Mortgage Fraud is a serious problem in this country and will continue to be. How can a Western New York Borrowers protect themselves against it? Education is the first place to start. So what does Mortgage Fraud look like?
Here is a brief run down of the various ways Mortgage Fraud can happen:
- Property Flipping – A type of real estate investment strategy in which an investor purchases properties with the goal of reselling them for a profit. Not all property Flips are fraud, it is just a red flag. An illegal flip usually centers around the appraisal.
- Chunking – Another common scam, which basically there is a get rich quick seminar to convince attendees to become investors. They portray that they will identify the property, purchase it, rent it out and then sell it for a profit. What happens more times then not these properties go into foreclosure and the investors are left holding the bag.
- Nominee Loans/Straw Buyers – Which involves a person who agrees to lend their name and credit but does not intend to actually be responsible for the property..
- Fictitious/Stolen Identity – Same problem as straw buyers, but in this instance the identity is stole or created out of thin air.
- Foreclosure Rescue Schemes, Silent Seconds, Inflated Appraisals, Equity Skimming, Air Loans and Money Laundering are all forms of mortgage fraud.
What About One Of These Homes?
[idx-platinum-widget id=”1875-58088″ ]
All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information, call our Myriad Team @ Keller Williams Lancaster at (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2016 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
