term and avoid mortgage fraud
Recent financial distress industry publicly attributed to universal default mortgage loans generated mounting pressure on the Federal prosecutors to enhance the investigation of incidents of mortgage fraud across the nation. On 6 February 2004, CNN reported that the FBI warned that mortgage fraud was becoming so rampant that the resulting and ldquo; epidemic and rdquo; fraud could result in massive financial crisis. Mortgage fraud has now become so widespread that the U.S. Department of Justice and the Federal Bureau of investigation have been forced to create a completely new category to track these cases. According to CBS news report with the number of FBI agents assigned to mortgage related crimes increased by 50 percent from 2007-2008. Prosecutors and investigators for both you and local levels are also feverishly to organize task forces and the creation of real estate fraud prevention department that this wave of crime.
PRZESTĘPCZOŚCIi amp; KARA
The main focus of these investigations seem to be on the borrowers, investors, brokers, mortgages, appraisers and real estate agents. Some of the charges levied against those offenders were considered false statements on loan applications, bank fraud, mail fraud, wire fraud, conspiracy to launder funds and a series of applicable laws. However, the primary legal vehicle is implemented by the Federal prosecutors were in Section 1014 Title 18, United States Code, which declares the mortgage fraud as a crime, including Federal, anyone who knowingly overvalues \u200b\u200bland or property, or knowingly makes any false statements within the meaning of affecting a financial institution loan application, purchase agreement or other related documents. Violation of the Federal mortgage fraud (18 USC and sects; 1014) alone is punishable by up to thirty years imprisonment and a million dollars in fines.
MORTGAGE FRAUD SCHEMES
sposobemuniknąć most effective prosecution of mortgage fraud is to identify the mortgage fraud schemes before the actual engagement. Most of the offense of mortgage fraud fall into one of two broad categories: i ldquo; fraud for housing and rdquo; ii ldquo; fraud for profit and rdquo;. Case of fraud often involves fraudulent acts committed by the borrower, often coached by his or her broker or real estate loan, to obtain loans to purchase your home the ultimate goal. These facts fraudulent generally relate to the falsification of facts and documents when the loan application process to enable the borrower to obtain financing that he or she otherwise would not be eligible to receive. Conversely, fraud for profit is usually a plan to a more concerted to abuse the whole estate transaction process for the benefit of cash.
FRAUD FOR BINDING
revenue fraud
This occurs when a borrower professionally amount of his or her income to qualify for a loan or a larger loan amount. Although recent obniżkiwykorzystanie and ldquo; stated income and rdquo; or and ldquo; no doc liar loans and rdquo; has a somewhat limited income fraud, daring borrowers are increasingly generating more false documents to falsify income. Information technology equipment and photocopy are to become so advanced that very convincing documentation, such as profit and loss accounts, savings accounts and tax returns can be produced on demand.
Employment Scams
In order to justify the inflated income in loan applications, borrowers will claim self-employed in a company that does not exist or are on higher positions in the company than the borrower actually has. Failure to disclose liabilities
debt to income ratio is an important part of the loan insurance criteria used to determine the borrower's and rsquo, s eligibility for mortgage loans. Therefore, borrowers will hide the financial obligations such as the newly acquired credit card debt, other mortgage loans and private loans to artificially reduce the debt to dochoduwspółczynniki.
occupancy buildings
fraud usually occurs when your borrower on a loan application, which intends to occupy the properties as a principal residence to secure a lower interest rate if the borrower intends to obtain a loan to purchase investment property.
FRAUD FOR PROFIT
Equity Skimming and cash systems
Straw purchasers are usually implemented as a property buyer because of his or her creditworthiness and the resulting ability to obtain favorable financing. Ignorance of straw buyers can be manipulated by mortgage brokers and real estate agents to buy property as a principal residence for a broker or agent, later serving as the property manager to collect rental income from those projected. After the escrow closes and brokers mortgage and real estate to collect their fees, they continue to earn income from rents and mortgage repayments to make.
Intricate patterns may include knowledge of the straw buyer, appraiser, who deliberately overstates the properties rsquo; value of s successful dishonest trader who expertly deliberately selling price and meeting the officer implicitly unfair settlement of payments on the loan. All these conspirators gather časti cooperate with improperly influence a large loan before finally letting it to the default.
Assessment of fraud or price inflation
This fraud occurs when fraudulent appraiser meeting deliberately overstates the value of property or the evaluation of the current is changed to reflect the higher value. When the home is overvalued, the more money you can get the seller to purchase or refinance of the borrower to pay.
new scam assessment: Price deflation
When Done force, short sale occurs when a borrower owed by more than his or her property is worth selling property below market value and the lender decides to accept a lower repayment amount and forgive the difference. A new hybrid of fraud arose in the case of real estate appraiserlub dramatically devalues \u200b\u200bproperty in the appraisal or broker and rsquo, s price opinion (BPO), so that the house will sell easily at a price well below market value. Of course, a new buyer is in cooperation with the vendor, agent and appraiser, so all the conspirators go to sell your home at a higher price for a large profit.
Identity Theft
fraud identity theft occurs when the victim and rsquo; s identity is acquired by another to obtain a mortgage without ever intending to make any payments on the loan. The perpetrators often coincide with the portion of the proceeds of the loan and sometimes they are daring enough to lease the property and collect certain deposits and rental income before the loss.
Buy and bail
This completely new scheme is made by that does not sell the house, because there is more than due to a property of its owner home. Because the lender does not provide the owner of the loan for the second principal residence, the owner shall inform the lender of its plans to lease mulub current house, despite this possible. Sometimes fraudulent lease agreement is used to further promote falsehood. After the second home is purchased, the owner and ldquo; bails and rdquo; the original house and not make further payments of the mortgage loan.
AVOIDANCE and amp; prevent fraud
Mortgage fraud is often the groups that have completed number of similar transactions or acquired a number of offers to purchase at a time. These costumes may appear chaotic and messy due to the large number of transactions they're trying to manage. It is also no coincidence that mortgage fraud has increased significantly in housing values \u200b\u200bdeclined because the majority of fraud schemes involve the seller to provide financially or otherwise vulnerable. It is also important to note that the agents provide a very strict fiduciary duty to act in their clients and rsquo; best interests. Just before reporting to the customer's local network,
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