real estate investors pleaded guilty today for their roles in bid-rigging and fraud conspiracies committed at public real estate foreclosure auctions in Georgia, the Department of Justice announced today. Jeffrey Wayne Brock, David Wallace “Chuck” Doughty, and Stanley Ralph Sullivan each admitted that they agreed to rig auctions of foreclosed homes in Cobb County from June 2007 until January 2012.  According to court documents filed in the U.S. District Court for the Northern District of Georgia, Brock, Doughty, Sullivan and ... Read more

Paul Watterson Sentenced For Role In Multimillion-Dollar Mortgage Fraud

Property Manager Sentenced To 15 Months In Prison For Role In Multimillion-Dollar Mortgage Fraud CAMDEN, N.J. – A property manager was sentenced today to 15 months in prison for his role in a scheme to defraud financial institutions as part of a multimillion-dollar mortgage fraud that used phony documents and “straw buyers” to make illegal profits on over-developed condominiums in the Wildwood, New Jersey, area, U.S. Attorney Paul J. Fishman announced. Paul Watterson, 55, of Mountainside, New Jersey, previously pleaded guilty before U.S. District Judge Jerome B. Simandle in Camden federal court to an information charging him with one count ... Read more

How Can You Spot Mortgage Fraud

Each mortgage scam contains some type of misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. Mortgage scam is easily practiced particularly where mortgage industry professionals are involved. The true level of mortgage scam is largely unknown because a significant portion of the mortgage industry is void of any mandatory fraud reporting and in addition, mortgage fraud in the secondary market is often under reported. Based on various industry reports and analysis, mortgage scam is pervasive and growing. Mortgage scam can be basically analyzed as: Fraud for Profit – Sometimes referred ... Read more

How to Avoid Mortgage Foreclosure Scam

Are you facing problems with mortgage payments? Is your house slipping away from your hands? According to the data from RealtyTrac, more than one million homeowners have faced foreclosure this year, 27% more than this time last year. The following basic tips will help you to avoid mortgage foreclosure scam before it happens: Do not ignore your problem.- Before making any decision of mortgaging your property you must know the mortgage rights. Be on guard by reviewing your finances and see where you can cut your spending to be able to make your mortgage payments regularly. Pay your mortgage debts ... Read more

Reverse Mortgage Scams Alert

How to Beware of Reverse Mortgage Scams Reverse mortgages wеrе created tо hеlр senior citizens. Unfortunately, thіѕ financial product hаѕ bесоmе а vehicle fоr а number оf scams geared tоwаrd seniors. Thоugh thе opportunity fоr deception ѕееmѕ tо hаvе decreased оvеr thе years, thеrе іѕ ѕtіll а significant risk оf fraud, еvеn іf а senior іѕ nоt actively lооkіng fоr оnе оf thеѕе loans. The Basics оf Reverse Mortgage Fraud Reverse Mortgage Scams Thеѕе scams generally tаkе а fеw basic forms. Thе mоѕt obvious types оf fraud involve thе perpetrator blatantly misleading thе senior whо іѕ tаkіng оut thе loan ... Read more

Rosita Vilchez Sentenced in $7.4 Million Mortgage Fraud Conspiracy

Ringleader Sentenced in $7.4 Million Mortgage Fraud Conspiracy that Targeted Northern Virginia Hispanic Community ALEXANDRIA, Va. – Rosita Vilchez, 41, who was a fugitive in Lima, Peru, until she was extradited to the United States in June 2015, was sentenced today to 66 months in prison for leading a wide-ranging mortgage fraud conspiracy that targeted hundreds of victims in the northern Virginia Hispanic community. Vilchez was also ordered to serve a five-year term of supervised release after her prison term.  A forfeiture money judgment of more than $5 million was previously entered against Vilchez. The mortgage fraud scheme, which operated ... Read more

Mortgage and Real Estate Fraud Examples 2013 Second IRS

This is Examples оf Mortgage аnd Real Estate Fraud Investigations Sесоnd IRS 2013 Thе fоllоwіng examples оf mortgage аnd real estate fraud investigations аrе written frоm public record documents оn file іn thе court records іn thе judicial district іn whісh thе cases wеrе prosecuted. Real Estate Agent аnd Developer/Loan Officer Sentenced fоr Mortgage Fraud Mortgage and Real Estate Fraud On September 23, 2013, іn Tucson, Ariz., William Michael Naponelli wаѕ sentenced tо 24 months іn prison аnd ordered tо pay $3.1 million іn restitution. On September 20, 2013, Bryan Atwood wаѕ sentenced tо 15 months іn prison аnd ordered tо ... Read more