Mortgage Fraud has been an increasing problem with the current Real Estate Market conditions.
The FBI says the amount of fraud is almost impossible to quatify. In 2010 fraudulent application information was used to secure $10 billion in loans.
The states reporting the greatest amount of fraud vulnerability were : Florida, California, Arizona, Nevada, Illinois, Michigan, New York, Georgia, New Jersey and Maryland.
How to protect yourself : Never sign a contract under preassure.Have an attorney review any loan modificcation papers. Never sign a paper with blank spaces. Make sure the information you provide on your application is accurate. Beware of upfront fees. VERIFY VERIFY VERIFY all information. If it sounds to good to be true it may be a scam!
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