2007-09-14 05:15:48 · 4 answers · asked by iceprincess06 1 in Business & Finance ➔ Renting & Real Estate
Mortgage fraud by, by definition, is knowingly manipulating documents to obtain a loan. But it also includes many other variables, such as falsifying signatures, excess charges, excessive property values etc. As a retired mortgage auditor, I am seeing a good percentage of sub-prime loans have some form of fraud intertwined with a mortgage broker. In most cases the loan applicant was not made aware of the type of loan, (adjustable), and were shocked when they received there first rate hike. F.H.A. has come out with a bail-out program for these people. Mortgagee Letter 1107, which should help! In lieu of that, if you know of someone who feels they have been a victim, they can contact there state atty's office of licensing. Also they can go to the R.E.S.P.A. website and fill out a complaint. If the victim in question is having a hard time making there payment, they can contact there servicing lender, (normally not the originator of the loan), and ask for the F.H.A. bailout. E-mail me if you have further questions. Good Luck!
2007-09-14 05:52:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Mortgage fraud is pursued by a lender against a borrower or mortgage broker. Are you a lender?
I'm assuming you are probably referring to the fact that a broker didn't disclose all of the details of the loan he sold you and now you're upset that the payment as gone up? That's not mortgage fraud. That's a shady broker. There's not much you can do to pursue since you signed all of the mortgage paperwork.
2007-09-16 00:40:34 · answer #2 · answered by The Smart One 4 · 0⤊ 0⤋
You'd need to post more detail on just what was done for anyone to give you much of an answer.
If you were told one thing verbally but the paperwork said something else, it could be hard to prove since you signed the paperwork and were supposed to read it before signing. But unfortunately it's become pretty common that dishonest lenders or brokers do not give full information.
2007-09-14 13:30:03 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
In the case of stated income, fraud can be tricky because YOU the borrower usually sign paperwork agreeing that the income stated on the app is indeed accurate.
How, pray tell, were you "victimized"?
2007-09-14 14:29:03 · answer #4 · answered by Patrick H 2 · 0⤊ 0⤋