Mariana Wagner

Keep Your Hands Clean from Mortgage Fraud in Colorado Springs

The FBI recently announced MULTIPLE arrests related to mortgage fraud in the US.

"In an acknowledged bid for publicity to deter future crimes, the FBI today announced it had charged 406 people involved in 144 unrelated mortgage fraud cases since March 1 as part of an effort dubbed "Operation Malicious Mortgage." " (Inman News)

What is Mortgate Fraud?

FannieMae offers an excellent document about Mortgage Fraud, but here is a shortened version:

Mortgage Fraud is basically when there is a deliberate misrepresentation of facts where one or more persons benefit(s) by either profit and/or property.

Meaning … If any lies, whatsoever, were told (or facts omitted) in the course of the loan application, processing or closing and one or more person made a profit, or became an owner of a house BECAUSE of those lies or omissions … THAT IS MORTGAGE FRAUD. This applies to ANYONE involved in the transaction: the home seller, buyer, real estate agent, lender, appraiser, title agent … etc..

The FBI has increased the number of agents dedicated to catching people involved in mortgage fraud. Many people are being arrested every year.

How Can You Avoid Mortgage Fraud?

Follow your gut… and don't lie.

When you are looking to sell or buy a home for sale in Colorado Springs make sure that you align yourself with a competent and professional real estate agent, a reputable bank or mortgage lender (if you are the buyer), a professional appraiser and an experienced title company. If you do not know about a certain professional, ask questions and request testimonials and references.

Ultimately, if it starts smelling funny, or if you just don't feel "right" … walk away. Don't put yourself in a situation where YOU may wind up on the hook for Mortgage Fraud. There have been a few times in our career where we have had to "walk away" from situations where some of the "involved parties" seemed too shady.

You will ALWAYS have the opportunity to buy a house, or get your home sold FREE and CLEAR from mortgage fraud.

Posted By: Mariana Wagner – Colorado Springs Real Estate Agent – Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
(719) 434-7525

A half truth is a whole lie.  ~Yiddish Proverb

June 26th, 2008 by Mariana Wagner | Leave A Comment

This entry was posted on Thursday, June 26th, 2008 at 8:35 am and is filed under Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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