What is mortgage fraud?
Автор: Greg McCollum Complete Legal Defense Team
Загружено: 2018-07-10
Просмотров: 330
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In the simplest terms, mortgage fraud is where somebody gets a loan and they ae accused of lying on the loan application or they’re accused of saying the property is more valuable than it actually was or is. It’s really just a situation of someone being accused of misstating material facts in order to get a loan from a bank, which someone later comes back and says the loan should not have been made and the bank is black-naming the borrower saying it’s the borrower’s fault. In reality, mortgage fraud typically only becomes a problem when there’s an economic downturn where people are losing money. It’s only when banks lose a lot of money that this becomes important, and we’ve seen this in the not-too-distant past where that occurred – it’s something that doesn’t bother anyone until someone loses some money and then at that point they start looking for scapegoats and charging people, and in some instances there were great frauds committed, but in other’s it’s less clear. But that’s basically when mortgage fraud is – it’s a type of bank fraud where the banks say that they lost money because someone lied.
Complete Legal Defense Team
www.completelegaldefenseteam.com
843-279-2227
1012 38th Ave. N.
Myrtle Beach, SC
United States
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