If fraud is detected at any time during the mortgage process, your loan will be declined and you will be out any funds you’ve already paid, such as the appraisal fee or your earnest money deposit.
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The shifting of the mortgage market toward more purchases as well as declining origination volumes are expected to boost the incidence of mortgage fraud in 2017 according to CoreLogic. The company’s.
The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice.
Mortgage fraud is a serious crime, and one punished by significant penalties. Because mortgage fraud can involve different crimes at either the state and federal level, the potential penalties associated with the crime differ widely.
Remember, mortgage fraud is a prosecutable crime and a felony under various federal and state laws. If a borrower feels that they are being asked to break the law, they should, at the very least, talk to a reputable real estate lawyer or the licensing authority in that home state before making a decision.
A Jersey City man has been indicted on more federal charges accusing him of running a $30 million mortgage fraud scheme involving.
16. She was hired as a substitute teacher of English as a Second Language in 2011. Then known as Melissa Valentin, she resigned in 2012 after being convicted for a role in a mortgage fraud scheme, but.
Mortgage fraud red flags are inconsistencies in the information presented in an application or a loan file that would cause someone to take a second look to eliminate mistakes or identify misrepresentations.
Mortgage fraud is a financial crime involved with falsifying loan documents, or otherwise trying to illegally profit from the mortgage loan process. The FBI characterizes mortgage fraud by some.
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Florida is the No. 1 state in the nation for mortgage fraud, according to a new report from LexisNexis Risk Solutions Joe Raedle Getty Images Florida leads the nation in mortgage fraud – a dubious.
A New Jersey attorney admitted running a large-scale mortgage fraud scheme that involved properties in Jersey City, Clifton, Union, and elsewhere in New Jersey. Read More. Press Release