Watch Out For These Things When You Suspect Mortgage Fraud Is In the Air :
1 Huge price adjustments that don't click with
comparable market data with a request to alter the list
price so that it reflects an appraised value.
2 Some party to the transaction requires the use of a
3 Down payment assistance programs that charge
excessive fees and attempt to limit how their
participation shows up on the contract and the HUD-1.
4 Huge seller contributions disguised as large
decorator or improvement allowances.
5 Mortgage brokers who refer pre-qualified buyers to
6 Statements about the buyers occupancy that are
questionable. For example, if the buyer is keeping the
old property or there's a huge distance for the buyer to
travel to their place of employment.
7 The buyer's credit history sucks and existing history
is with subprime.
8 Credit history shows that the buyers repayment of a
prior loan didn't have any interest payments.
9 Ridiculous income level, such as "I work at the Silky
Schmegma Car Wash and make 135 thousand dollars a
10 Recent huge increase in income due to a raise or a
new job, such as " I received a 65 thousand dollar
bonus at the Silky Schmegma Car Wash this year".
11 The sales contract, the appraisal and the title don't
click with the seller's name and the appraisal shows
property or comps previously sold in past year.
If you see these things in your transaction, tell your broker, immediately.
Fraud won't be involved every time these warning signs appear, but being vigilant about it is the best defense, always.
Can you add anything to the list ?
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