Surge in Reported Mortgage Fraud in California.
Northern California Real Estate, Redding Real Estate, Shasta County Real Estate
August 20th, 2009
California made another list, this time for states with the most reported mortgage fraud.
Not a good list to make, but I thought you needed to be aware of this issue. According to a Forbes.com article there has been a significant rise in reports of mortgage fraud in the U.S. California made the list of the top 20 states reporting suspicious activity.
I’m not trying to give any particular industry a bad rap. There are always individuals in any profession who will abuse the system. That being said the latest schemes in mortgage fraud are in the areas of loan modifications, reverse mortgage, and credit enhancements.
I’m not an expert on mortgages by any means, but I know a bit about loan modifications as a side line of doing so many short sales over the last 2 years. Be very careful about paying anyone up front to help you with your loan modification. The most successful loan modifications that I know about have been done by the home owners themselves. It is not an easy process, but worth it if you can get your lender to change the terms of your loan so you can stay in your home.
As always I am here to help you in any way I can with your real estate needs. If you’d like more information on loan modifications in general just email or give me a call.
Thanks for stopping by my blog…
Lauri
Sphere: Related Content
