Borrowers Discover That Home Is Where the Mortgage Fraud Is
RealEstateJournal | Borrowers Discover That Home Is Where the Mortgage Fraud Is
The Wall Street Journal’s companion website www.realestatejournal.com has an article describing the fast-growing mortgage fraud trend and warns buyers to get a qualified appraiser to “be on thier side”. The article states:
“How can you protect yourself if you’re buying a house? Ask to see the appraisal to ensure accuracy. For instance, check the square footage and house description.
Others urge borrowers to pay for an independent appraisal. “It’s only another $300 to $400 to have someone on your side telling you what it’s worth,” Ms. Dollar says.
She recommends buying a home inspection. “Make sure a new coat of paint isn’t hiding things from you. A lot of first-time home buyers walk in and fall in love with the home. They don’t realize what it is they’re actually buying, which is the roof and the foundation.”
Also, be wary of real estate “experts” who tell you it’s OK to fudge the numbers, or those who promise your investment in a particular property will yield huge profits. An FBI page (www.fbi.gov/page2/ dec05/mortgagefraud121405.htm) has more information.”
A timely read on what is becoming a daily topic.