Here’s some of the best advice offered by the Federal Trade Commission when it comes to protecting yourself from fraud. Don’t pay upfront for a promise. Someone might ask you to pay in advance for.
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Mortgage fraud has become more prevalent over time and is a particular concern during an economic recession. Upheaval in housing markets, homeowners facing foreclosure and unscrupulous persons looking for easy money all contribute to a climate in which mortgage fraud may occur.
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Finally, make sure you never sign anything you don’t understand and only inquire about a reverse mortgage with a reputable reverse mortgage lender you have thoroughly researched on your own. Steer clear of mortgage fraud. At the end of the day, it’s crucial to ensure you don’t play any role – perpetrator or victim – in mortgage fraud.
This is the second in a two part series about mortgage fraud, how it occurs, the damage it causes and what you can do to protect yourself. Read on for more information on how you can stop mortgage fraud through identity theft and what to do if you have been a victim.
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Mortgage fraud is also a serious federal crime. You could face fines and jail time. On the other hand, a mortgage is a big financial transaction involving several people. There are bad actors out there who might wish to take advantage of you. That said, there are several things you can do to protect yourself from becoming a victim of mortgage.
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Introduction to the Mortgage Servicing Fraud Scam. mortgage servicing fraud occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to.