Map Source : FBI - Areas in red are the nations fraud hotspots.
There is another nasty scheme we call "Fraud for Profit" which is sometimes referred to as "industry insider fraud" because it requires the cooperation of an appraiser, real estate broker, mortgage broker or other real estate professional.
Can you believe it ?
Our own kind would work hand in hand to perpetrate incalculable damage on a client.
They do, and they're being carted off to prison by the busloads for doing so.
Just check out Http://www.MortgageFraudBlog.Com and your jaw will drop.
It's this dirty, low down fraud for profit group that causes more in losses to the mortgage industry and the public because the people involved are not interested in living in the property and never intended to make any payments required on the mortgage.
Their schemes many times involve lots of properties, lots of lies, and a bunch of victims.
They commit mortgage fraud because of the big money that can be stolen from the property.
After that's been done, and they think the dance is over and they're going to get busted, they disappear.
The community left with foreclosed housing and the victims with ruined credit.
It's nasty !
Have you got a horror story to tell about "fraud for profit"?
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