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Rise in Mortgage Fraud Targets Elderly, Non-English SpeakersAccording to the Federal Bureau of Investigations mortgage fraud represents the fastest growing white collar crime in the United States with approximately 22,000 cases reported in 2005, a sizeable increase over the 2204 figure of 17,127.Both the elderly and those who are disadvantaged, such as non-English speakers, are particularly susceptible to victimization. Con artists are also skilled at taking advantage of the current concern over rising interest rates. Worried homeowners anxious to sell before their monthly payments balloon or before they face the threat of foreclosure are prime targets. Any time that the lending entity does not fully explain the mortgage process or the associated documents for the purpose of attaining an undue degree of profit, mortgage fraud has occurred. This happens with title transfers, appraisals, loans, real estate sales, and escrow transactions. The fraud process can also go the oth er way, with mortgage brokers encouraging buyers to provide inflated income and asset figures that saddle them with loans they cannot actually afford. The stacks of documents that must be processed in a real estate transaction are often difficult to understand and almost incomprehensible for non-natives. Although the majority of real estate professionals are ethical and honest, some will take the confusion and incomprehension of their clients and run with it. Some thing that might be taken as red flags include not being provided copies of documents signed or being asked to sign a power of attorney to make the transaction easier. Don't give out personal information such as date of birth or social security number without obtaining and verifying the individual's brokerage license number. Beware being asked to help someone else buy a home. Don't allow your identity and good credit rating to be used. Always check out contradicting statements from what a loan officer says verbally and what is written in the actual documents. Do not be rushed. Review all forms before signing and don't sign anything you don't understand. |
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