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So in my preparation for various upcoming depositions, hearings and the same for the United States Bankruptcy Courts, I’ve been learning a ton about various forms of fraud. At the simplest level fraud is fraud. Commit it once, likely you have committed fraud over and over again.
Today let’s look of among frauds we’ve been looking at like bank fraud, insurance fraud, identity theft, mortgage fraud I want to take a look at mortgage
So mortgage fraud can occur in various forms it can be something a simple as lying about where you reside on your mortgage application or it could be something as major as taking a mortgage loan based upon extremely intentional an incorrect property value.
An example for instance:
Let’s say you purchase a home for a rounded figure of $300,000.
And you purchase at home by taking the standard 10% down so $30,000 dollars to put down, can you mortgage the balance of $270,000.
Then let’s say in a year or two you refinance the home because you’re hoping to get the lowest interest rate possible and you refinance the home for $285,000 automatically you kind of didn’t gain anywhere because you actually went in debt and additional $15,000.
Nope fast forward a year or two later and let’s say you satisfy his mortgage obligations but then you decide you really could use having access to cash and so you apply for a mortgage loan but you now claim the value of the purchase of the house has being $625,000 and you take a loan for $300,000.
in reality you purchased a home for yourself, from yourself ?!? but in doing so you decided to double the value that in itself so many levels potentially is not only fraud but it incites the fact that regardless how much you pay down you’re now in debt to a bank for even more than you originally had been now that’s a major insurance fraud wouldn’t you say and a perfect case examples of mortgage frauds to varying degrees.
I know certainly educating myself about these things I wonder who comes up with this kind of stuff because I mean man it’s not something you think of doing unless very intentional and if that really worth the risk of getting caught I know about you but I certainly wouldn’t want the headache or risk getting caught and having to face those consequences.