Mortgage Fraud On The Rise

Mortgage Fraud On The Rise


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Mortgage fraud is up 17 percent in the last 12 month period and it's not slowing, especially with the recent personal data hack of Equifax. The hack, compromising 145.5 million consumers' credit files, has allowed for the worst kind of fraud - identity theft. A good number of these fraudulent accounts pertain to misrepresentations of down payment funds or intended use of the property. 

Why does this matter to you as a buyer?

With the amount of information hackers are able to get their hands on, they can very strategically and deceitfully create fake identities "credible enough to fool banks and other lenders into granting home equity lines of credit and other mortgages" making out with thousands (Kenneth Harney, Miami Herald). 

How can you prevent this from happening?

One way is to freeze your credit reports at all credit bureaus. If your credit files are locked down, any identity thief or hacker will find it very hard to take out a new loan in your name.

Read more here.

http://realtormag.realtor.org/daily-news/2017/10/10/mortgage-fraud-back-rise


Liz Peters Headshot
Author:
Phone: 949-683-5374
Dated: October 11th 2017
Views: 115
About Liz: An Orange County native with a background in marketing and journalism, Liz brings a unique skill set...

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