Were you the victim of mortgage fraud?

When buying a home, there’s a good chance you’ll require a mortgage. While it’s simple enough to apply for and obtain funds in today’s world, dangers are lurking. For example, you could become caught up in a mortgage fraud scheme without knowing it.

Here’s the good thing: There are hundreds upon hundreds of mortgage lenders that are doing things the right way.

Even so, you could run into trouble at some point. Here are a few things to watch out for:

  • Fraudulent loan documents: For example, if you notice that your broker or loan officer has altered your application or documentation, it’s critical to find out why. It’s possible they altered a detail to improve your chance of approval.
  • Inflated appraisal: This is a scheme that’s typically run between a broker or loan officer and appraiser. The appraiser provides an unrealistically high value in order for the deal to go through.
  • Stolen identity: It’s possible someone could steal your identity to take out a mortgage for a new home purchase. This puts your credit and finances at risk.

If you have suspicions of mortgage fraud, dig deeper to uncover additional details. The more you find the easier it becomes to understand what’s happening.

While you may not be responsible for the fraud itself, getting mixed up in this type of scheme can delay the purchase of the home of your dreams.

Rather than sit back and be taken advantage of, learn more about your legal rights and the steps you can take to hold the other party responsible for their actions.