Recognizing and Avoiding the Pitfalls of Mortgage Fraud

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The simple definition of fraud is deliberate deception, in other words, the activity of deceiving another person through the misrepresentation of identities, facts, figures and other information. When applied to the field of mortgage, including the loans used for buying homes in Colorado, fraud is usually aimed at obtaining mortgage using deception and it can take very many forms – here are some that you should know about and avoid:

  • Attempting to hide a bad credit history – though credit scores today are stored digitally, many people still attempt to submit fraudulent mortgage applications with false information related to credit history;
  • Overvalued and undervalued properties – it is easy to see how over-valuing a property can cause financial harm – if the property’s value is overstated, the borrower can obtain more money; if it is understated, the repayment will become easier. To avoid that, perform some thorough research about the price for real estate that is similar to the one that you are interested in;
  • Employment fraud – another common form of mortgage fraud is to state an inexistent company name as employer on the mortgage application. The only way to avoid such crime is if the mortgage lender’s representative checks the applications and all the details on them thoroughly.  Be sure to get the best in a Westminster real estate agent to sell or buy a home and know that they will keep you away from this type of deception.

 

The post Recognizing and Avoiding the Pitfalls of Mortgage Fraud appeared first on Frank Duran Homes.



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