2009-07-08bizjournals.com

Mortgage fraud is increasing throughout the U.S. as distressed homeowners look for answers to troubled mortgages and find little help from their banks, according to a new FBI report...

The FBI report said mortgage scams on the rise include fraudulent short sales, bankruptcy filings and reverse mortgage schemes, refinancings, modifications and sometimes arson to collect insurance money. Some of the fraud schemes hurt consumers and borrowers while others hurt original lenders, according to the FBI report.


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Comments:

MortgageDrummer at 15:06 2009-07-11 said:
If the bureaus don't quit passing out social security #s like candy (oh they make a good living doing this) to telemarketers who then sell to these lead companys that then call the borrower (they know they have a hot one) to do either a loan mod or I even heard of them selling FHA leads "WHAT???" my tax dollars are paying these guys too???

You guys don't get it!

Most of the general public has no clue on how to read loan documents when they get to the title company and that telemarketer sure isn't going to get on a plane to sign you up! It's not the title's company job to explain that you are in a negative am loan. . .

Lets make it a law !!! If you originated this loan then you have to show up at the title company to close it and get paid!!! [size=18:756efe7e22][/size:756efe7e22] Permalink

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