In order to stay ahead of the mortgage fraud curve, it is important to be aware of some of the common tricks that criminals use. This article will outline some of the most common methods used by fraudsters, and how you can avoid them.

-What is mortgage fraud?

When you are considering a home purchase. It is important to be aware of the risks associated with mortgage fraud. Mortgage fraud is knowingly submitting false information on a mortgage application in order to receive a loan from a lender. This can include falsifying your income, misrepresenting your assets, or lying about your credit history.

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If you feel that your application has been fraudulently submitted, the best course of action is to speak with an attorney. You may also wish to contact the Federal Trade Commission (FTC) if you have any questions or concerns. The FTC can provide you with information on how to file a complaint and investigate potential violations.

Mortgage fraud is one of the most common forms of consumer abuse. Make sure that you understand all of the risks involved before making a decision about purchasing a home and be aware of what to look for when applying for a loan.

-How can you avoid becoming a victim of mortgage fraud?

Oxford Mortgage Solutions is here to help protect you from becoming a victim of mortgage fraud. Here are some tips to help you stay safe:

1. Do your homework – Make sure you understand the terms of the loan before signing it. If something seems off, don’t hesitate to ask questions.

2. Don’t fall for tricks – Scammers often try to trick you by promising a low-interest rate or exaggerated savings totals. Be wary of anyone trying to sell you anything without first getting your permission.

3. Beware of unsolicited offers – if someone contacts you about a loan offer, be suspicious and ask for references.”unsolicited offers” often indicates that the company is not licensed or regulated by the financial institution they are representing.

4. Check with your bank – Make sure that the company offering the loan is registered with your bank and has been approved by them as a lender. Ask for verification of their status and check references. Verify any information given about the company or individual offering the loan

-Why do people commit mortgage fraud?

Mortgage fraud is a real and growing problem in the United States. According to the National Mortgage Fraud Report released by the Federal Bureau of Investigation. Every 7 home sales involve some form of mortgage fraud. This includes being misled about the terms of a loan. falsifying information on a loan application. Or borrowing more than you can afford to pay back.

There are many reasons someone may commit mortgage fraud. They may be trying to get an easy and fast money payday. Knowing that they will not have to repay the debt for a while. Rating agencies like Moody’s and Standard and Poor’s have been known to downgrade securities. If a notable number of mortgages undergo foreclosure or bankruptcy. Criminals who perpetrate mortgage fraud know this.  And are often able to sell these products on the secondary market before they are detected.

To avoid becoming the victim of mortgage fraud:

1. Do your homework – Talk to your lender and investigate all of your options thoroughly before making any decisions about a loan. Make sure you understand all of the terms, fees, interest rates, etc. So that you aren’t misled into taking on too much debt or signing anything without fully understanding it.

2. Know the warning signs – if something seems fishy or off with your loan application process, don’t hesitate to call your lender or speak with a financial advisor. Check for red flags such as unusual income sources or jobs history that don’t match what is listed on your application, large down payments

-What are the signs of mortgage fraud?

1. Failing to disclose any material facts: Many times people who commit mortgage fraud will fail to disclose important information. Like a past felony conviction or an indication that they may be in financial trouble. This can add weight to claims that the applicant really cannot afford the mortgage, giving the scammer an edge.

2. Frequent changes in addresses or employment status: People who are trying to perpetrate a mortgage fraud scheme will often change their addresses or job status frequently in order to hide their identity and mislead potential lenders.

3. Making expensive purchases without justified reasons: It’s not unusual for people who are engaged in fraudulent behaviour to purchase expensive items. Like cars or homes, without having any real justification for the expenditure. This makes it much more difficult for lenders to credit these expenses and raises suspicions about the applicant’s true financial situation.

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Beware of anyone who tries to pressure you into making a decision about your Mortgage quickly – this could be a sign that something isn’t right.

-How to report mortgage fraud.

If you are feeling suspicious that someone may be committing mortgage fraud, here are a few tips on how to report it.

1) Contact your bank or the police: If you have any suspicions about fraud, the safest thing to do is contact your bank or the police. They can help you track down the person or company involved and take appropriate action.

2) Document everything: Keep records of all of your interactions with the person or company suspected of committing mortgage fraud. This will help if you decide to file a claim later on.

3) Be alert for red flags: Be on the lookout for any signs that something is not right with your mortgage. These could include high-pressure sales tactics, unusual fees, or changes in your balance or credit score. If something feels off, don’t hesitate to report it!

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